What are annual accounts in the uk?

Annual accounts, also known as statutory accounts, are financial documents that summarise a company's financial activities over a specific period, usually one year. These accounts are essential for reporting to Companies House and HM Revenue and Customs (HMRC). They typically include a balance sheet, profit and loss account, notes about the accounts, and sometimes a director's report.

Can I do my company accounts in the uk?

Yes, you can do your company accounts in the UK, but you must ensure they comply with legal requirements, including preparing a profit and loss account, balance sheet, and other necessary documents.

What comes under annual accounts?

Annual accounts typically include a balance sheet, profit and loss account (P&L), director's report, and auditor's report (if applicable).

What's the difference between financial statements and annual accounts?

Annual accounts include those financial statements as well as extra details on the company's general performance and activities during the year. Financial statements are comprehensive reports that concentrate on a company's financial data

How to read annual accounts in the uk?

The balance sheet, profit and loss account, and cash flow statement should be understood before reading annual reports in the UK.

Annual Accounts Service in the UK

At PHS, we deliver annual accounts services in the UK that make financial reporting straightforward and fully compliant with Companies House filing requirements. Our experienced team supports small businesses, micro-entities, and larger companies, ensuring your company annual accounts are prepared accurately and meet all statutory obligations.

We handle every detail, from reviewing your records to preparing statutory accounts in line with UK accounting standards, so you avoid errors and late penalties. With PHS, you can be confident your accounts will be submitted on time, helping you focus on running your business while we take care of the compliance and reporting process.

What Are Annual Accounts?

Annual accounts reports provide a detailed summary of your business's financial performance. Our expert team ensures accurate, compliant accounts, saving you time and helping your business develop. Trust us for seamless and reliable financial reporting.

Financial Overview

Annual accounts give you a clear picture of your business's financial status.

Compliance and Transparency

Preparing annual accounts is often a legal requirement for businesses.

Informed Decision-Making

Understanding your financial performance helps you identify areas for improvement and growth.

Performance Tracking

Annual accounts allow you to track your business’s performance over time.

Who Needs to File Annual Accounts in the UK?

Every limited company registered in the UK must file annual accounts with Companies House, regardless of whether it is actively trading, dormant, or has minimal business activity.

This obligation applies to all company types, including small businesses and micro-entities. Dormant companies-those with no significant transactions-are also required to submit simplified accounts each year to confirm their status. Directors are legally responsible for ensuring these accounts are prepared accurately and delivered on time. Failing to meet this requirement can lead to penalties and affect your company’s standing. Staying compliant with annual accounts filing helps protect your business and keeps you in good standing with authorities

Why Choose Our Annual Accounts Preparation Service in the UK

Expertise You Can Trust

Our experienced team ensures accurate and compliant annual accounts reports customised to your business needs.

Time-Saving Solutions

We handle all aspects of your accounts, allowing you to focus on growing your business.

Maximised Savings

Our professionals identify tax-saving opportunities to help you retain more of your hard-earned money.

Complete Support

We offer additional bookkeeping and VAT services for a complete financial solution.

Deadlines and Penalties for Annual Accounts

Annual accounts must be filed within nine months after your company’s financial year-end.
Missing the deadline leads to automatic penalties, starting at £150 and increasing the longer the delay continues.
Persistent late filing can result in even higher fines and may impact your company’s reputation.
Directors are legally responsible for meeting these deadlines.
PHS supports you by monitoring key dates and managing your submissions, helping you avoid unnecessary penalties and ensuring your business remains compliant with Companies House requirements.

Who we support

We provide customised Annual Accounts services to diverse clients, including:

Small Businesses

We help manage financial reporting, ensuring compliance and maximising savings.

Freelancers and Sole Traders

Our team simplifies accounting, enabling accurate record-keeping and effortless tax compliance.

Startups

We establish sound accounting practices to support growth and innovation from the start.

Limited Companies

Our services include complete annual accounts report preparation to meet regulatory requirements.

Non-Profit Organisations

We assist charities in maintaining financial transparency, allowing them to focus on their mission.

Why Choose PHS for Your Annual Accounts Near You?

Based in Hertfordshire, PHS offers dependable annual accounts services across the UK with a focus on local business needs. Our experienced team combines deep knowledge of UK accounting standards with personalised support to ensure your company annual accounts are accurate and compliant.

We communicate clearly, provide expert advice, and handle all the complex financial details so you can concentrate on growing your business. With PHS, you gain a trusted partner committed to timely submissions, reducing stress, and helping your business thrive. Contact us today to experience reliable annual accounts services near you.

Reach us today.

If you want to take your accounting work to the next level, then reach us today without wasting time.

Book a consultation

Gives us a Call

0208 8611685

Send me Mail

info@phs-uk.co.uk

Frequently Asked Questions

You may face penalties and legal consequences. We recommend early preparation to avoid this.

Yes, we specialise in preparing micro-entity accounts that meet simplified reporting standards.

Absolutely. Our small business accounting services in the UK cover annual accounts, bookkeeping, and VAT.

PHS Associates Acc & Co is led by a skilled team with expertise in Accounting, Taxation, Payroll, Business consultancy, and Company secretarial services.

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Company number - 08670151