Year-End Financial Statement
A year-end Income Statement presents a summary of a company’s revenue and expenses for the 12 months prior to the end of a fiscal year and a year-end Balance Sheet presents a summary of company’s assets, liabilities, and capital. For many businesses, their fiscal year mirrors a calendar year and ends on December 31, but just as many businesses use a custom fiscal year that ends in some month other than December.
Every company should essentially prepare its Statutory/Company accounts annually. The purpose of doing this would be to produce a simplified breakdown, an account of the financial state that the Limited Company is in that year and how it is performing.
At SEARS Accountants, we can assist you with the preparation and filing of your company accounts. We will also be fully compliant with the format and disclosure requirements. You also will not have to worry about incurring any penalties because SEARS Accountants will make sure you never miss a deadline.
Private Limited Companies (LTD) have different deadline regulations compared to Public Limited Companies. Both depend on the date of your Company’s accounting reference (also known as the year end date). Once your company is first incorporated, the date of this day is automatically set as the first anniversary of the last day of the month in which you formed the company-this does not change. If we look at an example: if a company is formed on the 2nd of April 2019, then the automatic accounting reference date would be, 31st April 2020. Meaning the next year, the year-end date would be the same month on the last day of that month.