Record reconciliation
Reviewing bank balances, sales, purchases and other supporting information before preparation.
Financial Accounts in Harrow and Ruislip
Financial accounts that explain your year-end position.
Practical financial accounts support from our Ruislip base, with the work and fees agreed around your needs.
The Service
What are financial accounts?
Financial accounts bring together a business's income, costs, assets and liabilities for an accounting period. They support tax reporting and help owners understand the results. The format differs between sole traders, partnerships and limited companies. Angel Accountancy prepares accounts from the records available and explains the figures and remaining actions.
Who can benefit?
This service suits sole traders and partnerships needing annual accounts for tax purposes, and limited companies needing statutory reporting. It can also help owners with records kept in spreadsheets, businesses changing accountants and those who need to understand outstanding balances before the next year starts.
Discuss Your Requirements
What Support Can Include
Year-end support around your business.
The services below can form part of an agreed engagement. We confirm the work, responsibilities and fees before starting.
Annual accounts
Preparing the relevant profit and loss, balance information and notes for your business structure.
Year-end adjustments
Considering accruals, prepayments, depreciation, stock and other adjustments where applicable.
Reporting framework review
Checking the company's size and circumstances before choosing a statutory accounting format.
Accounts explanation
Discussing profit, cash movements, debts and significant changes so you can understand the result.
Tax and filing coordination
Agreeing any connected tax return or Companies House filing work and the documents needed.
A Closer Look
Connect the figures to your financial position.
What annual accounts can tell you
A year-end profit figure does not necessarily equal the movement in your bank balance. Money may be tied up in unpaid invoices, stock or new equipment, while borrowing and owner withdrawals also affect cash. Reviewing profit alongside assets and liabilities gives a fuller picture. It can identify amounts that need chasing, debts to plan for and questions to investigate in the new year.
Accounts for different business structures
A sole trader or partnership commonly needs accounts or a summary of income and expenses to support the relevant tax returns. A limited company has statutory reporting requirements and directors must approve its accounts. The rules for the tax calculation can differ from the accounting presentation. Tell us how the business is structured and whether a bank, investor or other party requires a particular form of information.
Selecting company reporting rules
Some eligible companies can use a simplified reporting framework, while others need more extensive statements and disclosures. Size is only part of the assessment: the period, group status and company type can also matter. We review these points before selecting a format. Accounts preparation is separate from an audit, and an audit requirement should be raised when the engagement is discussed.
Getting your records ready for year end
Reconcile bank accounts, collect missing purchase invoices and identify unpaid sales. Keep records of stock at the year end and details of equipment bought, sold or financed. List amounts owed to or by owners and directors, and explain any unusual entries. If you have already filed information that may be incorrect, provide the earlier documents so correction options can be considered.
Getting Ready
What to bring to your first discussion
Bring your latest bookkeeping export or spreadsheets, bank statements, purchase and sales records, stock figures, loan and finance agreements, payroll reports, asset details and previous accounts. Tell us about the business structure, accounting period and any filing notices or third-party reporting requirements.
- Bookkeeping exports, spreadsheets and statements
- Sales, purchases and year-end stock figures
- Payroll, asset and finance details
- Previous accounts and reporting requirements
How We Work
Review the records. Explain the result.
Review the records
We check your business structure, period, previous accounts and the records you maintain.
Prepare the accounts
We resolve significant queries and prepare a draft using the applicable reporting basis.
Discuss the result
We explain the figures, obtain any required approval and complete the agreed tax or filing work.
No. Sole traders and partnerships also use annual accounts or financial summaries to support tax returns and understand performance. Limited companies have additional statutory reporting duties.
We can review the records you keep and discuss what is needed. Missing reconciliations, invoices or opening balances may create extra work that should be identified in the scope.
Unpaid invoices, stock, assets, borrowing and owner withdrawals can change cash without having the same effect on profit. Reviewing the balance sheet helps explain the difference.
No. An audit is a separate engagement providing a different level of assurance. If an audit may be required, the company's position and suitable arrangements need to be discussed.
Only when specified in the engagement. We can discuss the connected Self Assessment or Corporation Tax work and clarify which filings and fees are included.