Year-End Accounts

This document provides a snapshot of the company's financial position at a specific date, typically the last day of the accounting period. It essentially acts like a financial photograph at that moment, showing what the company owns (assets), what it owes (liabilities), and the difference between the two (shareholders' equity).

This statement summarises the company's income and expenses over the accounting period. It showcases how much revenue the company generated, what its expenses were, and ultimately its net profit or loss for that specific period.

These informal explanatory notes provide additional information and explanations that aren't readily apparent in the balance sheet or P&L. They act like footnotes, offering essential details to better understand the financial statements. Some examples of what might be included in the notes are accounting policies used, significant events that impacted the company's finances, or contingent liabilities (potential future obligations depending on certain events).

This report is a formal document providing a narrative overview of the company's performance and future prospects. It's prepared by the directors and outlines the company's achievements, challenges, and plans for the coming year. It adds context and explains the reasons behind the numbers presented in the core financial statements. 

While not a mandatory part for all companies, the director's report is a crucial element for shareholders and other stakeholders to understand what has taken place during the company's financial year beyond the raw data.

Prescient Accounting offers a secure online portal or cloud-based system for you to upload your financial records electronically. This eliminates the need for physical documents and allows for easy access and collaboration between you and the team.

Our team of professionals will categorise your invoices, receipts, bank statements, and payroll information according to UK GAAP guidelines. This ensures all income and expenses are accurately reflected in your accounts, minimising the risk of errors.

Prescient Accounting goes beyond simply processing existing data. We'll proactively identify any missing information or inconsistencies in your records. We'll then work collaboratively with you to obtain the necessary documentation, ensuring a complete and accurate picture of your company's financial health.

We can guide you in implementing a digital record-keeping system if you don't already have one. This system will simplify future data collection and streamline the year-end process for years to come.

Our qualified accountants will review your year-end accounts to calculate how much tax is due and identify any potential tax implications. This includes pinpointing opportunities for capital allowances, tax credits, and reliefs that you might be entitled to claim.

We ensure that all reports are submitted within the deadlines set by Companies House and HMRC to avoid penalties. The fee for late returns varies according to the length of time taken to pay, and the rules and deadlines for submission also vary, so it's wise to keep on top of this.

HMRC and Companies House are notorious for their confusing and complex rules, such as this; you need to file the statement within fourteen days of the due date, which is a year after your incorporation date or the date of the previous statement, even if it is a dormant company.

We'll cut through the jargon and confusion to make sure everything is accurate and submitted on time.

While not strictly connected with the year-end reporting process, it makes sense to sort out your VAT returns at the same time. If you are VAT registered, we can handle this for you as well and make sure you pay the correct amount!

Year-end accounts, also known as annual accounts, are financial summaries of a company's performance over the fiscal year. They are crucial for tax reporting, informing shareholders of the company's financial health, and aiding in strategic planning.

To prepare your business for year-end accounts submission, gather all financial records, including invoices, receipts, and bank statements. Review your financial activities throughout the year to ensure accuracy in reporting.

Documents needed for preparing year-end accounts include bank statements, invoices, receipts, payroll records, and details of assets and liabilities. This ensures a comprehensive overview of the company's financial activities.

Yes, year-end accounts can be filed online through the HMRC and Companies House portals, streamlining the submission process and ensuring compliance with UK regulations.

The year-end accounts process involves gathering financial records, reconciling accounts, and preparing financial statements that reflect the company's financial performance and position at the fiscal year's end.

The deadline for submitting year-end accounts to Companies House is nine months after your company's financial year ends, while HMRC requires the tax return, which includes the accounts, to be filed by 12 months after the end of the accounting period.