Limited companies in the UK must prepare annual accounts and file them with Companies House within nine months of their year-end; these accounts are also essential for tax filing.
However, navigating complex accounting standards like GAAP and IFRS can make accurate financial reporting challenging.
At Accountant Globe, our chartered accountants provide professional support to ensure your annual accounts are accurate, timely, and compliant.
OUR ANNUAL ACCOUNTS SERVICES
Annual Accounts Preparation
We assist in preparing and reviewing financial statements, filing the accounts with Companies House and HMRC within the statutory deadlines.
Record Keeping
We maintain comprehensive financial records, including sales, purchases, receipts, payments, payroll, bank statements, journals, and other essential documents.
Reconciliation
We meticulously reconcile all accounts, ensuring total accuracy and consistency in your financial records. This process identifies and resolves discrepancies, providing a reliable basis for financial reporting.
Year-end adjustments
We notify you of any necessary year-end adjustments and execute accordingly to ensure accurate financial reporting.
IFRS and GAAP Compliance
Our chartered accountants help you understand accounting standards such as IFRS and GAAP including FRS 102 compliance requirements in preparation of your financial statements.
Audit Liaison
For accounts requiring an audit review, we provide full support throughout the process, including scheduling, coordination, and supplying all necessary information and documentation. Our expertise ensures a smooth and efficient audit experience, minimising disruption while maximising the accuracy of your financial statements.
Directors report and approval
We can present, explain, and guide directors through the final annual accounts draft, providing clear explanations to facilitate the preparation of a comprehensive director’s report.
Annual Accounts Filing Support
Following directors’ approval, Accountant Globe offers thorough support to ensure the timely filing of your annual accounts with Companies House, helping you maintain compliance and avoid penalties.
Why Choose
Us?
Expertise in annual accounts preparation and support across various industries
End-to-end services, handling everything from financial record keeping and gathering to trial balance preparation, and financial statements support
Chartered accountants skilled in navigation of IFRS and GAAP compliance
Flexible outsourcing, in-house, or hybrid models
Full audit support and liaison
Customised solutions for small to medium sized businesses, Start-ups, Scale-ups, and established companies
Frequently Asked Questions and Answers
All businesses, including sole traders, small businesses, partnerships, and limited companies, prepare annual accounts to report their profits to HMRC. Limited companies must also submit statutory accounts to Companies House within nine months of their financial year-end, as required by the Companies Act 2006.
The content and detail of statutory accounts depend on a company’s size. All companies must include a profit and loss account and a balance sheet. Larger companies must also provide a cash flow statement and adhere to international financial reporting standards.
Annual Accounts preparation involves reviewing a company’s financial records, ensuring all adjustments are made, and preparing final accounts according to accounting standards. Typical components include:
Balance sheet (BS)
A summary of assets and liabilities at year-end.
Profit and loss account (P&L)
Details the company’s performance.
Director’s report
For larger companies, explaining how the company is managed.
Notes to the accounts
Provides extra detail on the financial statements.
Accountant/auditor report
An expert opinion on the company’s finances.