Financial Statements

At Michael King & Co, we specialise in preparing comprehensive financial statements for filing at Companies House. They can also be used for internal purposes to provide a clear and precise picture of your business’s financial health. Based in Stanmore, our accountants have experience in preparing financial statements for companies of all shapes and sizes.

We pride ourselves on our attention to detail and our ability to meet deadlines. And our personal approach allows us to provide a statutory reporting service that is tailored to your business. Providing and maintaining excellent levels of customer service, to all of our clients, is extremely important to us. Indeed, most of our referrals come through our existing clients. We do not advertise, so we are reliant on satisfied clients referring work to us.

Statutory Financial Reporting

Preparing financial statements in the UK involves several key steps and requirements to ensure compliance with legal standards and accuracy. Here’s an overview of how we prepare your statements:

Determine Your Financial Year: This is a 12-month period that typically relates to the date that your company was incorporated.

Maintain Accurate Accounting Records: Businesses must keep detailed and accurate accounting records throughout the financial year. These records should include all transactions, assets, liabilities, income, and expenses. Proper record-keeping is essential for preparing accurate financial statements.

Prepare the Balance Sheet: This provides a snapshot of the company’s financial position at the end of the financial year. It includes details of assets, liabilities, and equity. The balance sheet must be signed off by a company director.

Prepare the Profit and Loss Account: The profit and loss account (or income statement) shows the company’s financial performance over the financial year. It details revenues, expenses, and the resulting profit or loss.

Compile Notes to the Financial Statements: Notes provide additional context and explanations for the figures in the financial statements. They include information on accounting policies, significant transactions and other relevant details.

Prepare the Director’s Report: The director’s report includes information about the company’s activities, financial performance, and plans for the future.

Submission of Annual Accounts to Companies House: All companies must file their annual accounts with Companies House. This includes the balance sheet and, depending on the size of the company, may also include a profit and loss account, notes, and director’s report.

Compliance with Accounting Standards and Deadlines

We will ensure that your financial reports comply with either International Financial Reporting Standards (IFRS) or the UK Generally Accepted Accounting Practice (UK GAAP). These are recognised standards that ensure consistency and transparency in financial reporting.

Our team will also ensure that you are aware of the filing deadlines for both Companies House and HMRC. Ensuring you have supplied us with the relevant information or signed documents on time will help to avoid paying penalties.

By following these steps and ensuring compliance with all relevant regulations, we can prepare accurate and reliable financial statements. We can then help you to analyse your business performance and advise on strategic decisions to help your business grow.

Financial Statement Preparation in Stanmore

We are based in Stanmore in Middlesex but prepare financial statements for businesses across London and the South-East. So, if you would like a valuable insight into the financial health of your business, we can help. We pride ourselves on our attention to detail, expertise, and dedication to client satisfaction. So, call us today on 020 8954 5879 or send us a message to see how we can help.