Year-end Accounts

year end accounting services in kent

If the thought of tackling the end-of-year accounts brings you out in a cold sweat, fear not. Jameco is here to ease the burden of preparing and filing annual accounts so you can rest easy and get on with growing your business.

Welcome to Jameco Group, year-end accounts services in Kent

Preparing limited company accounts is a daunting task, especially when you have a business to run. Fortunately, Jameco is here to take the hassle off your hands and give you back your precious time.

With our expertise and use of modern accounting technology, we’ll help you stay on top of your financial records throughout the year so that year-end reporting becomes a breeze.

Contact us today to see how we can help make filing your year-end accounts a stress-free experience.

What are year-end accounts?

Year-end accounts (also known as statutory or annual accounts) are financial statements that provide a summary of your company’s financial performance during a specific accounting period. They are used to calculate a company’s tax liability at the end of each tax year.

Annual accounts are required by law and must be filed with Companies House annually in accordance with accounting standards. In addition, you must submit a Company Tax Return form (CT600) along with the accounts to HMRC. It’s crucial these are submitted to HMRC and Companies House on time to avoid hefty penalties.

What is included in limited company annual accounts?

Your annual accounts detail important information about your business’s financial position, including:

Balance Sheet: A snapshot of what the company owns (assets) and what it owes (liabilities and equity).

Profit and Loss Statement (or Income Statement): A summary of the company’s sales (revenue) and running costs (expenses), and profits or losses up to the last day of the tax year.

Cash Flow Statement: A report to show how cash flows in and out of the business, designed to assess its ability to generate and manage cash.

Notes to the Accounts: Additional explanations about specific aspects of the financial statements.

Director’s Report: A statement from the company’s directors discussing its performance, strategy, and significant events during the year.

Auditor’s Report: A report issued by an independent auditor expressing their opinion on the fairness and accuracy of the financial statements.

Why do I need to produce company accounts?

Not to put too fine a point on it – it’s a criminal offence not to! HMRC and companies house do not take late or non-submission lightly.

As a registered limited company, you are required to pay Corporation Tax each year, and your annual return to HMRC is required to calculate how much the company owes. Late or incorrect submissions can result in penalties and legal action.

Statutory accounts are public records that relevant stakeholders can use to assess the company’s financial health. Companies House uses these accounts to ensure that companies uphold appropriate corporate governance and to detect any potential red flags.

Failure to comply can result in a fine at best but can also lead to a company being removed from the public register.

Along with statutory compliance, producing year-end accounts helps you fully appreciate your day-to-day operational costs and other critical financial factors as a business owner.

Companies may choose to generate accounts on a more frequent basis for this very reason, these are often referred to as management accounts.

Do I need an accountant for year-end accounts?

You don’t legally need to use an accountant. If you have a good understanding of accounting principles, have time to spare and feel confident about filing year-end accounts accurately, you can do it yourself.

Alternatively, you can save a whole lot of stress, time and money by hiring an accountant!

For many company directors, a year-end accounts service is an absolute must. Compliance aside, it provides access to the expert advice of an accountant, as well as valuable peace of mind.

Whether you decide to submit annual accounts yourself or hire a professional, maintaining accurate and organised records throughout the year is crucial for a smooth year-end accounting process. So, make sure to keep your financial records up-to-date and organised, and choose the option that best suits your needs and capabilities.

Don’t forget, as a director of a limited company, you also need to file your personal taxes via a self-assessment tax return.

When do year-end accounts need to be filed?

You have nine months from your financial year-end date to file your accounts. Failure to file your accounts on time can result in penalties, so it’s essential to be aware of the deadlines and plan ahead.

Don’t leave it until the last minute, and make sure to keep your records up-to-date throughout the year to simplify the year-end accounting process. Accounting software such as Xero makes this a much easier process.

Do sole traders need to file year-end accounts?

Unlike a limited company, a sole trader is not legally obliged to file year-end accounts. Instead, they must report their earnings via a self-assessment tax return. But regular management accounts are just as useful to sole traders as they are to limited companies to monitor performance and help inform business decisions.

Our annual accounts services for year-end

  • Profit and loss account statement
  • Statement of financial position (balance sheet)
  • Company Tax Return (CT600 Corporation Tax)
  • Financial year notes
  • Timely submission to Companies House & HMRC

Why choose Jameco Group for year-end accounting?

To save you valuable time and energy, Jameco can prepare and submit year-end accounts on your behalf. Our expert team of accountants fully understand your statutory obligations and can help make year-end headaches a thing of the past.

Not only will our professional team of accountants keep your company compliant, but many of our clients also benefit from a significantly reduced tax liability thanks to our keen understanding of UK tax legislation.

Our monthly retainer packages include services like bookkeepingVAT, and payroll to ensure your records are always spotless. 

Contact us to find out more and chat about your limited company’s requirements.

Are year-end and statutory accounts the same thing?

Year-end accounts and statutory accounts refer to the same thing – the financial statements that limited companies must file annually with Companies House in the UK. The terms ‘year-end accounts and ‘annual accounts’ are often used interchangeably.

What documents and records do you need for year-end accounts?

To prepare your annual accounts, you’ll need business bank statements, purchase and sales invoices, expenses, payroll records, an assets register, a depreciation schedule, corporation tax calculations, and the previous year’s accounts.

Keeping these records up-to-date and organised throughout the year is crucial for accurate and efficient year-end reporting, as well as maximising tax deductions and minimising tax liabilities.

You’ll be pleased to know technology has evolved over the years; the days of providing your accountant with a shoebox of documents are long gone, and thank heavens for that! Modern technology, such as Xero, stores all of your financial information on the cloud so that you can access it with ease.

Just send us an invite to your Xero account, and we’ll have access to all the necessary figures to manage your company accounts all year round.

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