Accounts for Limited Companies
Limited companies must produce and file accounts each year. The accounts can be full or abbreviated. They may be called: statutory, year-end, final or company accounts; financial statments, or reports. Once filed, this information is on the public record, and may be viewed by anybody. We make sure that you only file what is necessary. For small companies this means abbreviated statements, showing the balance sheet and notes.
Full accounts are also prepared. Full accounts are filed with the company tax return, for use by HM Revenue and Customs. In most cases this version must be attached to the tax return in iXBRL (electronic) format.
We prepare the accounts from your books and records. We can help if you do not have the time or inclination to do the bookkeeping.
Sole Trader and Partnership Accounts
Accounts for sole traders and partnerships should be done annually. They are used for tax returns, and often needed for obtaining credit or finance. They include;
- A profit and loss account
- Relevant notes
- A format suitable for use by third parties such as banks, finance companies etc.
A balance sheet may also be prepared, should you require it.
The transactions recorded by a bookkeeper can be used for more than tax returns and filing year-end accounts. Management accounts are usually produced monthly or quarterly.
Management accounts are essential if your company makes dividend payments. There are legal restrictions on the payment of dividends. You need to be able to prove that your company has sufficient profits to pay dividends.
The primary function of management accounts is to give you the information you need to increase income, cut costs and grow your business. They enable you to make better financial decisions. They can also provide information to your bank, investors and creditors if you wish.
Management Accounting Reports can include:
- Profit and Loss Account or Income Statement
- Balance Sheet or Statement of Financial Position
- Budget variance analysis
- Cash flow statement
- Historical trend reports/ graphs/ charts
- Other tailored management reports