East London Accountants | Year End Accounts
What are year end accounts?
Year end accounts for small companies are a book like document consisting of 5-15 pages. They contain information, set out in a prescribed format, that give the reader information about a limited company/self employment. Year end accounts must be prepared under specific accounting rules known as International Financial Reporting Standards or new UK Generally Accepted Accounting Principles. The contain the following key information:
What is included in a set of accounts?
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Balance sheet
Shows the value of everything the company owns, owes and is owed on the last day of the financial year
Profit and loss
Shows the company's sales, running costs and the profit or loss it has made over the financial year
Directors report
Contains a statement of directors' responsibilities and explains the basis on which the accounts are prepared
Board approval
A balance sheet signed by a named director or a profit/loss statement signed by a self employed individual
Who has an interest in my accounts?
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You would be surprised! The list is endless but below are the main body of people interested in your accounts. You have a legal duty to shareholders/investors, HMRC and companies house. If you have borrowed money from a bank/lending institution, they too will want to see your accounts!
Shareholders/Investors
You must send these to all shareholders after they have been signed
Companies house
Companies house expect a set of accounts every year in-line with your accounting year end
HMRC
HMRC expect a full set of accounts to accompany your company tax return, self-employment or partnership tax return
Banks/Lenders
Banks/lenders want to see accounts to ensure the business can service their debts
How we can help
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We love accounting and taxation and know this can be stressfull for a lot of people. Our cost effective solution is cheaper than you think and will save you hours doing it yourself. We are highly respected, experienced and registered as an agent with HMRC. This means once we have your approval, we can speak to directly to HMRC on your behalf.
Accounts
Prepare your end of year accounts under UK accounting rules and explain the accounts to you in a jargon-free way
Companies house
Submit your accounts to companies house in the prescribed format
Tax returns
Prepare and submit your tax returns to HMRC including iXBRL tagging
Client portal
Give you access to our portal so you can review and sign everything using your phone!
