Limited Company Annual Accounts in Cornwall

Annual accounts for limited companies, often referred to as financial statements, are a set of reports that summarise a company’s financial performance and position over a year. These accounts are typically prepared in accordance with accounting standards and legal requirements. In the UK annual accounts generally include:

Balance Sheet: Shows the company’s financial position at a specific date, listing assets, liabilities, and equity.
Profit and Loss Account (or Income Statement): Details the company’s revenues, expenses, and profits or losses over the year.
Cash Flow Statement: Provides an overview of cash inflows and outflows from operating, investing, and financing activities.
Notes to the Accounts: Offer additional explanations and details on the figures presented in the balance sheet and income statement.
Director’s Report: A report by the company’s directors outlining the business’s performance, strategy, and other relevant details.

These accounts must be filed within 9 months after the company’s financial year end to Companies House in the UK and are sometimes audited, depending on the size and type of company. They provide transparency to shareholders, regulators, and other stakeholders about the company’s financial health.

Companies are also required to file a corporation tax return with HM Revenue and Customs (HMRC) to report its income, profits, and tax liabilities. It details how much corporation tax the company owes based on its financial performance for a given accounting period.

Key components of the corporation tax return include:

Company Tax Return Form (CT600): The main form where the company reports its income, expenses, and profits.
Financial Statements: These include the balance sheet, profit and loss account, and any relevant notes.
Tax Calculation: A calculation showing how the company’s profit translates into a tax liability, taking into account any reliefs or allowances.
Supporting Documentation: Any additional documents required to substantiate the figures reported.

The return must be filed electronically, and the company generally has 12 months from the end of its accounting period to submit it. The corporation tax due must be paid within 9 months and 1 day after the end of the accounting period. Filing and payment deadlines are crucial to avoid penalties and interest charges.

Our team can:

Review and adjust client’s accounting records where necessary
Prepare and submit annual accounts to Companies House
Determine any tax liability and payment due dates
Submit CT600 to HMRC
Maintain statutory register
File annual confirmation statements
Issue dividend vouchers

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Limited Company Annual Accounts in Cornwall

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Ridge Accountancy & Payroll Services Ltd