Statutory accounts are a legal requirement filed once a year. Management accounts are an operational tool produced monthly or quarterly for you, the owner.
A good management pack has four parts: a profit & loss, a balance sheet, a cashflow, and a short commentary explaining what changed and why.
The commentary is where the value lives. Numbers on their own are trivia. Numbers with insight — 'gross margin dropped 3 points because of the new supplier's pricing' — are decisions.
The right cadence is monthly for growth-stage businesses and quarterly for established ones. Weekly is usually overkill unless you're in a very cash-sensitive sector.
If your management accounts aren't driving decisions, they're overhead. Every KPI in your pack should have a 'so what?' beside it.