Statutory accounts support: compliance made easy

Support with the preparation of statutory accounts not only ensures compliance but gives finance directors and financial controllers time to concentrate on the running of their business.

Understanding you

Statutory accounts preparation for many finance directors or financial controllers of limited companies and groups, present an unwelcome challenge. The challenge mainly arises from changes in accounting standards, disclosure requirements, and legislation.

During, or shortly after the auditor's fieldwork, which involves a substantial amount of time compiling their audit pack of information and requests, the next question for finance directors is:

When is your first draft of the statutory accounts going to be available?

The ever changing auditor ethical and independence requirements may mean that this is the first time your auditor has asked you to draft your own statutory accounts with the help of a set of proformas.

Outsourcing statutory accounts preparation could be a solution to these challenges for you.

How can we help you?

To assist finance directors or financial controllers in drafting their statutory accounts our statutory accounts service includes:

Use of specialist accounting software to deliver a high-quality set of statutory accounts, derived from your year-end management accounts.
Providing you with a disclosure pack to be completed for relevant disclosures in the statutory accounts.
Liaising with you on the content of the narrative reports (strategic and directors’ reports).
Assistance, where required, on accounting treatments and disclosures.
Guiding you, as appropriate, through updates in accounting standards, the impact on your business and statutory accounts, including numerical and disclosure changes.

The use of specialist accounting software also allows efficient iXBRL tagging of the statutory accounts and avoids the need for accounts in Word or Excel to be manually tagged, often at a significant cost.

Helping you achieve your goals

By working together:

The hassle of preparing your statutory accounts is taken away.
You are provided with a high-quality set of compliant statutory accounts.
Your timelines are met to fit in with those of your auditor.

Making a difference

We have significant experience with:

UK GAAP (FRS 101 & FRS 102).
UK-IFRS (UK-adopted international accounting standards).

We agree timelines with you and stick to those. We can also provide you with assistance on IFRS conversion.

Outsourcing your statutory accounts

Client example

We were approached by the existing auditors of a training solutions company, who had advised the company they were unable to prepare their statutory financial statements due to changes in ethical rules within their organisation.

How we helped: Contact was established quickly with the financial controller at the company and, within 24 hours, a quote for the preparation of the statutory accounts was issued. That quote was accepted, and the timelines were put in place to achieve the company’s deadlines.

In addition, the same changes within the auditor’s organisation subsequently prevented them from dealing with the company’s corporation tax compliance. We supported by dove-tailing this into the timelines for the preparation of the statutory financial statements. The services provided fully achieved our client’s deadlines and exceeded their expectations.

Featured news

Audit and assurance update: A pair of fresh eyes on your statutory accounts

Sunday 17 December 2023

Even small changes to FRS 102 can have an unwanted impact on your statutory accounts. Outsourcing your statutory accounts allows your finance team to concentrate on running your business during the year-end process.

Audit and Assurance update: Supplier finance arrangements

Tuesday 10 October 2023

FRED 84 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Supplier finance arrangements was issued at the end of September 2023 by the Financial Reporting Council (FRC).

Audit and Assurance update: Delay in changes to UK GAAP

Friday 6 October 2023

FRED 82 Draft amendments to FRS 102 the financial reporting standard applicable in the UK and Republic of Ireland and other FRSs – periodic review was first issued in December 2022 by the Financial Reporting Council (FRC). The consultation period on FRED 82 closed on 30 April 2023.

Audit and assurance update: Does preparing statutory accounts take up too much of your time?

Monday 25 September 2023

Every Financial Director or Financial Controller wants a timely and smooth year-end process including the preparation of statutory accounts.

Audit and assurance update: What do statutory accounts provide for your stakeholders?

Monday 26 June 2023

At the end of every reporting season, there is always a huge sigh of relief when your statutory accounts are signed off and filed at Companies House. But what do those statutory accounts say about your business to stakeholders?

Changes afoot for UK GAAP

Wednesday 22 February 2023

The second periodic review of FRS 102 is taking place, resulting in an exposure draft, FRED 82 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review. The major changes to FRS 102 proposed by FRED 82 surround lease accounting and revenue recognition.

The challenges of statutory accounts: key thoughts for 2023

Wednesday 15 February 2023

A New Year with Easter already on the horizon, but what is there anything you need to consider in preparing your statutory accounts?

International update: International sustainability standards board launched

Wednesday 2 February 2022

Roughly two months on, there are differing opinions on whether the 2021 United Nations climate change conference (COP26) adequately addressed the pressing issues facing our planet. However, there was at least one significant announcement that will have a profound impact on how companies do business for years to come.

Testimonial from Deb Wallbanks, Commercial Finance Director

"Hazlewoods has supported our business for the last four years in preparing our group’s statutory financial statements. They provide a superb service, with an excellent turnaround time exceeding our expectations. Technical knowledge is first class, with clearly explained solutions and advice. A very personable team and I would highly recommend their services."

Testimonial from Sebastian Marlow, Group Financial Controller

"Hazlewoods were engaged to prepare the statutory financial statements for the UK group for the first time in FY20. We are a large and complex multi-national group of 40 companies with seven distinct finance teams and annual turnover in the region of £850m - we are by no means a straightforward client. Hazlewoods got on top of the structure and built effective relationships with surprising speed, garnering positive feedback from all divisions as well as from the central team."

Testimonial from Wayne Holmes, Finance Director

"Hazlewoods are engaged to prepare our statutory financial statements. The level of customer service along with detailed business knowledge from Hazlewoods is and has always been excellent with a timely, considered and accurate preparation process. They are also willing to go above and beyond by providing genuinely pragmatic advice which is invaluable. Technical advice and the assistance received is second to none. "

Testimonial from Maja Karp, Financial Controller

"Hazlewoods has supported our business for the last two years in preparing our statutory financial statement. This has been complemented by corporation tax compliance and other support. The service is excellent; turnaround times are often exceeded, which greatly assists us with the timetables for our external auditors. Their technical knowledge is first class, providing clear solutions and advice. Their teams are friendly and dedicated to quality service. I would highly recommend them. "