Company Accounts Services

Hollingsworth and Co are Chartered Accountants in Shropshire who have been providing accountancy services and business advice to private investors, businesses, and organisations throughout the West Midlands for over 30 years.

We are members of the Institute of Chartered Accountants, which is the regulatory body of the accountancy industry. This ensures our work is of the highest standard and our knowledge is extensive and up-to-date. We don’t just look at your books, we look at your business.

Company Accounts
Your Questions Answered

Does every business have to prepare year-end accounts?

Yes. All Limited Companies and Limited Liability Partnerships are legally required to prepare and submit annual accounts at Companies House following the legislation set out under the Companies Act. Unincorporated businesses such as Partnerships and Sole Traders still have to prepare year-end results for income tax submissions accounting for income and expenditure correctly.

Does every business have to prepare management accounts?

No, but they are a very good way of monitoring the business and help to plan for the upcoming months and years. Management accounts are not a compulsory requirement and are not required for submission anywhere. Preparing interim results can provide insight into how your business is performing, potential tax liabilities, identify areas of concern, identify changes needed, assist potential funding applications etc. Management accounts can be prepared for any period – monthly, quarterly, half-year etc.

When are accounts due for completion?

Every business whether a Limited company or an unincorporated business has a set year-end date. Once the year-end has passed, you then have a period of time to prepare the accounts and finalise them ready for the necessary submissions. For Limited companies, year-end accounts have to submitted to Companies House within 9 months of the year-end, and for sole traders and partnerships, accounts need to be ready for submission with the Self-Assessment income tax returns to HMRC.

Can you prepare your own year-end accounts, or do I have to use an accountant?

The truth is, there is actually no legal requirement to have your accounts prepared by an accountant. The only time you are legally bound to use an accountant is when your limited company requires an audit. All businesses are legally required by HMRC and Companies House if a limited company to submit correct financial information by the required deadlines above. All businesses have accounting standards that you have to adhere to, and you have to ensure the financial information of your business is accounted for correctly following those accounting standards. If mistakes are made or deliberate errors are made, then large penalties can be charged for submitting incorrect information. Using an accountant to help you with this responsibility can avoid all the stresses of preparing year-end accounts and also ensure all the necessary accounting disclosures are present and correct. Using an accountant will also enable you to understand your results, what they mean and help you to plan for the future.

Why choose us?

Here at Hollingsworth and Co., we believe that helping you to meet your statutory requirements is just the start of our service. We prepare accounts for all types of businesses, including sole traders, partnerships and limited companies across any business sector. Starting up a business can be one of the biggest and toughest decisions of your life. Hollingsworth and Co. have helped numerous start-up businesses from their conception, through successful expansion, to their succession.

Hollingsworth and Co. have assisted small, medium and large businesses for over thirty years with their tax and accounting needs. We like to prepare year-end accounts within 3 months of your year-end if possible, so it gives you plenty of warning of tax liabilities due for payment and tax planning services can be provided.

Hollingsworth and Co. can reduce your tax burden, by managing your tax matters in an efficient and cost-effective way. Helping you pay the least tax legally possible. Our experience ensures that we look beyond the basics and place great emphasis on understanding your corporate and personal goals.

Why Choose Us - Hollingsworth & Co