Statutory accounting - Army & Navy Stores Ltd

Dates: 1871-1981
Description: Statutory accounting is the activity of preparing the company’s statutory accounts.

Biographical history
When the society was formed in 1871, there was no legal requirement for companies to publish balance sheets or profit and loss accounts. However, the directors of the society published balance sheets, containing a general summary of the capital, assets and liabilities of the society, right from its formation. These were made out every year and laid before the shareholders together with the annual report (ref: FRAS 480, FRAS 497) at the annual general meeting. The directors caused profit and loss accounts to be added in ????. From 1948, the directors, in accordance with the 1948 Companies Act, caused a consolidated balance sheet, giving a general summary of the assets and liabilities of the society and its subsidiaries, and a consolidated profit and loss account, showing the profit and loss of the society and its subsidiaries, to be made out every year and laid before the shareholders at the annual general meeting.

Act for the Registration, Incorporation and Regulation of Joint Stock Companies 1844; Joint Stock Companies Act 1856; Joint Stock Companies (Consolidation) Act 1862; Companies Amendment Act 1900; Companies Act 1907; Companies (Consolidation) Act 1908; Companies Act 1928; 1929 Act to Consolidate the Companies Acts 1908 to 1928; Companies Act, 1947; Companies Act 1948, Companies Act 1967, Companies Act 1976, Companies Act 1980, Companies Act 1981.