Nexa Statutory Auditing Services

Every business needs to prepare and maintain annual accounts which it needs to submit at the end of the financial year. It is not a simple task since it involves many complex reports and records. Our accountants make it simple for you and even provide the necessary supporting documents for your understanding.

Nexa Accountants also perform detailed statutory auditing as per your requirements. Our experts provide advice that will help you to minimise your tax liabilities to achieve significant financial success for your organisation. We conduct the auditing only for the transactions that you prescribe to us in advance. In addition to that, we provide the service of financial reporting with detailed evidence documents that will help you to make better decisions.

If you want our consultants to explain to you about everything, please contact us on 0203 0049 117 or arrange a call-back.

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Our team of experts will check, prepare and submit your annual return and prepare abbreviated directors’ reports and abbreviated financial statements following all compliance as required. We will also ensure all statutory accounts adhere to the requirements of the Companies House and the UK law. We provide statutory auditing services too, in addition to the expert advice, our team are here to reduce the tax liability of your business and ensure continued financial growth. You can place a no-obligation consultation with one of our team member in order to find out more.

Once your statutory accounts are prepared, copies must always be sent to:

  • Shareholders
  • Companies House
  • HM Revenue and Customs (HMRC)
  • Anyone who attends the company’s general meetings.

For preparing statutory accounts, you need to ensure that your accounts meet either the IFRS Standards or the New UK GAAP.
Annual accounts of all limited companies must include:

  • Balance Sheet – It is a financial statement which shows you how much the company owns, owed or owes at the end of the financial year.
  • Balance sheet must be signed by a director and involves the name of a director.
  • Profit and loss Statement- It is also known as Profit and loss account or a P&L account, this highlights the net profit or loss which the business has made.
  • Notes about the accounts.

Based on the size of your company, you can also need to include:

  • A director’s report
  • An Auditor’s report

Some companies do not file complete statutory accounts and may not require to supply particular reports. There are three types of businesses which are subject to different rules when it is all about annual accounts: small companies, micro-entities, and dormant companies.

Small companies and Annual Accounts

A company is considered to be ‘small’ if it consists of atleast two of the following:

  • A turnover of less than £10.2 million
  • £5.1 million or less on then balance sheet
  • 50 or fewer employees.

Abridged accounts can be sent by small companies to Companies House. Abridged accounts consist of a plain balance sheet and make less information about your company publicly available. Small companies can prefer whether to send a directors’ report and a profit and loss account, and whether they wish to be audited.

Micro entities are very small companies. For a company to be a “micro-entity”, it must meet atleast two of the following criteria:

  • A turnover of less than £632,000
  • £316,000 or less on the balance sheet
  • 10 or fewer employees.

If your company is categorized as micro-entity, you can prepare plain statutory accounts and send your balance sheet to Companies House that contains less information. These exemptions are levied to small companies and also applicable to micro-entities.

A company is considered to be a dormant only if it hasn’t had any ‘important’ transactions over the last financial year. Important transactions are financial transactions that often need to be reported; this doesn’t involve any fees paid to Companies House, money paid for shares or penalties for filing late accounts.

If your company is deemed to be dormant and ‘small’, you do not require to submit an auditor’s report or audited.

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Preparing financial reports is an integral part of running a business. With Nexa Accountants, get an immediate overview of your company’s financial health with automatic VAT reports, profit and loss statements and balance sheets.