While management accounts are essential for understanding an organisations ongoing financial performance, the preparation of statutory annual accounts is a legal requirement for most limited companies, charities and community benefit societies.
Annual accounts cover a 12-month accounting period, although in certain circumstances this period can be shortened or extended. These accounts provide a formal summary of an organisation’s financial performance and position and must be prepared in line with relevant UK financial reporting standards.
For organisations registered with Companies House, statutory accounts are normally due within nine months of the end of the accounting period. Registered charities typically have up to ten months to file their accounts with the Charity Commission for England and Wales.
Preparing annual accounts requires accounting expertise and a thorough understanding of UK financial reporting frameworks. We prepare accounts in accordance with the relevant standards for your organisation, including:
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Charities SORP for charities
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FRS 102 for many small and medium-sized organisations
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FRS 105 for eligible micro-entities
As accountants specialising in supporting small and medium-sized organisations in the voluntary, community and charity sector, we understand the statutory reporting requirements and the expectations of regulators and trustees.
Each year we prepare statutory accounts for a variety of organisations helping them meet their legal obligations while removing the stress and complexity from the process. Our aim is to ensure your accounts are prepared accurately, submitted on time, and presented clearly so that trustees, directors and stakeholders can have confidence in the organisations financial reporting.