We can provide a range of services to support all aspects of business administration.
We can help you by making sure accounts are prepared in the correct format, statutory books and other company secretarial records are kept up-to-date and that all statutory returns are prepared.
We seek to relieve you of the regulatory burden and leave you more time to concentrate on your core business activities. In short, we will make sure everything is in the right format, in the right place and at the right time.
Our range of accounting compliance services include:
- Statutory year-end accounts for small/medium and micro-entity companies
- Annual accounts for tax purposes for sole-traders and partnerships
- Monthly/quarterly management accounts
- Charity accounts and associated independent examination
- Company secretarial services
We act for a number of charities and church organisations (trusts, charitable companies and SCIO’s) both here in the North East as well as south of the border assisting them with their annual accounts preparation and independent examination requirements.
The sectors we currently operate in are:
- Property – residential and commercial
- Professional services
Important changes have been made to UK GAAP (UK generally accepted accounting practice) with the introduction of new Financial Reporting Standards with Financial Reporting Standard 102 (FRS 102) and Financial Reporting Standard 105 (FRS 105) being the most relevant for small/medium companies and micro-entities respectively.
These standards are the biggest development in UK accounting for a generation and brings with it significant changes to how UK GAAP accounts will be prepared for the future. These accounting changes have unfortunately both commercial and tax implications as well.
Based on the International Financial Reporting Standard for Small-Medium Entities (IFRS for SMEs), FRS 102 brings about a simplified reporting regime for entities that will fall under its scope as well as introducing more up-to-date and relevant accounting requirements that have fallen behind in existing UK GAAP.
The precise impact of FRS 102 will differ from one company to another. For some, the impact could be minimal but for many others the devil will be in the detail especially in the ‘transition’ year.