We can prepare accounts to help in completion of self-assessment tax returns and produce financial statements to file at Companies House and abbreviated accounts to ensure the minimum amount of your financial information is made public.
All of our accounts are prepared to agreed timescales and deadlines, with the work performed by high quality staff with the appropriate specialist training.
But we can do more than just report the history of what's already happened, we will identify areas where we can assist in minimising your tax liability, identify areas of the business that give you the most opportunity to make improvements, use the accounts to help you measure where you are in meeting your goals and what actions you need to take.
We take the time to explain your accounts to you so that you understand what is going on financially within your business, helping you to plan for the future.
The main reasons why you will be required by law to have a statutory audit are:
- Your turnover exceeds £10.2 million or your gross assets exceed £5.1 million or the company is part of a group that exceeds those limits;
- You are required by your professional or trade organisation to have your accounts audited;
- Your shareholders do not agree to opt out of the audit.
Webb and Company are registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accounts in England and Wales. Details of our audit registration can be viewed at www.auditregister.org.uk for the UK and for Ireland at www.cro.ie/auditors under reference number C001442879.
All of our audits are conducted in accordance with the International Standards on Auditing (UK and Ireland) and include such tests of transactions and of the existence, ownership and valuation of assets and liabilities as we consider necessary.
We can advise you if you need an audit and if not, you can save on accountancy fees!
However, we aim to deliver hassle free audits and there are good reasons for having an audit even if you are not required by law to have one. An audit involves a detailed review of the company's accounting systems and systems of control and also requires a detailed understanding of the company's business. Such a review and knowledge can provide increased opportunities to provide proactive business advice on many matters.
An unqualified audit report can improve the status of the accounts in the eyes of banks and commercial lenders, the Taxman and suppliers who may be seeking credit references. A history of accounts with clean audit reports can also be a factor if you ever wish to sell the company or, perhaps, take it to the market.
Accounting for Charities under the Statement of Recommended Practice is difficult and complex and our team can help Charities comply with their obligations. Being a Trustee of a Charity brings with it certain responsibilities and we can help Trustees comply by educating Trustees in their responsibilities.
Due to the special nature of Charities they are subject to high levels of scrutiny and many require an Independent Examination or Audit of their annual Financial Statements. There are also tax rules that have a specific impact on charities and their operations. We specialise in dealing with all these compliance matters.
- Charity accounting and audit services - specifically dealing with the issues pertinent to the charity and not for profit sectors
- Independent examination of charity accounts
- Charity taxation services including Gift Aid
- SORP accounting and compliance
- Payroll & VAT
- Trustees' annual report content advice to include public benefit reporting
- Completion of annual returns
- Advice on how to set up a charity
Company Secretarial Services
We can help you fulfil this role and offer the following services...
- Registered office facilities;
- Maintenance of statutory registers;
- Submission of statutory documents;
- Giving notice of General Meetings;
- Drafting agendas for company meetings;
- Preparing Minutes of Meetings;
- Completion of share transfer forms;
- Preparation of share certificates;
- Carrying out company searches;
- Filing of Annual Return;
- General Company Law advice;
We are able to assist you with the preparation of Grant Claims and Assurance Reports.
Our reasonable assurance engagements are in accordance with the International Standard on Assurance Engagements (ISAE) 3000.
The objective of a reasonable assurance engagement is to perform such procedures, on a sample basis, as to obtain information and explanations we consider necessary to provide us with sufficient, appropriate evidence to express a positive conclusion on the information provided. We also carry out specific tests on the calculation of overheads and the receipt of grant monies from other sources as required in the terms of engagement.
Solicitors’ Accounts Rules
In addition to the preparation of the accounts for our Solicitor clients we are also experienced in preparing the annual Accountant’s Report. Solicitors have been the subject of rules regarding client money for many years. The 1974 Act consolidated previous legislation and new rules were then produced by the Law Society and now fall under the remit of the SRA. These are revised periodically and the 2011 version became effective from 6 October 2011. There have been a number of updates since then but they are still called the SRA Accounts Rules 2011.
The SRA AR are incorporated within the SRA Handbook which itself includes a number of principles applicable to all aspects of legal practice including the handling of client money.
The principles which are particularly relevant to the SRA AR are to:
- protect client money and assets;
- act with integrity;
- behave in a way that maintains public trust;
- comply with regulatory obligations and regulators;
- run the business effectively and in accordance with proper governance and sound financial and risk management principles.
Require more information?
If you would like more information or would like to speak to us direct then call us on 01749 676604. Or if you would prefer, ask us a question online.