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What are Year-End Accounts?

Year-end accounts provide a summary of financial activity based off of the bookkeeping of the business.

Year-end Accounts, also known as financial accounts, statutory accounts or company accounts are generally required to be produced by majority of companies.
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These year-end accounts help in providing a summary of a companies financial activity, generally over a set period of time (usually 12 months) and are based off of the bookkeeping of the business.
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These accounts are made up of financial statements and records that contain comprehensive information about a company’s transactions, operating performance and financial position at the end of its financial year.
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The information in the accounts will be used to prepare a Company Tax Return for HMRC and estimate the amount of corporation tax owed by a company.
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Annual accounts are due at the end of your company’s financial year, so this can vary on when the company specified their year end date.

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What Is Included in Full Annual Accounts?

A balance sheet outlining the value of everything owned by your company.
A profit and loss account outlining the company sales and running costs, as well as the loss or profit it made for the period of its latest fiscal year.
Notes regarding the annual accounts.
Report from a director/s.
The name and signature of director on the balance sheet.
Report from an auditor unless the company is exempt.
Statement of Cashflows for the year ended.

What is required

What is generally required in order to complete Year-End Accounts?

All money spent by the business, such as utility bills, consumables and general expenses.

All bank statements in the businesses name, this included credit cards and savings

Details of everything that the company owns and owes and money owed to the company

All income received by the business for all purchased/sold goods and services

Details of all goods and services bought and sold by the business

Details of cash books and petty cash books

Stock records held by the company

Mortgages and loan agreements

Investment details

Dividend vouchers

Payroll documentation

VAT Records

Any lease agreementss

About our pricing

Compliance

Your dedicated accountant will produce personalized accounts as and when needed in order to comply with all regulatory and statutory requirements. Completing accounts is a complex task, so we’re here to simplify the process for you! The accurate figures we produce will enable you to make insightful business decisions.

Fixed fees

Fixed fees for all once-off services. Year-end accounts are fully included in monthly packages. Please contact us for a detailed break-down of all services offered.

Tax efficiency reviews

Your dedicated bookkeeper will conduct regular tax efficiency reviews, ensuring you’re claiming everything you could be and operating in the most efficient way possible.

FAQs

How often must annual accounts be filed?

Annual accounts must be filed every year.

Can I prepare them myself or does an accountant have to?

You may prepare your own accounts, however, we strongly advise that you seek the advice of a professional accountant as the format of accounts is governed by both Company Law and Accounting Standards.

Is it a legal requirement?

Yes, it is a legal requirement to file company accounts and failure to do so is a criminal offence. Consequences of which include prosecution of the company directors and possible dissolution of the company.

What period must they cover?

A company’s first accounts must start on the date of incorporation (not the date when the company begins trading) and end on the accounting reference date. All following accounts must start one day after the previous accounts and end on the accounting reference date.

When do they have to be filed?

Accounts have to be filed by 9 months after your year end (usually your accounting reference date).

Year-End Accounts