East London Accountants | Year End Accounts

east london accountants

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:

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

Signature

A balance sheet signed by a named director or a profit/loss statement signed by a self employed individual

Who even looks at accounts

You would be surprised! The list really 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

East London Accountants

How we can help

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!