Accounting & Financial Statements
Profit and loss account and balance sheet prepared from closed books, ready for filing or audit.
Usually 1–2 weeks once the books for the year are complete
Financial statements summarise a year of transactions into a position and a result. They are what an auditor examines, what a lender assesses, and what the income tax return is built from, so it matters that they are drawn from books that have actually been closed rather than assembled to meet a deadline.
We prepare statements for proprietors, firms, LLPs and companies, in the format the relevant law or the intended recipient requires.
Year-end work that precedes the statements
Before statements can be prepared, the year has to be closed properly: depreciation computed, accruals and prepayments recorded, stock valued, provisions made where required, and balances with debtors, creditors and lenders confirmed.
Skipping these is what produces a balance sheet that technically balances but does not reflect the position. We work through them as a defined closing sequence.
Format follows the purpose
A company's statements must follow the format the Companies Act prescribes. A proprietor's statements have more latitude but still need to support the income tax return and whatever a lender has asked for.
We prepare to the format that applies, and tell you where a requirement of one user conflicts with another.
Who needs this
- Businesses preparing statements for income tax filing
- Companies and LLPs with statutory filing obligations
- Businesses submitting statements to a bank or lender
- Businesses preparing for a statutory or tax audit
Eligibility and conditions
- Books of account complete for the financial year
- Bank and major ledger reconciliations available
- Stock and asset details as at the year end
What this covers
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Year-end closing
Depreciation, accruals, provisions and stock valuation worked through.
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Statements prepared
Profit and loss account and balance sheet in the applicable format.
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Schedules and notes
Supporting schedules prepared alongside the statements.
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Audit-ready file
Records organised so the audit does not start from scratch.
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Comparatives
Prior-year figures presented for comparison.
How the process works
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Confirm the books are complete
Any gaps identified before closing starts.
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Closing entries
Depreciation, accruals, provisions and valuations.
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Draft statements
Statements and supporting schedules prepared.
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Review with you
The result and position explained, and queries settled.
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Finalise
Statements finalised for filing or audit.
Documents required
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Books for the full year
Complete and reconciled.
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Bank statements and reconciliations
As at the year end.
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Closing stock statement
With the valuation basis.
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Fixed asset details
Additions, disposals and dates.
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Loan statements
Balances and interest for the year.
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Balance confirmations
From major debtors, creditors and lenders.
The list above is indicative. Additional documents may be required depending on your case and the current departmental requirements.
Frequently asked questions
Do I have to change my accounting software to work with you?
No. We work in Tally and in Microsoft Dynamics 365 Business Central, and can also work from spreadsheets or scanned records if that is how your records currently arrive.
If we think a change would genuinely help, we will explain why — but it is not a condition of working together.
Statements needed for filing or a lender?
Tell us the entity and the year and we will confirm what is needed and the timeline.