Bookkeeping Services

Profit & Loss Statement Preparation

We prepare clear, accurate Profit & Loss statements for small businesses and sole traders across Cardiff and South Wales. Whether you need monthly snapshots or year-end reports for tax filing, we'll turn your numbers into insight you can actually use.

10
Years in practice
200+
Businesses supported
Monthly
P&L reviews available
A focused accountant at a desk reviewing paperwork and using a laptop, with a calculator and organized receipts in the foreground in a clean modern workspace.

What we cover

From single-period snapshots to ongoing monthly reports, we tailor P&L preparation to your business structure and reporting needs.

Monthly Management Reports

Regular P&L statements so you can track profitability month by month and spot trends early.

Year-End Statutory Accounts

Annual P&L preparation for Companies House filing, tax returns and compliance requirements.

Cash vs Accrual Basis

We'll prepare your statement using the accounting method that suits your business and HMRC obligations.

Software Integration

We work with QuickBooks, Xero and other platforms to pull accurate data and keep reports up to date.

How we prepare your Profit & Loss statement

A Profit & Loss statement shows your revenue, costs and expenses over a specific period, then calculates whether you made a profit or a loss. We gather your financial records, check the numbers, and present everything in a clear format that helps you understand what's driving your business performance. It's a core report for tax filing, loan applications and keeping on top of cash flow.

We turn your receipts and invoices into a financial snapshot you can trust.

We start by agreeing the reporting period: monthly, quarterly or annual. Then we collect your sales invoices, receipts, bank statements and payroll records. We calculate total revenue, subtract cost of goods sold to find gross profit, deduct operating expenses like rent and salaries, and account for interest, tax, depreciation and amortisation to arrive at your net income. The result is a structured statement showing exactly where your money came from and where it went.

More information

What's included

  • Revenue and sales totals from all income sources
  • Cost of goods sold (COGS) calculation for product-based businesses
  • Operating expenses broken down by category: salaries, rent, advertising, utilities
  • EBITDA (earnings before interest, tax, depreciation, amortisation) for performance tracking
  • Net profit or loss figure with supporting schedules
  • Notes explaining key movements or unusual items

We choose the right format for your business. Simple structures often suit a single-step method, while more complex operations benefit from multi-step statements that separate operating income from other gains and losses. If you're applying for finance or pitching to investors, we can also prepare pro forma P&Ls with realistic projections.

Ongoing support

Once your statement is ready, we'll walk you through the results and flag anything that needs attention. If you're running monthly reports, we'll compare each period so you can see trends over time. We integrate with your accounting software to pull data automatically, reducing manual entry and the risk of errors. And if the numbers reveal opportunities to cut costs or improve margins, we'll talk you through the options.

We work with retail shops, salons, tradespeople, hospitality businesses and professional services across Cardiff, Pontypridd, Barry and the Vale. Whether you're a sole trader filing self-assessment or a limited company preparing annual accounts for Companies House, we'll make sure your P&L is accurate, compliant and ready on time. No jargon, no surprises, just the clarity you need to make informed decisions about your business.

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Before you get started

Here are the questions we hear most often about Profit & Loss preparation.

How often should I have a P&L statement prepared?
It depends on your business. Many sole traders need one annually for tax returns, while growing businesses benefit from monthly or quarterly reports to track performance and manage cash flow. We'll recommend a schedule that suits your needs.
What's the difference between cash basis and accrual accounting?
Cash basis records income and expenses when money changes hands. Accrual basis records them when earned or incurred, regardless of payment timing. Your business structure and HMRC requirements usually determine which method you use, and we'll guide you through it.
What records do I need to provide?
We'll need sales invoices, purchase receipts, bank statements, payroll records and any loan or asset documentation for the period. If you use accounting software like Xero or QuickBooks, we can pull most of this automatically.
Can you prepare a P&L if my records are incomplete?
We can work with what you have, but incomplete records may mean estimates or reconstructed entries. It's always better to gather as much as possible upfront. If your bookkeeping has fallen behind, we can tidy it up first.
Will my P&L statement be accepted by HMRC or my bank?
Yes. We prepare statements in line with UK accounting standards and HMRC requirements. Banks and lenders recognise our reports for loan applications, and Companies House will accept them as part of your statutory accounts.
How long does it take to prepare a P&L?
For a straightforward sole trader with organised records, usually a few days. More complex businesses or incomplete bookkeeping may take a week or two. We'll give you a clear timeline once we've seen your records.
Do you only work with businesses in Cardiff?
We're based in Cardiff and work mainly with businesses across South Wales, including Barry, Pontypridd, Newport and the Vale. If you're further afield but need support, get in touch and we'll see how we can help.
What happens after my P&L is ready?
We'll send you the statement and talk you through the results, explaining what the numbers mean and flagging anything important. If you need ongoing reports, we can set up a monthly or quarterly schedule and integrate with your accounting software for smoother updates.