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Accountancy

We prepare annual accounts for sole traders, partnerships and limited companies.

For many types of business, annual accounts – which are sometimes referred to as ‘statutory accounts’ – are a legal requirement.

Your annual accounts will provide a breakdown of your company’s financial transactions over the past 12 months.

This includes a profit and loss report, showing turnover and profits and, where required, a balance sheet which shows the total value of all the assets you hold, any capital gains you have made and any business debt such as loans.

A statutory report can also be used internally to help with business decision-making but its main purpose is to provide statutory information to HM Revenue & Customs and your shareholders if applicable.

In addition to producing statutory annual accounts, we are able to produce management accounts for your business which will help guide your decision-making.

Because they do not need to be completed at a set time, they can be very useful if you are considering diversifying, expanding your business or considering cost-saving measures.

If you are seeking additional investment, banks and investors will often look more favourably at your application if you have a set of recent management accounts.

Most business owners will use both their annual statutory accounts and interim management accounts – which can be prepared as often as your business requires – to help plan the future direction of your company.

Find out more about our accountancy services – get in touch with us.