Annual Accounts in London:
Annual accounts in London is a detailed report on an organization’s activities by which a company communicates information about the company’s financial performance and activities throughout the preceding year to shareholders, Companies House, and other interested people.
In UK submission of annual accounts are the statutory requirement for the businesses, these must be submitted annually to companies house:
For 2nd year online accounts in Uk and onwards:
within 9 months after your company’s financial year ends
For first accounts with Companies House:
within 21 months after the date, you registered with Companies HousePublic listed companies required to submit reports at more frequent intervals (as per the rules of the stock exchange involved).
Companies House also imposed the following penalties if a company fails to submit accounts within the deadline:
Time after the deadline Penalty (for private limited companies)
Up to 1 month £150
1 to 3 months £375
3 to 6 months £750
More than 6 months £1,500
Content of annual accounts reports:
Summary of company information:
The report summarizes the principal activity of the business and information about directors and contains approval of signatory director.
The report explains the responsibility of the accountants, limitation of accountants responsibility, address of the accountants and information about technical guidance used to prepare the report e.g. ICAEW, ACCA.
Profit and loss account / Income statement in UK
Profit and loss account express the revenue earned for the reported period, and the expenses incurred against these revenues, including direct cost, administrative expenses, taxes, write-offs (e.g., depreciation/amortization of various assets, bad debts) and other incomes or losses (e.g. interest, exchange gain/loss). Through this snapshot managers and investors can get information about whether the company made or lost money during the reported period.
Statement of financial position
Statement of financial position or balance sheet is a summary of the financial balances of an entity, the statement often described as a “snapshot of a company’s financial condition. A standard company statement of financial position has three parts: assets, liabilities, and equity. Assets, liabilities, and ownership equity are listed as of a specific date e.g. at end of its financial year or any desired intervals as part of management accounts.
Notes to the accounts:
Notes to the accounts are the narrative description about the numerical figures of the financial statements. This is the additional information added at the end of financial to provide the more broad assessment of a company’s financial position.
We recommend you our professionals to produce your business’s accounts; it’s obvious that an accurate and comprehensive set of accounts can build your confidence that you are paying the right amount of tax to HMRC. In addition, you will feel the endless level of comfort while talking business decisions on the basis of reports being prepared.
We regularly hear stories from frustrated business owners regarding their financial reporting part, who have attempted to prepare their accounts themselves to save money; instead, they penalized (e.g. penalties and interest charged by HMRC) or failed to claim for all the allowable expenses due to lack of knowledge, resulting in cost them much more.
Our Annual Accounts Services in UK
will provide you prepared reports before 1 months of reaching the deadline, so you have enough time to review and approve the prepared accounts to avoid late filing penalties.
How much does all this cost?
We provide a full set of accounts along with a range of additional valuable services in price which is favorable to you business.
We provide competitive fixed fee services starting from £20 per month for Sole Traders, £20 per month for partnership, £50 for Limited Liability Partnership and Limited Companies.
Just put your business details and receive a quotation tailored to your business.