Annual reporting is founded upon complying with the Companies Act and Financial Reporting Standards, that are frequently updated, replaced and / or added to.
We assist you to understand how accounting standards are to be interpreted correctly in your financial statements, providing advice around complexities such as compliance with regulations, the implementation of new or forthcoming accounting standards and to meeting general corporate governance expectations.
If your private limited company does not meet certain limits you may be exempt from an audit unless requested by your investors or it is a specified requirement in your articles of association.
Our auditors will carefully examine your entire financial situation. During the process of an audit we aim to assess your financial situation and to help you with the following:
• Assess your systems and provide you with an overview
• Ensure that your company is compliant with relevant standards
• Assess your accounts and suggest improvements
• Plan for future events to assist in the growth of your business.
• Guiding business towards an unqualified future opinion on accounts where a historic qualification issue has arisen
Your company may qualify for exemption if it meets 2 or more of the following*:
- Your company has an annual turnover of no more than £10.2 million
- Your assets are worth no more than £5.1 million
- Your company has no more than 50 employees on average.
*These thresholds are set to rise to £15m Turnover, assets of £7.5m and an average of 50 employees through the year. The new limits are applicable from 6/4/25 and the first accounting period that will be impacted on your audit requirements will depend on the company year you operate.
To derive value to this (predominantly) compulsory statutory service, Barrons always seeks to integrate with management to feedback upon corporate performance and our findings, seeking to use the findings of our audit process to assist and guide you towards achieving continuous compliance and performance improvements.
Whatever the size and structure of your business, we can help you meet your statutory obligations with the minimum amount of fuss.
We aim to provide timely and accurate reporting upon which informed management decisions can be appraised whilst also reviewing how the business has performed against historic years of trading with the provision of five year trading summaries.
Our accounting team will ensure that we prepare your statutory accounts in the correct formats to be shared with you, shareholders, HM Revenue & Customs and Companies House. We make sure that all disclosure requirements are met and comply with Companies House UK regulations and applicable accounting standards.
Audit Services
The audit function is predominantly seen as a statutory requirement rather than a value-added business service, the findings of an audit can help shed light upon the truth and fairness of the financial statements as well as providing valuable certification to potential investors, financiers and suppliers alike.
Statutory Accounting
Whatever your statutory requirements, Barrons has a team of highly trained and experienced professionals ready to assist in easing the legislative burden upon your annual reporting responsibilities, helping to free you to focus on developing your business.
Wherever possible, we actively seek to derive value from the delivery of statutory services through always seeking to meet with you and reporting how you are performing against historic performance as well as seeking opportunities for us to provide recommendations for positive improvement to your business.
