A set of Year End Accounts is essential for any business giving you valuable insight into the health of your business and facilitating future planning.
Sole Traders and Partnerships are legally required to prepare annual accounts. Companies, limited liability partnerships and other bodies have extra responsibility under the Companies Acts and other legislations.
For some it will form part of a Self Assessment Return and for Limited Companies will fulfil their filing requirements with companies House and give a basis on which any tax calculations will be made.
Banks and other funding bodies often require a set of independently prepared accounts before any funding applications will be considered.