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Annual Accounts Preparation

Annual returns are a filing requirement for all limited companies. BridgePoint Accountants can make all the required declarations and submit this for you to your companies house. Annual accounts are also refereed to as year end accounts.

What are annual accounts?

An annual accounts report is a comprehensive report on a company’s activities throughout the preceding year. Annual accounts are often refereed as “Year End Accounts”. Annual accounts are intended to give shareholders and other interested people information about the company’s activities and financial performance. Most jurisdictions require companies to prepare and disclose annual reports, and many require the annual report to be filed at the company’s house.

After the end of your company’s financial year, you must prepare annual accounts – called ‘statutory accounts’ – from the company’s financial records.

What do annual accounts consist of?

  • ‘Balance Sheet’, which shows the value of everything the company owns and is owed on the last day of the financial year
  • ‘Profit and Loss account’, which shows the company’s sales, running costs and the profit or loss it has made over the financial year
  • Notes about the accounts
  • Director’s report
  • Auditor’s report

What is Balance Sheet?

In financial accounting, a balance sheet or statement of financial position is a summary of the financial balances of a business. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a “snapshot of a company’s financial condition”.

What are Profit and Loss Accounts?

Profit and Loss accounts show the company’s revenues and expenses during a particular period. Profit and Loss accounts indicates how the revenues (money received from the sale of products and services before expenses are taken out) are transformed into the net income.

To find out how BridgePoint Accountants in Birmingham can assist your company with year end accounts, please contact us to book a free consultation. If you wish to speak to us about our annual accounts preparation and year end accounts give us a call on 0121 231 7080.

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