Year End Accounts

Year End Statutory Accounts

Every business, whether it be a sole trader, partnership, company, LLP, or charity, is required to prepare a set of year end accounts. Sole trader and partnership accounts are lodged with HM Revenue and Customs, along with your individual tax returns. If you are a limited company or an LLP then you are required to prepare accounts that must be filed with Companies House in a statutory format. Whilst charity accounts will have to be lodged with the relevant governing body

Whatever business you are we can help you by preparing your statutory accounts, in the correct format, and filing them accordingly.

As well as meeting with you throughout the year we also believe it is important to meet every year end to discuss the year end results. It’s a good time to monitor the prior year’s performance and to determine what targets were achieved. It can also help you to set budgets and targets for the next year and allow us to proactively work with you on any tax planning issues.

To find out more please call 0141 332 6331 or email mail@russell-russell.co.uk

Audit

If you are a limited company and you meet two of the following criteria then you are entitled to an audit exemption:

  • Annual turnover is less than £6.5 million
  • Balance sheet is less than £3.26 million
  • Number of employees less than 50

If you do not meet two of these criteria then it is a legal requirement to have your annual statutory accounts audited. However, in some instances, even if the company qualifies for audit exemption there could still be occasions when you are required to have an audit. You can also have an annual audit voluntarily.

Our approach to an audit assignment is not based purely on helping a business fulfil its statutory obligations; an audit gives us an ideal opportunity to look inside a business and see what makes it tick. We can then use this knowledge to work with the Company's management team to help them get the most out of their business.

To find out more please call 0141 332 6331 or email mail@russell-russell.co.uk

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