Legal English – Peter’s Pills – Lesson 17

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Legal English for Notaries - By Federnotizie

Annual Accounts

Transcript:

Hello! Today we speak about Annual Accounts.

In the UK all companies are required to prepare annual accounts. These are also called ‘company accounts’ or ‘statutory accounts’ and the word ‘statutory’ tells us that there are required by statute, which means written legislation. Annual accounts are created from the financial records produced at the end of the financial year. The UK financial year starts on 6 April of one particular year, and it runs (decorrere) until 5 April the next year. This means that the financial year that will start on 6 April 2029, will end on 5 April 2030. Another name for ‘financial year’ is ‘tax year’.

Copies of these annual accounts must be sent to:

  • all shareholders;
  • any person entitled to go to the company’s general meetings;
  • Companies House (paragonabile al Registro delle imprese);
  • and Her Majesty’s Revenue and Customs (HMRC) (letteralmente “Entrate e Dogane di Sua Maestà”, e paragonabile all’Agenzia delle Entrate) as part of the Company Tax Return (dichiarazione dei redditi dell’azienda).

If the annual accounts are not filed (depositati) with Companies House, the Registrar (il conservatore) may decide to strike off (rimuovere o cancellare da una lista, un registro, ecc. come con un tratto di penna) the company from the central register and the company will be dissolved (sciolta).

What must the annual accounts include?

  • a balance sheet (stato patrimoniale – attenzione a questo “false friend”), showing the value of everything the company owns (possiede), owes (deve dare) and is owed (è dovuto) on the last day of the financial year;
  • a profit and loss account (conto economico), showing the company’s sales, running costs (costi di gestione) and the profit or loss it has made over the financial year;
  • notes regarding the accounts;
  • a director’s report.

Large companies might have to include an auditor’s report (relazione del revisore).

The balance sheet (stato patrimoniale) must have the name of a director printed on it and must be signed by a director.

Thank you very much and see you next time for more Peter’s Pills to improve your Legal English!

See more about the the consequences of late submission of annual accounts in the UK here: https://www.forbesburton.com/blog/119-the-consequences-of-filing-your-company-accounts-late

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Legal English – Peter’s Pills – Lesson 17 ultima modifica: 2021-10-13T08:30:29+02:00 da Peter Liebenberg
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