Professional Limited Company Accounting Services
proactive accounts preparation and submission for limited companies in Guildford, woking & surrounding areas
Why form a limited company
Forming a limited company offers significant advantages for business owners. As a separate legal entity, a limited company protects your personal assets by separating your finances from the business. This means you’re not personally liable if the company faces financial challenges.
Benefits include tax efficiency, dividend opportunities, access to business finance, and increased credibility with clients and investors. While there are added responsibilities and compliance requirements, our team at 360 Accounts & Bookkeeping will guide you through every step—ensuring your company is set up and managed effectively from day one.
Why choose us
At 360 Accounts & Bookkeeping, we pride ourselves on delivering cost-effective, exceptional service with unbeatable value. Our team of accountants and bookkeepers offers expert accounting support that’s affordable and tailored to your business, without compromising on quality or personal service. We believe every business deserves reliable, professional advice — and we’re here to offer just that.
Cost-Effective
Exceptional Service
Unbeatable Value
More information on limited companies
As a limited company in the UK, you are required by law to prepare and submit annual accounts to various authorities, including Companies House and HM Revenue & Customs (HMRC). These accounts provide a financial snapshot of your company's performance and financial position over a specific accounting period. Here's an overview of the key points related to limited company accounts in the UK:
Preparation of Annual Accounts: Limited companies must prepare annual accounts in accordance with the applicable accounting standards. The accounts typically include a balance sheet, profit and loss statement (income statement), cash flow statement (for medium and large companies), and related notes.
Accounting Period: The accounting period is the period for which your company's financial accounts are prepared. It usually covers a period of 12 months, and the first accounting period starts from the incorporation date and ends on the company's accounting reference date (ARD).
Accounting Standards: The financial accounts must be prepared following the relevant accounting standards. For most small companies, this will be the Financial Reporting Standard for Smaller Entities (FRSSE) or the Financial Reporting Standard for Micro-entities (FRS 105).
Companies House Filing: All limited companies must submit their annual accounts to Companies House within nine months of the accounting reference date. Companies House makes these accounts available to the public.
HMRC Filing: In addition to filing with Companies House, you are required to submit your company tax return, which includes the statutory accounts, to HMRC. This must be done within twelve months of the end of the accounting period.
Abridged Accounts: Small companies can take advantage of certain exemptions and file abridged accounts with Companies House. Abridged accounts contain fewer details compared to full accounts and allow for some information to be omitted from public records.
Auditing Requirements: Small companies are usually exempt from mandatory statutory audits, provided they meet certain criteria. However, larger companies may still require an audit.
Director's Report: For most small companies, the director's report is a simplified report that accompanies the annual accounts. It provides essential information about the company's activities, financial position, and other disclosures.
Confirmation Statement: While not directly related to accounts, companies are also required to submit an annual confirmation statement to Companies House. This statement confirms the company's registered details, such as its directors, shareholders, and registered office address.
Penalties for Non-Compliance: Failure to submit accounts on time can result in late filing penalties and may lead to the company being struck off the register and dissolved.