Year End Accounts
Here at SC Accountancy we can assist you whether you want the basic form of Profit and Loss account and balance sheet through highly bespoke management accounts or other forms of reporting to keep your business well managed.
All companies , with the exception of dormant and „small companies“, must prepare full annual accounts for every year for Companies House and HMRC.
Company Accounts
Your company will be ‘small’ if it has any 2 of the following:
*a turnover of £10.2 million or less
*£5.1 million or less on its balance sheet
*50 employees or less
If your company is small, you can send abridged accounts to Companies House. Abridged accounts contain a simpler balance sheet, along with any notes
The balance sheet must have the name of a director printed on it and must be signed by a director.
Sending abridged accounts means less information about your company will be publicly available.
Statutory Accounts
Your company’s annual accounts – called ‘statutory accounts’ – are prepared from the company’s financial records at the end of your company’s financial year.
Statutory accounts must include:
*a ‘balance sheet’, which shows the value of everything the company owns, owes and is owed on the last day of the financial year
*a ‘profit and loss account’, which shows the company’s sales, running costs and the profit or loss it has made over the financial year
*notes about the accounts
The balance sheet must have the name of a director printed on it and must be signed by a director.
What we can do for you
The statutory obligation for a small company is balance sheet only, but to prepare a balance sheet we need to prepare a Profit and loss account first. Profit and loss account summarise how much have been sold and how much has been spend running the company.
Shortly after the end of your tax year, we will collect the information required to prepare your annual statutory accounts. We are happy to work with your own bookkeeping records or you might prefer us to prepare the data from original invoices and bank statements.
Once the data is collected we are normally able to produce a set of draft statutory accounts for your approval within the agreed timescale, including calculating your corporation tax liability.
By preparing the year end accounts shortly after the financial year end and working through the corporation tax calculations in the same frame, this will allow you to budget for and build up a payment into your cash flow model
It makes sense to use an accountancy firm to ensure that your business doesn’t suffer the penalties while dealing with this complex procedure. At SC Accountancy, we have made it our mission to throw out the jargon (and the suits!) and instead adopt an informal and relaxed approach, making everything straightforward, simple and clear for our clients. We can help take the hassle out of corporation tax for you, making your business fun again.
