We provide statutory auditing services too, in addition to the expert advice for helping you
Every businesses registered with Companies House in the U.K need to prepare and submit annual accounts, using a prescribed form of reporting. This can seem to be a time-consuming or challenging task to achieve, but Nexa Accountants make it possible for you by taking off the burden from you. We will describe you every procedure and work with you to ensure that you are glad with the figures being submitted and you understand the deadlines which carries a greater impact on you and your obligations in this area.
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 for helping you out to reduce the tax liability and ensure continuous financial growth for your business. 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:
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:
Based on the size of your company, you can also need to include:
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.
A company is considered to be ‘small’ if it consists of atleast two of the following:
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:
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.
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.