Limited Company Accounts
Directors of limited companies in the UK have to prepare and issue company accounts to the company’s shareholders that need to comply with the Companies Act and Generally Accepted Accounting Practices
Company Accounts have to be filed each year with Companies House and provide a summary of the financial performance of the company for the period concerned and a “snapshot” of its balance sheet these company accounts are also known as statutory accounts. Statutory accounts are by definition what is required by law to report the performance and financial position of your business to the stakeholders of the business and advise you on:
If you are classified as a small company by the companies act you are not required to use a qualified accountant but it is advisable to use a qualified accountant to prepare your company accounts from your records so that you can ensure you comply with all the complex accounting rules involved in preparing your company accounts and that those company accounts can be used as a basis to support an application for borrowing. In addition to this a qualified accountant will be able to interpret your company accounts and discuss the financial performance of the company and help you develop your business strategy from a financial perspective.
If you are a medium company or a large company then your company accounts will need auditing by a qualified auditor. In addition to needing an audit the company accounts will be required to follow more detailed and stringent accounting rules.
We specialise in the production of company accounts for small and medium sized companies. We give continual advice on the management of company funds especially requirements for directors borrowing, directors salaries versus dividends and bonuses, efficient purchase of company assets etc. We give advice on the propriety of converting sole trader businesses to limited companies and implications of IR35 requirements for people who operate through contract services companies. We will prepare your corporation tax computation showing how we have calculated your mainstream corporation tax liability from the company accounts and file your company tax return.