At Finsol Tax Advisors we have Accountants Harrow who offers a wide range of accountancy services including tax returns, annual accounts, payroll and bookkeeping.
Preparation of accounts: It is the process of Preparing general-purpose financial statements; including the balance sheet, income statement, statement of retained earnings, and statement of cash flows; is the most important step in the accounting cycle because it represents the purpose of financial accounting.
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.
You must always send copies of the statutory accounts to:
- all shareholders
- people who can go to the company’s general meetings
- Companies House (unless you send abbreviated accounts)
- HM Revenue and Customs (HMRC) as part of your Company Tax Return
You have different deadlines for sending your accounts to Companies House and your tax return to HMRC, but you may be able send them at the same time.
How to put together statutory accounts
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
- a director’s report
You might have to include an auditor’s report – this depends on the size of your company.
The balance sheet must have the name of a director printed on it and must be signed by a director.
Your statutory accounts must meet either:
- International Financial Reporting Standards
- UK Generally Accepted Accounting Practice
You can be trust on our accountants, who have helped many corporate and individual clients achieve financial success. If you want to know more details about our services contact us today!