Accounting & Finance

Accounting

More Than Just Numbers!

Record Sales Invoices

Record Supplier Invoices

Record Staff Claims

Income Statement

Balance Sheet

General Ledger

Accruals & Prepayments

Management Accounts

Journal Entries

Fixed Assets Register

Financial Analysis

Balance Sheet Schedules

Annual Accounting

Meeting the Requirements!

Is XBRL mandatory? Expand

Yes, if you have a corporate shareholder.

Why there is no pricing shown? Expand

We prefer to know more of you and your business needs before a quote is presented to you.

During the discussion, we will advise what services that you really need and which that you don’t.

Are all companies need to be audited? Expand

No.

Currently, a company is exempted from having its accounts audited if it is an exempt private company with annual revenue of $5 million or less. This approach is being replaced by a new small company concept which will determine exemption from statutory audit. Notably, a company no longer needs to be an exempt private company to be exempted from audit.

A company qualifies as a small company if:

(a) it is a private company in the financial year in question; and

(b) it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:

total annual revenue ≤ $10m;
total assets ≤ $10m;
no. of employees ≤ 50.

For a company which is part of a group:

(a) the company must qualify as a small company; and

(b) entire group must be a “small group”

to qualify to the audit exemption.

For a group to be a small group, it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate past two consecutive financial years.

Where a company has qualified as a small company, it continues to be a small company for subsequent financial years until it is disqualified. A small company is disqualified if:

(a) it ceases to be a private company at any time during a financial year; or

(b) it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.

Where a group has qualified as a small group, it continues to be a small group for subsequent financial years until it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.

Do you assist with Covid-19 relieve grants treatment? Expand

Yes, we do.

I have an office rental, do i need to account for leases under FRS 116? Expand

It depends on the terms and conditions of the rental agreement.