Your company’s annual accounts – also known as ‘statutory accounts’ – must be prepared by the end of your company’s financial year and copies sent to:
- all shareholders
- people who can go to the company’s general meetings
- Companies House
- HM Revenue and Customs as part of your annual business tax return.
Your business’s statutory accounts must include:
- a profit and loss account that shows the company’s sales, running costs and the profit or loss it has made over the financial year;
- a balance sheet that clearly identifies the value of all everything you company owns, owes or is owed on the last day of the financial year;
- notes about the accounts;
- a director’s report;
- and in some cases, depending on the size of your business, an auditors’ report.
These records must be completed within a strict set of criteria set out in either International Financial Reporting Standards or UK Generally Accepted Accounting Practice, depending on the nature of your business.
Prepared in the right way, they provide a vital tool to help your business run smoothly and provide valuable information for forward planning and decision-making.
Because we believe in getting to know our clients and their businesses, we are ideally placed to prepare and interpret your accounts in the context of your business needs and the bigger economic picture of the sector in which you operate. We’ll also time your accounts production so that you can take advantage of early tax planning opportunities.
Our experience and expertise allow us to identify strengths and unexpected trends within your accounts. If we find areas where your business and its performance could be strengthened, we’ll also suggest solutions.
By using our bookkeeping service, we can also help you to reduce the time and cost involved in preparing your year-end accounts. If you require an audit, we have access to specialists who can provide the service.
We will also assess you accounts and where appropriate use the information provide to make suggestions on how to improve growth in the future.
To find out more about how we can help you, please contact Salhan Accountants in Edgbaston, Birmingham.