01993 252 339
Annual Accounts
Preparation and submission to Companies House
Accounts fees starting from as low as £299 + VAT
We prepare annual accounts for Limited Companies, Partnerships, Limited Liability Partnerships, and Sole Traders. Whether you need accounts to file with Companies House, with HM Revenue & Customs, to support your self-assessment tax return, to show to your bank, or as part of a review of your business, we can help.
When an accounting period ends, a Limited Company will typically have 9 months to send certain documents to HMRC and Companies’ House.
One of those items is a set of Year End Accounts. This will usually contain a Profit and Loss Account to confirm the profitability, and a Balance Sheet that shows the assets and liabilities of the business at its year end, in addition to various disclosures as required to support the figures presented within your primary Financial Statements.
Limited Companies also prepare year end accounts as a basis for reporting corporation tax to HMRC, and for Sole Traders and Partnerships, year end accounts will be prepared for the completion of a business owners’ self assessment tax return.
At Northfield Accountancy and Tax Services, we use HMRC accredited software to prepare and file your year end accounts in an accurate, affordable and time efficient manner.
Preparing a set of period end accounts and sending them to Companies House is a statutory requirement under The Companies Act 2006. Failure to do so within the required timeframe, usually 9 months, will result in a financial penalty. By trusting us with the preparation and submission of your accounts, you can rest assured that your statutory deadlines are being met and that you will avoid any such penalties.
From just £299 + VAT, we offer a comprehensive and personalised accounts preparation service. We focus on relieving the stressful and time-consuming process of preparing your year end accounts.
In addition, we will discuss your accounts with you in detail, explaining what the various figures mean so you understand the numbers. We can advise you on how to strengthen your record keeping procedure, which will help you run your business more efficiently and effectively.
Management Accounts
Monthly, quarterly or bi-annually to suit the reporting needs of your business
Management accounts are financial reports produced for the business owners and managers, generally monthly or quarterly, normally a Profit & Loss report and a Balance Sheet. In principle they are similar to Year End accounts but are less formal and are personalised to the user’s requirements.
Running a business without management accounts is like driving a car in the dark. You know what speed you are doing from the wind noise and vibrations (your sales) but you don’t know your direction (your profitability) and you can’t see obstacles you are about to hit (shortage of cash & liquidity).
Most business don’t know their profitability, margins and trends. It’s a fundamental principle that if you can measure it you can improve it so assuming you want to increase your net profit it’s rather a ‘no brainer’.
The information provided by Management Accounts is designed to inform how each part of the business has been performing, and thereby guide decision making to benefit the future performance of the business.
There are several key objectives in financial reporting:
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To measure past performance as a basis for improving
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To avoid cashflow problems and manage liquidity
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To have future visibility
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To determine where to focus attention in order to improve profitability
Your management accounts are a vital tool for keeping a finger on the pulse of the performance of your business. Up to date financial data is also crucial in helping you to make informed decisions.
Our experienced team can assist with the preparation of management accounts, tailored to meet your requirements and designed to provide you with a key source of financial information.
We can provide monthly or quarterly management accounts and use these to help you set financial budgets and targets. Monitoring your performance against these targets also helps us to identify ways to further improve your internal processes and management. Accurate and up to date accounts are also a valuable tool when sourcing business finance.
If you produce your own accounts, we can provide a professional review of your data, advise you on how to get the best value from your existing accounting system and ensure that it provides the information you need.
NORTHFIELD ACCOUNTANCY AND TAX SERVICES
Chartered Accountants and Business Advisors
01993 252 339
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