Stiddard Services

Whether you're running a business, or want help with your personal finances, Stiddard can help you manage your financial identity effectively with three categories of services that are designed to support you with Understanding, Vision, and Capability. From basic bookkeeping and accounting activities through to strategic financial planning and consulting, you'll find everything you need to take full control of your financial world.

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Blue Services



Preparation of Annual Company, Partnership and Sole Trader Accounts

The company was originally formed as a traditional chartered accountancy practice and this remains as the foundation of our current services. It is not enough to have an idea how you have performed as a business over the past year. It is not enough to think that you may comply with Companies House and HMRC regulations. You need to know these things. This is only achieved by placing your affairs in the professional hands of a properly trained, qualified and experienced accountant. Our offices at Maidstone and Bexley are managed by experienced members of the Institute of Chartered Certified Accountants and we are committed to working to the standards laid down by this body.

Preparation of Personal and Corporate Tax Returns

We believe that it is the right of our clients to expect their tax affairs to be organized in a manner which minimizes their liabilities within the confines of the law.

It is inevitable that on occasions HMRC will in varying degrees request documentation in support of Tax Returns submitted and further explanations of the income and expenses declared. We support our clients in every aspect of this process and keep then fully informed of progress and related costs.

Companies House and HM Revenue and Customs Administration

We take great care in the preparation of accounts and tax returns; however this is only part of the process. We ensure that the appropriate documentation is submitted to Companies House and HMRC within the prescribed deadlines. We act as agent with regard to any ongoing communication with the authorities and ensure that tax assessments are fully in line with the returns submitted.

Audit and Assurance

The accuracy of statutory and management accounts prepared is reliant upon the completeness of the records provided.  A formal audit of the records is only required where the company if above a certain size in terms of turnover or balance sheet value and the majority of small companies are beneath this threshold. It is however an important service because third parties such as banks, potential investors and major shareholders will often require formal assurance that the financial data produced is an accurate reflection of the company’s trading position.

Similarly where businesses are regulated by outside bodies such as the Law Society or the Financial Services Authority some form of audit may be a requirement irrespective of size.

As registered auditors, Stiddard Mathers Ltd at our Beckenham office has extensive experience of conducting audits for entities of all sizes, from all sectors. Statutory and regulatory audit related specialist areas include:

  • Limited Companies and Limited Liability Partnerships
  • Charities and Not For Profit sector
  • Friendly and Industrial and Provident societies
  • Financial Services Authority
  • Pension Schemes
  • RICs and Estate Agents
  • Housing Associations
  • Solicitors

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Business Planning

Experience tells us that for a business to succeed it requires some form of planning. We encourage every client irrespective of its size to create a suitable business plan. This does not have to be a complex document and for a small sole trader may be just a simple single spreadsheet predicting cash flow and profitability for the year ahead. Alternatively for a larger company it may take the form of a detailed five year plan. Whatever the size, the aim is to create a series of financial targets which will act as a guide in keeping the business on track.

There are three parts to the operation of a successful business plan:

Preparation
We will assist you with the initial preparation of the business plan. It is important to understand that the document belongs to the business and is a reflection of the individuals involved. The preparation is very much a joint venture and requires a strong input from the business owner/manager.



The plan can cover every aspect of the business or can be more specific. For example it may just cover a review of current loans and finance arrangements looking at their projected cost and viability. Alternatively, the business owners may have concerns over protection of business assets in the event of accident/ill health or the provision of employee benefits such as a pension scheme or private medical insurance.

Maintenance
A business plan is a “living document”; it is always subject to ongoing changes in circumstance. It is important that it regularly revisited and updated. We will work with you in ensuring that the plan remains a true reflection of what is happening in the business.

Performance
The greatest value is obtained from a business plan when it is properly monitored. This means being able to extract information from the accounting records and compare it with the planned financial targets. This may be as simple as checking that the sales, profitability and cash balance is in line with forecasts. Specifically we will:

  • Assess the accounting records in their ability to produce meaningful management accounts and financial reports.
  • Assist with the interpretation of accounting data in the context of the short and long term business plan.
  • Represent the company in financial discussions with third party organisations including banks, accountants and specialist tax advisers. Act as a bridge between the two parties to ensure proper and satisfactory conclusions.
  • Meet with and make financial presentations to directors and owners as required.
  • Act in the role of non-executive director for an ongoing independent opinion as to the current position of the business in the context of its overall plan.
  • Attend formal board meetings as required.
  • Undertake special internal accounting projects.

Personal Financial Planning

Personal Financial Planning goes hand in hand with Business Planning; particularly in an owner managed business. Again a personal financial plan does not have to be a complex document. It should be viewed as an opportunity to review current investments/savings, loans, life assurance and pension provisions.

There are three parts to the operation of a successful personal financial plan:

Preparation
The first step is to gather together all current information. This is not just details of existing investments and savings investments, but more importantly assesses specific needs, available income, priorities and attitude to risk. Once we have all of the available information we can prepare a report which covers the areas of Investments, Retirement Planning and Protection.



Maintenance
A personal financial plan is a “living document”; it is always subject to ongoing changes in circumstance. It is important that it regularly revisited and updated. We will work with you in ensuring that the plan remains a true reflection of current circumstance.

Performance
Any investments should be reviewed at least annually and our recommendation is 6 monthly to be sure that they are performing in line with expectations.

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Payroll

It is often cost effective to outsource the payroll function. We undertake this for many clients on a weekly, monthly and annual basis. It is important when running a business to be aware of ongoing PAYE liabilities and total payroll costs.

Book-keeping

Basic book-keeping is about keeping an ordered record of income and expenses for the purposes of preparing the annual accounts and tax returns. We consider book-keeping however to be one step in the process of producing regular management accounts. In other words its purpose is not to facilitate the preparation of out of date historical documentation but to make available useful current financial information to be used in the effective operation of the business.

We will undertake bookkeeping directly, assist in the training of the client’s book-keeper or offer ongoing book-keeping support as required.

Management Accounts

Management accounts are simply an accurate statement setting out the financial performance of the business. This can be for any period but would typically be monthly or quarterly. Their purpose is to provide a reality check as to ongoing performance and to facilitate good management decisions and future planning.

We will undertake the preparation of management accounts on a stand alone basis or as part of the ongoing book-keeping service. Alternatively we will work with the client or their book-keeper and assist them in production of the management figures.