Limited Companies
Accounting
The accounting service is flexible depending on your requirements, be it preparation of annual statutory accounts, quarterly or monthly management accounts for your company.
Every company has a duty to keep accounting records and must prepare annual accounts that report on the performance and activities of the company during the year. The period reported on in the accounts is called the financial year. This starts on the day after the previous financial year ended or, in the case of a new company, on the day of incorporation.
All limited and unlimited companies, whether or not they are trading, must keep accounting records. There is a whole raft of change on compliance which came into effect from 1st April 2009 and the penalties are a lot tougher, click on this link to find out more: http://www.hmrc.gov.uk/about/new-compliance-checks.htm
Generally, accounts must include:
a profit and loss account (or income and expenditure account if the company is not trading for profit);
- a balance sheet signed by a director;
- an auditors' report signed by the auditor (if appropriate);
- a directors' report signed by a director or the secretary of the company;
- notes to the accounts; and
- group accounts (if appropriate).
Certain small or medium-sized companies may prepare accounts for their members under the special provisions of sections 246 and 246A of the Companies Act 1985. In addition, they may prepare and deliver 'abbreviated accounts' to the Registrar.