PRIVATE LIMITED COMPANY ACCOUNTS
Limited Company Accounts
Establishing a private company is not an easy thing, there are several administrating responsibilities which come with it. At the end of each year, a private limited company needs to submit an end annual account, also known as statutory account to the HMRC. The HMRC (HM Revenue and Customs) is a body which regulates the management, collection and payment of taxes i.e. VAT, Statutory accounts etc
Limited companies in the United Kingdom may rely on our services related to prepare a statutory account. We are indulged in preparation of a statutory account which includes a balance sheet, profit and loss account, account notes and director’s report. The statutory account is a crucial report which is a reflection of y our company’s overall development. The report is given to the shareholders, participants of general meetings, HMRC and other company houses who may be interested in your business.
In this process, the annual report needs to be submitted to the HMRC within 1year and 28 days after the company’s corporation date. We provide all related services so that you deal with your business works while we take the tedious work or reporting. Send us your paperwork while we analyze and systematically interpret your work at a fixed time. We shall also give you remainders about your date, deadlines, and procedure of your submissions.
The format of preparing a company’s account for a private limited company is divided into three categories: Annual returns, Annual account and Tax Returns.
- Basic Information: it includes the full name of your company, registration number, standard industrial classification (SIC code), official office address etc.
- Officer information: This consists of full information about the shareholders, secretary and the CEO or Director of the company.
- Shareholder Information: There total shares owned by the shareholders is known.
First, your company needs to be categorized as ‘Small Business’ which means that the annual turnover is less than 6.5 million dollar, 3.26 million dollar presented on balance sheet with just 50 employees.
- Balance Sheet: it includes the overall financial transactions done by the company. The balance sheet is a list of all the monetary functions undertaken in the company.
- Profit and loss account: the name itself suggests, profit or loss experienced by the company in figures. This decides the company’s fate in the competitive world.
- Directory report: it emphasizes on the general state of the company which determine the future scope of the business.
On the basis of the company’s overall performance, a report is submitted which comprises of all the monetary accounts and taxes paid by the company. This includes the statutory report of the company which may consist of the company’s status and its future for the same. If you fail to pay the tax, there are strict penalties subjected over the company. Relax yourself by giving us this b burden!