Year end accounts

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.

What information is available in the year end accounts

  • 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
  • a director's report (for a limited company)
  • a balance sheet signed by a named director or a profit/loss statement signed by a self employed individual

Who has an interest in year end accounts?

  • You must send these to all shareholders after they have been signed
  • Companies house expect a set of account every year in-line with your accounting year end. These are then made public on the Companies House website
  • HMRC expect a full set of accounts to accompany your company tax return, self-employment or partnership
  • Banks/lenders often want to see accounts to ensure the business can service their debts. Missing the filing deadline is often seen as a red flag.
  • Investors will want to see year end accounts (the previous 3,4,or 5 years' worth of accounts is not uncommon)

How can we help?

  • prepare your end of year accounts under UK Generally Accepted Accounting Practice.
  • explain the accounts to you in a jargon-free way
  • submit the year end accounts to HMRC and Companies house in the prescribed iXBRL format
  • discuss the year end accounts with you at our London office
  • provide access to an online portal that you can use to review the year end accounts and sign electronically

See our blog on the difference between year end accounting and management accounting.