Statutory Accounts Services for UK Subsidiaries
Our statutory accounts services are designed specifically for overseas-headquartered groups with UK subsidiaries. We understand the importance of complying with local reporting requirements while also meeting head office expectations.
What Are Statutory Accounts?
Statutory accounts are the official annual financial statements a UK company must prepare and file. They provide a comprehensive summary of the company’s financial activity and include:
- A balance sheet
- A profit and loss account
- Notes to the accounts
- A directors’ report (for certain companies)
These accounts must be prepared in accordance with either International Financial Reporting Standards (IFRS) or New UK Generally Accepted Accounting Practice (UK GAAP). We will help you determine which reporting framework is most appropriate for your UK subsidiary.
Why Statutory Accounts Matter
- Legal Compliance: All UK companies are required to prepare and file statutory accounts with Companies House and HMRC each year.
- Public Record: Once filed, accounts are publicly accessible via Companies House.
- Tax Filing: The statutory accounts are used as the foundation for the UK corporation tax return.
Filing deadlines:
- 9 months after the accounting period end
- 21 months from incorporation for a company’s first accounts
Missing deadlines results in penalties, so we work closely with clients to ensure timely and accurate filing.
Our Services
We prepare compliant statutory accounts for UK subsidiaries, taking care to align the financial statements with the reporting standards that apply.
We understand that the UK operation is often relatively small compared to the wider group, and using one of the larger networks or Big Four for UK accounts preparation might not be commercially viable. Many of our clients are audited by these firms at head office level but choose to work with us locally due to our specialist focus and cost-effective delivery.
We frequently liaise directly with:
Group finance teams overseas
External group accountants and auditors (including Big Four)
Our team is largely ex-Big Four and brings deep technical expertise along with experience navigating the group audit process.
We can also assist with:
Group reporting packs
Conversion between accounting frameworks
Technical reviews of financial statements
Planning for forthcoming changes in financial reporting standards
FAQs
Yes. Even dormant companies must file simplified statutory accounts and a confirmation statement annually with Companies House.
Statutory accounts must follow either IFRS or New UK GAAP. We’ll help you determine which applies to your company based on its size, activity, and group requirements.
Yes. We regularly coordinate with overseas group auditors and accounting teams, including those at Big Four firms. Our experience supporting multinational groups ensures a seamless and informed approach.
Absolutely. We often help clients prepare group reporting packs to meet consolidation deadlines, providing the required schedules and reconciliations.
We agree deadlines in advance and work closely with your finance team to ensure all deliverables are aligned with group and UK statutory timetables.
Contact Our Experts
Let us take care of your UK statutory accounts so you can focus on the bigger picture. If you’d like to discuss further, get in touch with our team today.
Caroline Peverett
Director
Head of Accounting & Audit
Martin Briggs
Senior Manager
Accounting & CIS