The preparation of annual accounts is essential for the owners of a business to be fully aware of their trading position and fulfill their statutory obligations. Phillips & Co Accountants Chester assist directors of limited companies in meeting their statutory responsibility to prepare annual accounts in accordance with Company law and recognised accounting standards.
The filing deadline for the first set of accounts for a limited company is 21 months following the date the company was registered with Companies House.
For accounting periods thereafter, the filing deadline is 9 months after the company’s financial year ends.
Our annual accounts service for Limited Companies includes:
Preparation of limited company accounts using information provided from the books and records of the company; Usage of the most up to date accountancy software; Liasing with company directors to ensure that statutory deadlines are met.
Sole Traders and Partnerships
Our annual accounts service for Sole Traders and Partnerships includes:
Preparation of accounts which form the basis of sole proprietor’s or partners’ income tax returns.
There is no legal requirement to prepare management accounts, but it is hard to run a business effectively without them; most companies, therefore, produce them on a monthly or quarterly basis. The purpose of management accounts is to analyse recent historical performance, and they usually include forward-looking elements such as sales, cash flow and profit forecasts. The analysis is usually compared to forecasts and budgets that were produced at the start of the year.
One objective of management accounts is to provide accurate information to identify Key Performing areas of the business, but there are other reasons to have them, including:
Understanding the behaviour and performance of the business
Shaping the business with sound advice and guidance
Allow a cash flow forecast
Reveal margins, costs, and break-even points, thus making sound financial decisions
Uncovering non – or under-performing areas of the business
Phillips & Co Accountants Chester recognise the importance of management accounts and assist clients by providing a variety of management reports, such as profit and loss, asset liability, tax; and work out a gross profitability report.
With the help of a management report, management can then make informed decisions and shape the right future for the business.
Call or WhatsApp today on 01244 220 062 to enquire about our services.