We are a Chartered Certified Accountants firm dedicated to providing high quality service mainly to start ups and small- and medium-sized enterprises (SMEs) through our expansive experience and technical know-how. We provide a range of financial and business services, such as:
Shrikish exists to connect our clients’ businesses to interested parties in their target markets.
While smaller organisations are our prime segments, we work with businesses of all sizes in all sectors of the economy. Our vast understanding in finance, taxation, and the ever-changing – and quite challenging – business world is helping our clients weather cataclysmic financial storms. Whether you are running a growing business or just about to start a new one as an amateur entrepreneur, our team of professionals will advise and guide you at every stage and direct you towards success, and we do it with a unique approach.
Final accountsare sets of business accounts to show your business’ financial position during a reportingperiod. This eases the stress relating to calculating entrepreneur’s profit and tax payment status. We make final accounts of business clients at the end of a business year or on demand by accessing the Trading, Profit and Loss Accounts.
Trading, Profit and Loss Accounts can be made monthly, quarterly, half-yearly or yearly, but a Balance Sheet statement that shows the financial position of an organisation is often made yearly after analysing the Trading, Profit and Loss Accounts.
The Balance Sheet shows what type of assets your business owns and how much debt is recorded in its liabilities. Balance amount matching assets to liabilities is an organisation’s financial position. It gives a clear idea of the financial condition of your business during a financial year by relating it to your day-to-day expenses.
Depending on the operational background, final accounts maybe different for each business, but we will prepare Balance Sheets that match your business needs.
Sole Traders are the people who have their own limited resources in business, just like retailers, cleaners, builders, gardeners and farm owners; their profit turnover is usually small. Sole trading is a form of self-employment. Advantages of running a Sole Trade business include the fact that you can enjoy the freedom of your own choice and that of profit making because the business is entirely yours.
However, a disadvantage is that you must shoulder the entire responsibility of your business liabilities. For sole traders, final accounts can be prepared more than once a year or on demand to show their changing financial position. For Trading, Profit and Loss account, income minus expenses equals gross and net profit (or loss) consequently, and for balance sheet, assets minus liabilities is capital.
We will help you register with HMRC that is a prerequisite to start a UK sole trader business. With our professional legal guidance, you can rest assured that the establishment of your new business will be in line with the HMRC requirements.
A partnership business is an unincorporated business formed by at least two individuals. There should be a partnership contract in writing between the partners and an investment proportion document, indicating risks and profits sharing in business. This means that, in a partnership business, all partners are liable for debt and liabilities. Shrikish can efficiently prepare a final account for this type of business.
Sharing a business entity by two or many more people as shareholders and distributing its profit as shared profit or dividends forms a Limited Company. A Limited Company is considered as a legal person separate and distinct from the people who own it by business law. Therefore, a Limited Company (LC) is a type of business organisation that manages the amount of liability and debt separate from the company’s shareholders. It is because the shareholders’ limited investment is only part of the contribution made by many shareholders. Therefore, shareholders’ responsibilities for the company’s financial liabilities are limited to only the value of the shares they own and the Limited Company, in turn, works to protect the shareholders’ interest at all costs.
Charity organisations are notforprofit-making; their final accounts are prepared in different formats. Unlike profit-motivated companies, non-profits’ yearly evaluation consists of a consolidated summary of a Cash Book. All cash receipts are recorded on the debit side and all cash payments are recorded on the credit side, if recorded, are analysed.
Receipt and Payment Account is a basic tool for charities’ Final Account. It is usually prepared at the end of the accounting period. Although donations received for charities are often small, they may be treated as income. Donations for specific purpose may be shown in liability of a Balance Sheet.