1. Annual accounts: preparation of an annual set of accounts for

• Limited company's 
• Sole traders
• Partnerships

2. Management accounts:

Preparation of management accounts (profit and loss statement and balance sheet) for your business on a regular monthly or quarterly basis depending on your requirements. 

Regular management accounts showing a profit and loss statement compared to a budget or to prior year is one of the most useful tools a business can have.

3. Limited Companies

Every company has a duty to keep accounting records and must prepare annual accounts that report on the performance and activities of the company during the year. The period reported on in the accounts is called the financial year. This starts on the day after the previous financial year ended or, in the case of a new company, on the day of incorporation.

All limited and unlimited companies, whether or not they are trading, must keep accounting records. 

Generally, accounts must include:

a profit and loss account (or income and expenditure account if the company is not trading for profit);

0. a balance sheet signed by a director; 
0. an auditors' report signed by the auditor (if appropriate); 
0. a directors' report signed by a director or the secretary of the company; 
0. notes to the accounts; and 
0. group accounts (if appropriate).

Certain small or medium-sized companies may prepare accounts for their members under the special provisions of sections 246 and 246A of the Companies Act 1985. In addition, they may prepare and deliver 'abbreviated accounts' to the Registrar.

Contact Me on 01530 412658 to discuss your requirements

---------------------------------------------------------------------------------------------------------------------------The main advantages of having management accounts are:

• You have up-to-date financial information monthly or quarterly throughout the year.
• You know how much profit/loss you have made each month or quarter so you can budget better for tax.
• Queries are resolved when the information is fresh.
• You have a useful comparison of current spend against budget or prior year.
• Last minute deadlines are avoided.

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Example

Below is an example of a simple set of management accounts, they provide useful financial information about the company in a format which is easy to understand. 

Commentary: In the example below Company X is making significantly more sales in Sept 2006 than it did in September 2005.  The year to date September 2006 sales have almost doubled compared to year to date September 2005 and the company has tripled it's net profit year to date September 2006 comapred to September 2005.