Our services · Watford, Bushey & North West London
Year end statutory accounts filed correctly, and management accounts that actually help you run the business.
Statutory accounts tell you what already happened and keep you compliant. Management accounts tell you what is happening now, so you can act while it still matters. As CIMA qualified management accountants we produce both, with monthly or quarterly reporting, commentary in plain English and cash flow forecasting alongside the year-end filing.
Every limited company must prepare statutory accounts and file with Companies House within nine months of year end. We prepare yours to the right standard, FRS 105 for micro entities and FRS 102 1A for small companies, filed accurately and on time, every year.
Statutory accounts are a history lesson though. They tell you what happened months ago. As qualified management accountants this is where we go further than most firms: monthly or quarterly management accounts with real commentary, cash flow forecasting and the numbers that let you make decisions while they still matter. Know your margins, see problems early, plan with confidence.
| Companies House filing deadline | 9 months after the accounting reference date |
| First accounts deadline | 21 months after incorporation |
| Corporation Tax payment | 9 months and 1 day after year end |
| CT600 return deadline | 12 months after year end |
| Late filing penalty, up to 1 month | £150 |
| 1 to 3 months late | £375 |
| 3 to 6 months late | £750 |
| More than 6 months late | £1,500 |
| Micro-entity standard | FRS 105 |
| Small company standard | FRS 102 Section 1A |
| Audit exemption | Most small companies are exempt |
Most local firms are compliance practices. They file your accounts accurately and on time, and that is where the relationship ends. That is a perfectly good service, and it is also the reason a lot of owners feel their accountant is a cost rather than an asset.
Our training is in management accounting, which is the discipline of turning financial data into decisions. In practice that means you get a monthly or quarterly pack showing margin by product or service, cash flow projected forward, and a short written commentary on what changed and what to do about it.
That is the difference between knowing your profit last March and knowing whether you can afford to hire in June.
Statutory accounts are the formal year-end accounts required by law and filed at Companies House, usually months after the period they cover. Management accounts are internal reports produced monthly or quarterly showing current performance, margins and cash position. One keeps you compliant, the other helps you make decisions.
Companies House requires filing within nine months of your accounting reference date. First accounts are due 21 months after incorporation. Corporation Tax is payable nine months and one day after year end, and the CT600 return is due twelve months after year end. Those are four separate dates and all of them carry consequences.
£150 for up to a month late, £375 between one and three months, £750 between three and six months, and £1,500 beyond six months. Penalties double if you file late two years running, and persistent failure can lead to the company being struck off.
A management accountant is trained to use financial information for decision-making rather than only for compliance reporting. CIMA is the chartered body for management accountancy. In practice it means you get forecasting, margin analysis and commentary on what the numbers mean, not just a set of accounts filed on time.
Most small companies are exempt. Broadly you need an audit only if you exceed two of the three thresholds for turnover, balance sheet total and employee numbers, or if your shareholders, lenders or sector require one. We will tell you clearly where you stand.
Monthly if you have staff, stock or variable margins. Quarterly is enough for a stable consultancy or property company. The test is how quickly a problem would show up and whether you would still have time to react.
We provide company accounts across Watford, Bushey, Harrow and North West London. Related services: Self Assessment Tax Returns · Bookkeeping and Making Tax Digital · VAT Returns and Registration · Payroll and PAYE · Corporation Tax · CIS for Construction.
Book your free 30-minute consultation. Practical advice you can act on straight away, whether you become a client or not.
Tap what you need and we will point you the right way.