Annual Accounts

Do you need someone to prepare your annual accounts for your business? Call Diamond Financial

Although end of year accounts for a sole-trader or partnership are not a legal requirement it makes sense to have them prepared in order to get a snapshot of how your company performed in relation to your expectations and to help you plan for the coming financial year. 

Accounts still need to be prepared to get the information required for the tax return, so although not governed by Statute, they are still required. Submitting annual accounts for a limited company however, is required by law and you should get a professional to take care of this for you. Diamond Financial, Chartered Certified Accountants in Edinburgh, Lothians and the Borders, can help you prepare your end of year statutory accounts and submit them to both Companies House and HMRC. If you are a sole-trader or in a partnership then we can help compile your accounts for these businesses too.

What do I need to provide when filing my annual accounts for my limited company?

The size and complexity of your company will determine the size and complexity of your annual accounts. There are however, some basics which apply to every limited company and these are as follows:

  • Balance sheet – This gives an instant picture of the overall health of your company after the trading year. It details everything your company owns and what it is owed.

  • Profit and Loss account – This explains what your company sales, running costs and profit, or loss has been in the year to date.

  • Notes about the accounts – An outline to explain why the figures are what they are.

  • Director’s report – Although not a requirement for smaller companies, some companies choose to include an Introduction by one of the company directors.

  • Auditor’s report – This would only be needed for an extremely large limited company.

For further details on preparing your statutory annual accounts for your business call Diamond Financial

At Diamond Financial we appreciate that sometimes you just want to get on with running your business without having to deal with the legalities of submitting end of year accounts. That’s where we come in. We are the experts when it comes to working on your behalf to liaise with HMRC and Companies House and pulling together your annual accounts. To find out more call our Edinburgh office on 0131 222 9680, or Duns on 01361 884466, whichever is easiest for you.

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