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

Legal English – Sommario delle Lezioni

• Legal English – Peter’s Pills – Lesson 39 – When is Latin hot, and when is it not?
• Legal English – Peter’s Pills – Lesson 38 – Default
• Legal English – Peter’s Pills – Lesson 37 – Company Agent
• Legal English – Peter’s Pills – Lesson 36 – Injunction (false freind)
• Legal English – Peter’s Pills – Lesson 35 – Mortgage
• Legal English – Peter’s Pills – Lesson 34 – Freehold, Leasehold and Commonhold estates
• Legal English – Peter’s Pills – Lesson 33 – Transferor, Transferee and Transmittee
• Legal English – Peter’s Pills – Lesson 32 – Tax evasion, tax mitigation and tax avoidance
• Legal English – Peter’s Pills – Lesson 31 – Numbers
• Legal English – Peter’s Pills – Lesson 30 – Ordinary resolutions vs special resolutions
• Legal English – Peter’s Pills – Lesson 29 – AGM vs EGM
• Legal English – Peter’s Pills – Lesson 28 – A going concern
• Legal English – Peter’s Pills – Lesson 27 – Collocations: Violate, breach, break, disobey and infringe
• Legal English – Peter’s Pills – Lesson 26 – Company meeting words
• Legal English – Peter’s Pills – Lesson 25 – Mortgagor vs Mortgagee
• Legal English – Peter’s Pills – Lesson 24 – Fixed charges vs Floating charges
• Legal English – Peter’s Pills – Lesson 23 – Doctrine
• Legal English – Peter’s Pills – Lesson 22 – Construe
• Legal English – Peter’s Pills – Lesson 21 – Sign vs Execute
• Legal English – Peter’s Pills – Lesson 20 – The closing statement
• Legal English – Peter’s Pills – Lesson 19 – Writing Business Emails
• Legal English – Peter’s Pills – Lesson 18 – Limited companies
• Legal English – Peter’s Pills – Lesson 17 – Annual Accounts
• Legal English – Peter’s Pills – Lesson 16 – Meetings
• Legal English – Peter’s Pills – Lesson 15 – Attorney-at-law vs Attorney-in-fact
• Legal English – Peter’s Pills – Lesson 14 – Here and there compounds
• Legal English – Peter’s Pills – Lesson 13 – Subject Matter
• Legal English – Peter’s Pills – Lesson 12 – The clear days rule
• Legal English – Peter’s Pills – Lesson 11 – Shareholder, Member or Holder of shares?
• Legal English: Peter’s Pills – Lesson 10 – Competition Law
• Legal English: Peter’s Pills – Lesson 9 – Lasting Power of Attorney
• Legal English: Peter’s Pills – Lesson 8 – Guardianship
• Legal English: Peter’s Pills – Lesson 7 – Damage vs Damages
• Legal English: Peter’s Pills – Lesson 6 – Legal Doublets
• Legal English: Peter’s Pills – Lesson 5 – Escrow
• Legal English: Peter’s Pills – Lesson 4 – Memorandum of Association vs Articles of Association
• Legal English: Peter’s Pills – Lesson 3 – Sign legibly
• Legal English: Peter’s Pills – Lesson 2 – Deed poll
• Legal English: Peter’s Pills – Lesson 1 – Party, counterparty and counterpart

Peter Liebenberg

Peter Liebenberg è uno specialista nella formazione delle persone nella conoscenza della lingua inglese. Ha creato molti corsi nel campo dell’inglese per professionisti, tra cui English for banking, English for business e English for Insurance, ma ha sempre avuto un debole per l’inglese legale. Altri corsi che ha creato comprendono Phrasal Verbs I e II. Quando Peter non fa formazione, corre a Parco Sempione, crea arte nel suo studio sulla Martesana e fa volontariato.