Asper the rules mentioned in the Companies Act 2006, every company operating inthe United Kingdom is mandatory to prepare financial statements on an annualbasis. The date on which the statements are prepared is known as AccountingReference Date. Every company should follow the date. It is generallyregistered at the Companies House. In general, financial statements are auditedby professional accountants, firms, government agencies, and more for tax,financing as well as investment purposes. The financial statement may includethe following things:
· The company’s balancesheet.
· Cashflow statements.
· Income statements.
· Report of the directors.
· Statement of thecompany’s Profit and Loss Account and more.
Thestatements are developed to offer to the company’s outside users, for example,creditors, investors, or shareholders. When one wants to know about thefinancial position of the company, he/she can check the financial statements. Inthe UK, all the companies should file the statements at the Companies House.
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