What needs to be included?
There are 4 main documents that must be included within a set of statutory accounts… A profit and loss account, a balance sheet, notes about the accounts and a directors’ report. Depending on the size of the company, an auditor’s report may also need to be included.
Profit and loss account
A profit and loss account (also known as an income statement) records and shows a company’s revenues and expenses during a specific accounting period. It indicates how the revenues are transformed into the net income or profit.
A balance sheet is a statement of the assets, liabilities, and capital of a business or other organisation at a particular point in time, detailing the balance of income and expenditure over a specific period.
Notes about the account
Notes about the account provide additional information that support a company’s operations and financial position and are considered to be an integral part of the financial statements.
A directors’ report is a financial document that larger limited companies are required to file at end of each financial year. They outline the financial state of the company and are created by the director(s).
Here at Xebra Accounting, we prepare statutory and other regulatory accounts to meet your legal obligations.
We aim to prepare these with the minimum of fuss, so that we can concentrate our time on saving you tax, explaining your numbers and helping you maintain, improve and grow your business.
We can prepare a set of annual accounts that are meaningful to you, with insights as to what your numbers say. They are your story, and we will highlight the good and the bad. We will include relevant non-financial information, use visuals and colour, and focus on the information you want and need to run your business easier and better.