Financial Statement Preparation Services

Expert Statutory Reporting

Precision Financial Reporting prepares statutory financial statements for finance teams that need accurate, well-presented year-end accounts delivered on time. Every set of accounts is prepared by an experienced FCCA, from your trial balance through to financial statements that are ready for approval and stand up to scrutiny, whether they are meeting your obligations to auditors, lenders, investors, Companies House or meeting your tax obligations to HMRC. That leaves your team free to focus on the business during the busiest point of the reporting period.

We bring almost 30 years of audit and financial reporting experience across owner-managed businesses, groups and multinational organisations. That means we understand what your auditors will look for and prepare the accounts accordingly. You deal with one experienced point of contact throughout, rather than a rotating team, and our fees are typically more cost-effective than those of larger firms.

Statutory accounts prepared from your trial balance

The process is designed to fit around your existing systems. You send us a year-end trial balance exported to Excel from your own accounting software, along with the supporting information we agree at the outset. We map your general ledger codes to the appropriate account groupings, and prepare the full financial statements in our own specialist accounts production software. Draft accounts come back to you for review, with any queries raised early rather than at the deadline.

We provide relevant supporting documents including a mapped trial balance from the software, schedules of adjustments, cash flow statement workings (where relevant) and a reconciliation from your the profit from your draft trial balance to the reported profit from the final profit and loss account.

Our software is on Companies House’s list of approved filing software, so your accounts can already be filed electronically, ahead of software-only filing becoming mandatory.

UK GAAP, IFRS and LLP SORP reporting

We prepare financial statements under FRS 102 (including Section 1A for small entities), FRS 101 and IFRS, as well as members’ accounts for LLPs under the LLP SORP. This covers:

- the core statements (balance sheet, income statement, statement of changes in equity and cash flow statement)

- full notes and accounting policies

- consolidated financial statements for groups, including consolidation workings, acquisition accounting and currency translation of overseas subsidiaries

- strategic reports, directors’ reports and other front -end reporting 

FAQs

Financial Reporting 

We have a fixed price list for all but large complex groups. Please contact us for our current pricing.

Due to the initial set up time, we charge an additional one off fee in year one but offer this as a discount if you engage us for year two. 

We can prepare financial statements prepared under all frameworks available to UK companies and LLPs, with compliance and comparability supported by recognised accounting standards under: \



- International Financial Reporting Standards ("IFRS" (including listed entities annual reports and interim reports) or\


- UK GAAP - FRS 102 (including those reporting under the LLP SORP)\


- UK GAAP - FRS 102 Section 1A and\


- UK GAAP - FRS 101\


- UK GAAP - FRS 105

We can advise on the most appropriate framework for you, along with any disclosure exemptions available 

Our accounting software has a number of standard font options and is fully tailorable, so the annual report can be presented in a structured manner while staying aligned with your company branding. If you require a custom font then the Word export is fully set up with Styles embedded so these can be easily updated and logos can also be added. The software also helps maintain reports consistently across periods by using standard layouts or account groupings, while supporting access to real time data.

You will be provided with the final accounts as a complete set of financial statements, in both Word and PDF.

Yes, our software has recently been added to Companies House’s list of approved software. If required, we can assist with iXBRL tagging and electronic filing, which supports the filing process at the end of the financial year.

As added value you will also be provided with the following reports in Excel (where relevant):

- Mapped trial balance linked to adjustments schedules
- Consolidation spreadsheet and full audit trail

This shows both summary and detailed breakdowns, trail from draft to final figures and automatic drill down into the detail of the adjustments

- Analytical review and Ratio reports – to allow you to complete commentary and provide to your audit team

- Cash flow statement workings 

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