A Limited Company has a statutory duty to prepare annual accounts.  These have to be filed with Companies House and HM Revenue & Customs on a specific date with penalties being levied for late filing.

Sole traders and partnerships also have a duty to prepare annual accounts to form the basis of their income tax liabilities.

In addition to fore filling their statutory role annual accounts are often required for other reasons including:

• Proof of income to support mortgage applications.
• Evidence for a prospective lender that the business is viable and able to support business loans.
• To show to a prospective purchaser of the business that this is a viable business and to help establish the asking price.
• Moore Hill can produce accounts to support all these requirements.