Services / Accountancy services

Year end statutory accounts

We manage the accounts preparation for all types of entities; sole traders, limited companies, limited liability partnerships, charities and trusts.

These may be statutory financial statements to comply with the obligations of Companies House or the Charities Commission, or to enable the preparation of self assessment tax returns.

Our Statutory Accounts Preparation Services

Filing statutory accounts is a necessity for every business, partnership, trust, charity or self-employed individual. Whether you need to submit financial accounts on behalf of an incorporated company, or declare your tax return details, filing on time and entering accurate information is essential.

Late filing or any misrepresentation of your financial position can result in an automatic penalty notice and subsequent issues – although it is easily avoidable with assistance from an accomplished team of accounting experts with an in-depth understanding of evolving tax legislation and accounting standards.

Our comprehensive services apply to all types of statutory accounts, year-end reporting and tax returns, including:

    • Year-end reporting for self-employed traders, private individuals or independent professionals.
    • Statutory accounts preparation for limited businesses, small companies, business start-ups filing their first accounts, and charitable and community-based organisations.
    • Tax return computations and calculations submitted to HMRC and Companies House.
    • Compiling complex accounts for groups and businesses with subsidiaries, associate companies and broader ownership structures.

We support clients across our network of offices, including Chichester, Fareham, Hampshire, Littlehampton, and Lavant, in the heart of West Sussex. The James Todd & Co accounting and auditing team also works with businesses, sole traders and individuals in Portsmouth, Southampton, Crawley, Brighton and London.

Keeping Pace With Financial Year-End Reporting Obligations

The basics of producing statutory accounts are relatively straightforward. All registered businesses and organisations, including very small companies, are legally obligated to submit a package of documents declaring their financial position at the end of the financial year.

That package should include a profit and loss statement, a balance sheet, and accounts notes referring to accounting policies and specific types of expenditure and disbursements, such as the way you manage amortisation or depreciation against the assets the company owns.

However, submitting your company’s statutory accounts can also require an assessment of the accounting treatment of significant transactions, compiling a director’s report in line with your fiduciary duties, and often submitting an auditor’s report, depending on the size of the business and your trading activities.

It is important to utilise tax allowances correctly to avoid paying unnecessarily high tax obligations and implement the various financial measures available to present a true and precise picture of your financial performance.

Professional Support With Statutory Financial Accounts

Regardless of your trading style, we recognise that it can be difficult to prepare complex accounts or ensure you comply fully with all other reporting duties. Many business owners report that year-end accounts preparation is one of the most pressured aspects of running a private limited company.

Our capable team can assist throughout, removing the stress of compliance and ensuring your annual accounts are accurate, including all the relevant allowances and adopting best practice financial reporting standards.

We begin with a consultation to understand your business and your accounting reference date and examine previous documents to determine the types of statutory reports you are obliged to submit and when these fall due.

From there, our accounting team can take over the process, working closely with your bookkeepers, in-house accounting staff or owners to ensure your reports include all of the money paid to and from the organisation, giving you the peace of mind that your tax return and reporting duties are in good hands.

Making Adjustments to Full Statutory Accounts

There are many scenarios where you may need to make adjustments or corrections to your annual accounts, either before or after submitting accounts to Companies House. These may include:

    • Changing your accounting period date, such as extending your first reporting period or submitting financial reports for a shorter financial year.
    • Amending a balance sheet figure in light of changes to asset valuations or a post-filing event that affects the validity of the original calculations.
    • Editing your company information page, such as adding new company members to your Companies House record or amending the list of Persons of Significant Control (PSC).

Private limited companies also need to determine whether they are eligible to file abridged accounts, with a lower reporting requirement for small companies, or must submit accounts showing nil activity for dormant companies. Changes may influence how much Corporation Tax the business is obligated to pay or could mean you need to make provisions for prepayments or accruals in subsequent annual accounts.

Should you be unsure how to approach an adjustment to your profit and loss account, balance sheet, or any inclusion within your statutory accounts, please get in touch to discuss. In most cases, Companies House will accept revisions provided you offer a full and supported explanation and submit a signed note verified by a director or business owner.