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A statutory account is a report that is prepared annually by limited companies to break down and showcase financial actions taken by the company in that year.

The copy of statutory accounts must be sent to all shareholders, people who can go the company’s general meetings, Companies House and HM Revenue and Customs (HMRC) as part of your Company Tax Return.

Accounts and Tax Return can also be send at the same time even though it have different deadlines to be submitted to Companies House. Abridged Accounts can be send by small or a micro entity or dormant company.

How to prepare statutory accounts?

When preparing statutory accounts, you must make sure that your accounts meet either the IFRS Standards or the New UK GAAP.

Legal requirements

• The Company Tax return must be submitted to HMRC within 12 months after the accounting period end to which it relates.
• Any Corporation Tax due must be paid electronically by nine months and a day after the accounting period end.

You must also file accounts with Companies House

• The accounts must be submitted within 9 months after your company’s financial year ends. The filed accounts will be publicly available. On the basis of turnover, balance sheet assets and number of employees, the contents of filed accounts is reduced for medium, small or micro-entity companies. Most small companies can file abridged account if they wish. These contain a reduced version of the balance sheet, profit and loss account and directors’ report but an election can be made to only file the balance sheet with Companies House.

• Company directors are legally responsible for ensuring the accuracy of the accounts. Using an accountant does not reduce this responsibility.

• Further exemptions apply to micro-entities satisfying any two of the following:
• annual turnover of less than £632,000;
• balance sheet assets less than £316,000;
• 10 employees or fewer.

Here is link for government regulation for annual accounts.

https://www.gov.uk/annual-accounts