All Limited Companies must prepare Year End Accounts for their shareholders and a copy must be filed with Companies House.
The accounts are also used as the basis for the calculation of Corporation Tax with a copy filed online with HMRC.
We prepare FRS Compliant Year End Accounts for small and growing businesses and file these online with the relevant regulatory bodies on behalf of our clients.
All incorporated businesses must file annual financial statements with the Registrar of Companies. Private companies have 9 months (6 months for public companies) from the accounting reference date to deliver their accounts to the Registrar of Companies, unless it is the first set of accounts. Late filing of accounts with Companies House carries an automatic penalty which increases with the length of time they are overdue. Penalties are doubled if accounts are filed late in consecutive years.
If you are filing your company’s first accounts and those accounts cover a period of more than 12 months, you must deliver them to Companies House:-
Does my Company need to be audited?
Audit thresholds for small companies have been aligned with accounting thresholds for small companies. Small companies will therefore be entitled to an exemption from mandatory audit if they meet two out of the three mandatory criteria:-
If your company is classified as small, you can:
Filing abridged accounts
You can only file abridged accounts if all your company members agree to it.
Abridged accounts contain a simpler balance sheet, along with any notes. The directors can also choose to include a simpler profit and loss account and a copy of the director’s report. The balance sheet must have the name of a director printed on it and must be signed by a director.
Filing abridged accounts means less information about your company will be publicly available from Companies House.
Business owners can still elect to have an audit of their Year End Accounts if they wish, although this can result in higher accountancy fees due to the increased checking and verification work required to produce an audited set of financial statements. Small companies must include an audit exemption statement on the balance sheet if they are using the audit exemption.
Our Other Services
We are firm believers that the production of regular and accurate Management information greatly helps small business owners control the business finances. Access to up-to-date and accurate financial information is crucial to understanding how your business is performing and helps with the day-to-day decision-making and on-going business strategy.
There’s no getting away from it, Tax is a complicated subject whether it’s Business Tax or Personal Tax. Nevertheless, we provide a comprehensive Business and Personal Tax service to our clients to ensure you comply with the latest legislation. Furthermore we keep a close eye on all your tax matters to ensure you pay the correct amounts of Tax by the due dates to HMRC.
Can’t see the wood for the trees? Sometimes it’s difficult to see if things are going wrong when you’re working hard inside the business. The economic downturn has changed our priorities to minimise costs and maximise revenue opportunities, but does this mean the business is under the same tight control it always used to be? Today’s pressures may be impacting on how your business is being run and you may possibly be too busy driving the business forward to stop and review where improvements could be made.
An experienced and qualified finance professional (Chartered Accountant) acting as part time Financial Director/CFO can provide the skills and knowledge you need at a lower cost than a full time employee. If your business is growing and you now need experienced support, then our services can help deliver the right skills and support so you can focus on running and expanding your business with regular and accurate financial information.