Preparation of Accounts

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Prior to year end it is important to know the state of your business.

Preparation of Accounts – A company’s annual accounts also called statutory accounts, are prepared from the company’s financial reports at their fiscal year end.

All companies registered with Company’s House must submit year end accounts within 9 months of their year end.

The year end financial statements are the most important of these records.  These records will form the basis of your Tax preparation, future reference and decision making.  Comparisons to previous year’s performance will also be made from these reports.

Financial statements include the balance sheet, which shows the value of assets owned by the company and current assets and liabilities.  In other words, it shows what the company owns, owes and is owed at the end of their fiscal year.  The profit and loss account shows all the sales and costs incurred over the fiscal year.  This shows if the company has made a profit or loss.  Notes should be made in order to bring certain items and trends to the attention of the owner / manager.

It is imperative that the information on these is therefore accurate.

We will carry out account checks on all year end reporting as follows:

  • Bank balance reconciles to the bank statement.
  • Fixed Asset Register to include all additions and disposals.
  • Depreciation has all been calculated for the year, considering any additions and disposals.
  • Stock / inventory balance.
  • Bad Debt provision, if required.
  • Prepayments and Accruals accounted for.
  • Payroll and payroll liabilities reconcile.
  • All Loans, Finance, Hire Purchase reconcile?
  • Assets and Liabilities accounted for.

Once we have completed your accounts.  We will discuss them with the owner / manager, to assist in identifying any actions required.  There may be items that only the owner/manager is aware of.

We can help prepare both draft and final accounts.

Why not give CBS a call today to discuss your requirements?