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Accounts and Audit

Accounting Software

Simple is good, Simple and effective is better.

If you need advice on the right accounts or payroll software for you, please talk to us.

We can also offer training in use of some of the leading packages.

We can help or point you in the right direction with:

  • Accounts and bookkeeping software (including Sage Accounting and Xero) as well as the Apps which link in with the software, which include:
    • Management reporting
    • Debtor management
    • Stock management
    • Cash flow and cash monitoring
    • Accepting and making payments
  • Payroll software
  • Management reporting solutions
  • Use of various office software packages

Accounts Preparation

Do you need accurate accounts provided on time?

We can:

  • Prepare accounts to help in completion of self-assessment tax returns
  • Produce financial statements to file at Companies House and abridged accounts to ensure the minimum amount of your financial information is made public

Accounts are prepared to agreed timescales and deadlines.

But we can do more than just report the history of what’s already happened:

  • Identify areas where we can assist in reducing 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.


Do you know why you need an audit or why you should have one?

The main reasons why you will be required by law to have a statutory audit are:

  1. You are a PLC or a banking, insurance or finance company (or a subsidiary of one of these)
  2. You are required by your professional or trade organisation to have your accounts audited
  3. Your shareholders do not agree to opting out of the audit

Small companies (including LLP’s) are exempt from having a statutory audit if they meet 2 of the 3 following conditions…

  • Turnover below £10.2 million
  • Balance sheet total below £5.1 million
  • Less than 50 employees

Most subsidiary companies are also exempt from audit where their parent company guarantees their liabilities.

We can advise you about whether or not you need an audit.

However, if an audit is required, we 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, HMRC and suppliers who may be seeking credit references, etc
  • 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

The possibility of fraud can be reduced and an audit can act as a deterrent to any potential fraudster

Audit of a UK Subsidiary

Generally, a UK company can claim an audit exemption if it is part of a small worldwide group. If the whole worldwide group exceeds two out of three of the following thresholds for two years in a row, a UK statutory audit will be required:

Net Gross
Turnover ≤ £10.2 million ≤ £12.2 million
Balance Sheet Total  ≤ £5.1 million ≤ £6.1 million
Number of Employees ≤ 50 employees ≤ 50 employees


There are exceptions to this where an audit is required regardless of size. These can be found here.

Failure to comply includes penalties for company directors ranging from fines to criminal proceedings taken against the directors personally.

Failure to have prepared audited accounts may restrict or delay a company’s ability to seek investment or funding.

We can advise you whether or not your UK subsidiary requires an audit and can deliver a high quality audit, whilst minimising aggravation.

Please get in touch here with any enquiries.

Management Accounts and Information

If you measure it, you can manage it!

Up to date, relevant and quickly produced management information allows you to make the right decisions.

Our management accounts and information services include…

  • Monthly or quarterly management accounts
  • Reporting of key performance indicators that are the underlying drivers that run your business
  • Help with in house systems/software for you to produce your own information
  • Training on how to get the most out of your information
  • Supplying management information to lenders
  • Branch/Divisional results
  • Actual performance compared to budget and/or comparative periods
  • Costing information, including break-even turnover levels

Working with you

Whether you're starting from scratch or have been in business for years you'll benefit from working with FFT advice on how to take you to the next level.