Financial Statements
Annual financial statements are not simply a filing requirement. They provide an important record of the financial performance and position of a business and may be reviewed by directors, shareholders, banks, lenders, investors, HMRC and Companies House.
Why accurate statements matter
Businesses often encounter difficulties where bookkeeping records are incomplete, balances have not been reconciled or transactions have been allocated inconsistently. These issues can delay the preparation of accounts and may result in unreliable financial information or incorrect tax calculations.
Financial statement preparation may include:
- Review and reconciliation of accounting records
- Preparation of the profit and loss account
- Preparation of the balance sheet
- Supporting notes and statutory disclosures
- Review of directors’ loan accounts
- Fixed asset and depreciation schedules
- Identification of accruals, prepayments and outstanding liabilities
- Corporation Tax calculations and supporting schedules
- Filing of statutory accounts with Companies House
- Submission of accounts and tax information to HMRC
- Explanation of the financial results to directors and business owners
Clearer financial insight
Properly prepared financial statements help businesses meet their reporting obligations while providing a clearer understanding of profitability, financial strength, liabilities and areas requiring management attention.
Start with us today
Focus on growing your business while we take care of the numbers. Get in touch for a free consultation.