ANNUAL ACCOUNTS

TURNKEY STATUTORY ACCOUNTS SERVICE

KAG provide a cost-effective turnkey account preparation service. The adoption of the cloud-based accountancy systems like Xero used for Making Tax Digital compliance streamlines delivery, reducing cost and facilitates added value financial insights. 

Mandatory for all limited companies, annual statutory accounts summarise the financial actions taken by the company in the course of the financial year.  Highlighting day-to-day operational costs and profits adjusted for deductions, taxes, payroll, etc, the annual accounts provide invaluable information for management and investors.

The annual accounts are submitted to Companies House and HMRC along with the company tax return.  They are also circulated to all shareholders and stakeholders attending the company AGM.

Statutory accounts are prepared in a standardised format to meet either the International Reporting Standards or new UK Generally Accepted Accounting Practice standards. 

Statutory Accounts must include:  

• Balance sheet – showing the value of all company assets owned and details of debtors and creditors at the close of business on the last day of a financial period.
• Profit & Loss Account – this shows the company’s sales (income) and expenses (outgoings). The difference between these figures resulting in a profit or a loss.
• Note to the Accounts – these are specific notes which give disclosures required by law to the people reading the accounts. These include:

1. the Fixed Asset Register
2. Number of employees,
3. Details of any directors’ loans etc

The notes to be disclosed are stipulated by the adopted Reporting Standards.

KAG ACCOUNTS-  HOW IT WORKS