Accounts

Annual Accounts Services for Freelancers, Partnerships & Limited Companies

At Theataccounts, we specialise in preparing clear, compliant, and professional annual accounts for freelancers, partnerships, and limited companies, with a special focus on the entertainment industry. Whether you're a self-employed artist, a growing production company, or a creative partnership, our expert accountants are here to help you navigate financial reporting with confidence.

From creating your annual accounts report to filing with Companies House, we provide a reliable and personal service that gives you peace of mind, so you can focus on your craft while we handle the numbers.

What Are Annual Accounts and Why Are They Important?

Annual accounts, also known as financial statements, are essential documents that show your business’s financial performance over a 12-month period. These reports typically include a profit and loss statement, balance sheet, and other supporting financial disclosures.

For limited companies and LLPs in the UK, filing annual accounts with Companies House is a legal requirement. For sole traders and partnerships, it may not be mandatory but it’s still highly beneficial. Your annual accounts give you insights into your income, expenses, assets, and liabilities, helping you make informed financial decisions year after year.

Theataccounts provides these reports with precision and clarity, ensuring you remain compliant and aware of your financial standing at all times.

What’s Included in an Annual Accounts Report?

A typical annual accounts report prepared by Theataccounts includes:

• A profit and loss account (or statement), showing your total income and expenses
• A balance sheet that reflects your assets, liabilities, and net worth
• Additional notes and disclosures, offering context for key financial figures

Whether you’re asking "what is a profit and loss at statement?" or wondering how to use it to guide your next business move, we make these complex financial concepts simple to understand. Our accountants will walk you through each section of your report and answer any questions you may have.

Understanding the Profit and Loss Statement

The profit and loss statement also called the P&L account, is one of the most crucial parts of your annual accounts. It provides a summary of your business’s income, subtracts your expenses, and shows whether you’ve made a profit or a loss.

If your revenue exceeds your costs, you’ve made a profit. If your expenses are higher, you’ve made a loss. This simple, yet powerful document gives you a clear view of your operational success and helps you plan more effectively for the future.

For those unfamiliar with the terminology, we’re happy to clarify what a profit and loss at statement is and how it differs from other financial reports. We make sure you not only have the right data, but also the knowledge to use it wisely.

Why Every Business Needs a Profit and Loss Account

Whether or not you're legally required to file accounts, having a profit and loss account is essential for understanding how your business is performing. It helps identify what’s working, where costs can be cut, and how to improve profitability.

A well-prepared P&L account:

• Shows you where money is being made or lost
• Supports business loans or investment opportunities
• Helps monitor performance over time
• Makes tax filing easier and more accurate

For creative professionals and entertainment industry businesses, these insights can be game-changing. We help you keep a finger on the financial pulse of your business, so you're never left guessing.

Support for Freelancers and Partnerships

Even if you’re not required to submit accounts to Companies House, having well-prepared annual accounts can still be a huge asset. For freelancers and partnerships, these reports offer:

• A clear record of financial activity
• Easier tax return preparation
• Evidence of income for mortgages or funding applications
• Strategic insights to grow your business

At Theataccounts, we tailor our services for self-employed professionals who want to operate with the same financial confidence as larger businesses.

Expertise in the Entertainment Industry

Unlike traditional accountancy firms, Theataccounts is built for creatives. We understand the unique challenges of managing finances in the entertainment sector, from fluctuating incomes to project-based earnings.

We proudly serve actors, musicians, production companies, agents, and creative freelancers across the UK. With us, you're not just another client, you're a partner whose art deserves financial clarity and support.

Why Choose Theataccounts?

• Industry-Specific Knowledge – We specialise in accounting for entertainment and creative industries.
• Friendly and Transparent Advice – No jargon, just clear explanations and expert support.
• Full-Service Accounting – From tax returns to bookkeeping and software setup, we’ve got you covered.
• Trusted by Professionals Nationwide – Our client list includes some of the UK’s most talented creatives.

Book a Free Consultation

Let us help you keep your business finances sharp, compliant, and future-ready. Book your free consultation today to get started with a no-pressure chat about your accounting needs.