For companies, these must comply with the Companies Acts and UK GAAP. For unincorporated entities, these must be in accordance with UK GAAP. This means that we need to ensure all transactions are correctly allocated to the right place and that disclosure requirements are made.
Annual accounts are the basis from which tax computations are prepared, and are used to calculate any tax liabilities. They are also used by financial institutions, your customers and suppliers to support the financial viability of your business. Therefore, you need professional advisors who can make sure that your annual accounts are presented, as far as we are able, in a way that supports your business. If the results are not as favourable as you would like, then we can discuss the implications this may have on you and your business, and if it is possible to mitigate this in any way.
Of course, once your year end has passed, there is limited scope to be able to assist you and this is why we recommend all businesses have real-time, up-to-date financial information so that we can review business performance as you go, meaning your annual accounts will never come as a surprise.
For limited companies that need an audit, then as Registered Auditors we can provide this service too.