Annual Accounts
A Limited Liability Company has a statutory duty to prepare on an annual basis financial accounts. These have to be filed with Companies House and the Inland Revenue on a specific time scale with penalties being levied for late filing.
The sole trader or partnership has to prepare annual accounts to form the basis of their income tax liabilities.
In all cases annual accounts are often required for more than their statutory requirements, and a sample of these would be:
- As a proof of income to support mortgage applications
- To show to a prospective lender that the business is viable and able to support business loans.
- To show to a prospective purchaser of the business that this is a viable business and to help establish the asking price.
We at Connelly & Co. produce accounts to support all these requirements from the books and records supplied by the client.
