Financial information and reporting

Accurate financial information is critical to the operation of a business and annual accounts are an element of this process.

The format of annual accounts is determined by reference to the type of reporting entity. For example:

  • companies must prepare annual financial statements in accordance with the Companies Act 2006.
  • LLPs must prepare annual financial statements in accordance with the Companies Act 2006 and the Statement of Recommended Practice (SORP) on LLPs.
  • charities must prepare financial statements to comply with the Charity SORP and, if they are a company, normally limited by guarantee, the Companies Act 2006.

There are no prescribed formats for the accounts of sole trader or partnership businesses but, in common with incorporated businesses, they must be prepared in accordance with Generally Accepted Accounting Practice.

In the case of companies and LLPs, it is normal practice that financial accounts filed on public record at Companies House contain only the information which is obliged to be reported. We ensure that all our company and LLP clients are given the opportunity to take maximum advantage of all available exemptions to minimise disclosure in any accounts filed at Companies House. 

Financial information produced to a high standard can offer other advantages. At times, the annual accounts will be seen by a variety of stakeholders, including:

  • banks and other lenders;
  • existing or potential customers;
  • existing or potential suppliers;
  • credit referencing agencies;
  • competitors;
  • HMRC.

It is therefore essential to ensure that financial accounts are properly prepared, comprehensive, accurate and comply with current and relevant legislation.

We pride ourselves in the quality of our work. We take seriously our responsibility to our business clients in assisting them to meet their obligations.

If you need advice or would like to discuss how we might assist you, please do not hesitate to contact us.