The accounts preparation requirements depend on the type, size and complexity of your business.

 

Your business annual accounts are prepared from the internal records at the end of your business financial year.

 

At Albatross Accounting, we can turn your internal records into the required statutory documents.

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Statutory accounts must include:

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• a ‘balance sheet’, which shows the value of everything the business owns, owes and is owed on the last day of the financial year

• a ‘profit and loss account’, which shows the sales, running costs and the profit or loss it has made over the financial year

• notes about the accounts

• a director’s report

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Your statutory accounts must meet either:

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• International Financial Reporting Standards

• New UK Generally Accepted Accounting Practice

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You may well have different deadlines for submitting your accounts to Companies House (if trading through a Limited Company) and for your tax returns to HMRC, we can manage these deadlines on your behalf.