ACCOUNTING
Financial Reporting (Year-End Accounts)
Navigating Success, One Transaction at a Time!
Imagine your business as a sturdy ship, sailing across the vast ocean of the market. Your monthly reports act as the ship’s compass, helping you stay on course. But when it comes to measuring success, nothing quite compares to the annual published accounts—they are the lighthouse on the shore, guiding you to your destination.
Our Commitment to Accuracy
At our firm, we recognise the significance of statutory financial statements (year-end accounts). Our seasoned professionals stay abreast of the latest UK and International accounting and reporting standards. We handle all disclosure requirements meticulously.
Year-End Accounts: A Vital Beacon
These year-end accounts provide a comprehensive overview of your company’s financial health. They serve multiple critical purposes:
1
Credit Lines and Supplier Relationships:
Suppliers rely on these accounts to assess your creditworthiness. A strong financial position can open doors to favourable credit terms and partnerships.
2
Bank Financing:
Banks use these accounts to evaluate your eligibility for loans and other financial services. A robust financial profile can lead to better financing options.
3
Statutory Requirement:
Filing annual year-end accounts with Companies House is a statutory requirement under UK accounting regulations, and timely submission is essential to avoid penalties.
4
Tax Calculations:
Accurate financial data within these accounts directly impacts tax calculations. Proper accounting treatments prevent underpayment or overpayment and ensure compliance with legal standards.
5
Business Valuation:
Potential buyers and investors scrutinise these accounts to determine the value of your business. Transparent, reliable records play a pivotal role in negotiations.
Why It Matters for Start-Ups and SMEs
For start-ups and small to medium-sized enterprises (SMEs), this knowledge is a competitive edge. Whether you’re seeking investment opportunities or aiming for sustainable growth, your accounts matter. They provide the factual foundation for informed decisions and reflect sound accounting practices.
Let Us Be Your Lighthouse
In the ever-changing seas of the market, let us be your guiding light. Trust us to nurture your financial records, ensuring accuracy, compliance, and transparency. Together, we’ll sail toward success.
Top ten frequent mistakes accountants make in financial reporting:
Top ten common errors can occur | Description |
|---|---|
| Accounting for Deferred Tax |
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| Property Revaluations |
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| Notes to the Financial Statements and Accounting Policies |
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| Financial Instruments |
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| Related Parties |
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| Advising on FRS 102 versus FRS 105 |
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| Dealing with Error Correction |
|
| Website Development Costs |
|
| Goodwill |
|
| Post-Balance Sheet Events |
|
Benefits of outsourcing unaudited year-end accounts:
Outsourcing your annual accounts to us, Grieve & Lombard, a professional accounting firm, ensures that your accounts are prepared by experts who are up-to-date with the latest accounting standards and regulations.
Preparing annual accounts can be a time-consuming process. Outsourcing this task allows you to focus on running your business, while we take care of the accounting and reporting.
Outsourcing your annual accounts can be more cost-effective than hiring an in-house professional accountant, especially for micro and small businesses. You only pay for the services you need, without the overhead costs of employing a full-time professional accountant.
At Grieve & Lombard, we have rigorous quality control processes in place to ensure the accuracy of your accounts. This reduces the risk of accounting errors and the potential for financial penalties.
Accurate and timely annual accounts provide valuable information for decision-making. Outsourcing your accounts to Grieve & Lombard ensures that you have access to reliable financial information to make informed decisions about your business.
Benefits of Grieve & Lombard as a support function to your finance department for financial reporting as opposed to your external auditors:
Outsourcing support to a third-party professional accounting firm that is not linked to your external auditors ensures that the financial reporting and year-end accounts are prepared independently, reducing the risk of conflicts of interest.
As a professional accounting firm, Grieve & Lombard has the expertise to help prepare financial reports and year-end accounts in accordance with the latest UK accounting standards and financial reporting regulations, ensuring that your company meets its statutory reporting obligations.
Preparing financial reports and year-end accounts can be a complex and time-consuming process. Having us as part of your support structure for this task allows your finance department to focus on other important responsibilities, alleviating overstretched capacity and meeting timelines, while ensuring compliant and efficient accounting processes.
Grieve & Lombard can be more cost-effective than hiring full-time professional accountants or support from your external auditors.
Accurate and timely financial reports and year-end accounts provide valuable information for decision-making. Our support ensures that you have access to reliable accounting information throughout the year.
How we can help
- Financial planning and reporting
- Prepare annual accounts (year-end accounts) and submit them to companies House in a statutory format for Limited companies and LLPs.
- Prepare annual accounts for sole traders and partnerships and assist with self-assessment tax returns, meeting the filing deadlines.
- Prepare and file dormant company accounts.
- Apply corporation tax-efficiency treatments, prepare and file corporation tax.
- Risk management: Stay compliant, organized and avoiding legal pitfalls and hefty penalties.
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