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Warning over outdated company accounts
As many small companies prepare to submit their accounts, some experts are urging businesses to release up-to-date figures to reflect any recent improvement in their trading performance.
Those companies with 31 December year ends are required to file their accounts with Companies House by September, yet the impact of the recession could mean that many companies’ accounts will show losses or a decline in profits.
With such a drop likely to have an adverse effect on a firm’s credit rating, industry experts are advising businesses to publish more up-to-date financial information if they have seen a subsequent improvement.
Fabrice Desnos, chief executive at insurance company Euler Hermes UK, said: ‘If they feel the information they are publishing in Companies House will reflect negatively on them and they have a better story to tell I can only encourage them to contact credit insurers.
‘Every piece of information you publish is important. If you think it's going to be detrimental you need a strategy to proactively explain that it's better than it looks in your numbers.’
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