Record: f6-1371-9
Statutory accounting - House of Fraser
Dates: 1909-
Description: Statutory accounting is the activity of preparing the company’s statutory accounts.
Biographical history
The business first became legally obliged to prepare statutory accounts in 1909,
when it was registered as a private limited company, Fraser Sons & Co
Ltd, and had to comply with the companies acts. In accordance with these acts,
the directors caused a balance sheet, containing a general summary of the
capital, assets and liabilities of the company, and a profit and loss account,
to be made out every year and laid before the shareholders by the secretary at
the annual general meeting.
In 1941, Fraser Sons & Co Ltd formed a new company, House of Fraser Ltd,
to act as a vehicle for future acquisitions. House of Fraser Ltd did not,
however, properly commence business until 1946 and did not prepare any statutory
accounts until the year ending January 1948. In 1947, Fraser Sons & Co
Ltd had been liquidated and its assets transferred to House of Fraser Ltd. From
1948, the company's directors, in accordance with the 1948 Companies Act, caused
a consolidated balance sheet, giving a general summary of the assets and
liabilities of the company and its subsidiaries, and a consolidated profit and
loss account, showing the profit and loss of the company and its subsidiaries,
to be made out every year and laid before the shareholders by the secretary at
the annual general meeting.
Dates: 1909-1947
Dates: 1909-1947 It was the responsibility of the board of directors to cause the keeping of the statutory accounts.
Dates: 1909-1947 It was the responsibility of the secretary to lay the statutory accounts before the company in general meeting.
Dates: 1941-
Dates: 1941- It was the responsibility of the board of directors to cause the keeping of the statutory accounts.
Dates: 1941- It was the responsibility of the secretary to lay the statutory accounts before the company in general meeting.
Title: Memorandum and articles of association
Date: 1909
Regulations concerning statutory accounts are recorded in the articles of association.
Title: Minutes of meetings of board of directors
Date: 1909-1947
The minutes contain a balance sheet for 1909.
Title: Memorandum and articles of association
Date: 1941
Regulations concerning statutory accounts are recorded in the articles of association.
Title: Memoranda and articles of association
Date: 1947-1982
Regulations concerning statutory accounts are recorded in the articles of association.
Financial management (1909-)
Statutory accounting was an activity carried out to fulfil the function of financial management.
Back to top
