The filing of year end accounts at Companies House is a statutory requirement for all limited companies and LLPs. They are also made available to the public which will include suppliers, potential customers and creditors who will undoubtedly review them before making a decision about whether or not to work with a specific company. It is therefore vital that your accounts are well presented and accurate.
The regulatory framework regarding accounts preparation has changed significantly in recent years and continues to do so. Keeping up to date is time consuming and complex. Our accountancy services are designed to help you cut through the jargon and better understand some of the regulatory and procedural aspects of running and managing your business.
We can work with you to produce a first class set of accounts which fully comply with all of the latest standards. Our experts can help you with the transition from UK GAAP to FRS 102 to identify the differences between the two standards and the additional information required on conversion. We can help you identify the right standard for you and provide everything from a pro-forma set of accounts for your finance team to complete right through to compiling the complete set of accounts on your behalf.
Whatever level of support you require, you can be confident that you will meet your deadlines and statutory obligations and submit a set of accounts that truly reflect your business.
Audits are often perceived as just a statutory requirement but they are actually an integral part of helping you plan for the future and development of your business. As Registered Auditors we carry out both statutory and voluntary audits.
We provide a comprehensive audit service that starts with us getting to know our clients, finding out about the history of the business and understanding the strategic aims for the future. We’re passionate about making a difference to the businesses with whom we work and we know that when we are given a privileged glimpse into the heart of an operation, we are relied upon to deliver more than just numbers.
Throughout the reporting process, our team of experts generate vital information that enables us to provide constructive advice that can be key to achieving a company’s business goals. The audit process also enables us to identify any potential weaknesses in the financial management, reporting systems and internal controls at the earliest opportunity.
Some UK companies are required to have their annual financial statements audited and others are exempt from the statutory requirement due to their size. Companies that qualify as ‘small companies’under Companies Act 2006 are usually exempt from audit, unless they are members of a group or are charities and are required to follow the charity audit thresholds.
Many organisations however value the assurance and commercial desirability provided by an audit, so choose to do so voluntarily. It can help increase customer perception, add value in the case of a potential sale, and set you apart from the competition.
Broadly speaking, a company can be defined as ‘small’ if for both this year and last year it was not ineligible, and it met two out of three of the following criteria:
Audit regulations are very complex and under constant revision so it is important that you consult an expert to establish your specific requirements.