3 Different Types of Statutory Accounts
statutory-accounts Statutory accounts are a series of financial reports prepared at the end of each fiscal year that documents the limited company's financial performance and activities throughout the year. They are also known as annual or yearly accounts. These accounts are shared with HMRC (Her Majesty's Revenue and Customs), Companies House, shareholders, and all the attendees at the company's general meetings. All private limited firms in the UK are required to prepare statutory accounts. Here are different types of statutory accounts you should know about. Profit and Loss Statement An income statement is the most common financial statement, and it measures a company's financial performance annually, quarterly, or monthly. It shows the company's expenses and revenues, including non-cash accounting like amortization and depreciation. To determine a company's success, it examines the money earned, spent, and profit or loss incurred because o...