As a Director of a Limited Company, you are responsible for the preparation of the year end accounts, these are also known as the Statutory Accounts. Statutory Accounts are prepared in accordance with the Companies Act 2006 and Accounting Standards and Guidelines.
Statutory Accounts for Small Companies include:
- Balance sheet signed by a Director.
- Profit and loss account.
- Notes to the accounts.
- Directors Report.
- Accountants report
Definition of a Small Company
A company is a Small Company if it meets 2 of these 3 conditions:
- Turnover less than £6.5m.
- Net Assets less than £3.26m.
- Fewer than 50 employees
A Small Company may:
- File Abbreviated Accounts to Companies which is a shorter version of the Statutory Accounts.
These can be filed by Companies House Webfiling.
Abbreviated accounts include less information about the Company, therefore there will be less information available to the public. These include the Balance Sheet signed by a Director and shorter notes.
- Choose not to be audited.
- Not file a copy of the Director’s Reports.