What Our Annual Accounts Service Includes
Every company registered in Malta is required by the Companies Act (Cap. 386) to prepare annual accounts and file them with the Malta Business Registry. These accounts must present a true and fair view of the company's financial position and must be prepared in accordance with applicable accounting standards. At Said Accounting, Steve Said prepares your annual accounts with meticulous attention to detail, ensuring full compliance with Maltese law and relevant reporting frameworks.
Our annual accounts preparation service encompasses the complete set of financial statements required under Maltese legislation. This includes the statement of financial position (balance sheet), the statement of comprehensive income (profit and loss account), the statement of changes in equity, the statement of cash flows where applicable, and detailed notes to the financial statements. We also prepare the directors' report, which provides a narrative overview of the company's performance, principal activities and any significant post-balance sheet events.
For small and medium-sized companies that qualify for reduced disclosure requirements under the General Accounting Principles for Smaller Entities (GAPSE), we prepare accounts in the appropriate format, ensuring you benefit from any available simplifications without compromising on accuracy. For larger entities or those with specific reporting obligations, we prepare full IFRS-compliant financial statements. Steve's ACCA training provides deep expertise in both frameworks, ensuring your accounts are always prepared under the correct standard.
Beyond the statutory accounts, we also prepare management accounts on a monthly, quarterly or annual basis to help you monitor business performance between reporting periods. These internal reports can include key performance indicators, variance analysis and cash flow projections tailored to your specific business needs.
Who This Service Is For
Our annual accounts service is designed for all types of businesses operating in Malta. This includes limited liability companies, both private and public, partnerships and sole traders with complex financial affairs, branches of foreign companies registered in Malta, and not-for-profit organisations with statutory reporting obligations.
We work with businesses across a wide range of industries, from retail and hospitality to professional services, construction, iGaming and financial services. Regardless of your sector, Steve has the expertise to understand your business operations and prepare accounts that accurately reflect your financial position. We also serve start-up companies preparing their first set of annual accounts, providing guidance on accounting policies, opening balances and the chart of accounts structure.
If you are a director of a Maltese company, you have a legal obligation to ensure that proper accounting records are kept and that annual accounts are prepared and filed on time. Engaging Said Accounting gives you confidence that this obligation is met professionally and efficiently, freeing you to focus on running your business.
Why Choose Said Accounting for Annual Accounts
Steve Said brings both the ACCA qualification and a Certified Public Accountant warrant to your annual accounts preparation. This dual qualification means your accounts are prepared by someone with rigorous training in financial reporting standards, audit principles and Maltese company law. Every set of accounts is personally reviewed by Steve before finalisation, ensuring a consistently high standard of quality.
Accuracy is paramount in annual accounts preparation. Errors in financial statements can lead to regulatory issues with the Malta Business Registry, problems during audit, incorrect tax computations and poor business decisions based on faulty data. Our process includes comprehensive analytical reviews, balance reconciliations and consistency checks to identify and resolve any discrepancies before the accounts are finalised.
We also understand that annual accounts are not just a compliance exercise. They are a valuable tool for understanding your business. Steve takes the time to discuss the accounts with you, explaining key figures, trends and any areas that may warrant attention. This advisory approach sets us apart from firms that simply produce numbers without context or explanation.
Timeliness is another hallmark of our service. We work with you to establish a realistic timeline for accounts preparation and stick to it. Late filing of annual accounts with the Malta Business Registry can result in penalties and may affect your company's standing. We help you avoid these consequences by planning ahead and maintaining clear communication throughout the process.
How the Process Works
Step 1 - Engagement and Planning: We begin with a discussion about your company, its activities and any specific reporting requirements. Steve reviews your accounting records and identifies the applicable reporting framework, whether GAPSE, IFRS or another standard.
Step 2 - Information Gathering: We collect your accounting records, including trial balance, bank statements, sales and purchase invoices, payroll records, loan agreements and any other relevant documentation. If you use accounting software, we can work directly with your data files or exports.
Step 3 - Preparation of Accounts: Steve prepares the full set of financial statements, including all required notes and disclosures. This involves reviewing every balance for accuracy, making any necessary adjustments and ensuring all transactions are properly classified and disclosed.
Step 4 - Directors' Report: We draft the directors' report covering the company's principal activities, financial review, dividends, directors' responsibilities and any other matters required by law. This is shared with you for review and approval.
Step 5 - Review and Sign-off: The complete accounts package is presented to you for review. Steve walks you through the key figures and answers any questions. Once approved, the accounts are signed by the directors and prepared for filing.
Step 6 - Filing with MBR: We handle the filing of your annual accounts with the Malta Business Registry, ensuring they are submitted within the statutory deadline. We also coordinate with your auditors if an audit is required, providing them with all necessary working papers and supporting documentation.
Statutory Deadlines and Compliance
Maltese companies are required to file their annual accounts with the Malta Business Registry within 42 days of the annual general meeting at which the accounts are approved. The annual general meeting itself must be held within 15 months of the previous meeting, or within 18 months of incorporation for a company's first accounts. Failure to meet these deadlines can result in penalties imposed by the MBR and may raise concerns about the company's governance.
By engaging Said Accounting, you benefit from proactive deadline management. We track your filing dates and begin the accounts preparation process well in advance, ensuring there is adequate time for preparation, review, approval and filing. This forward-planning approach eliminates the stress and risk associated with last-minute accounts preparation.
Frequently Asked Questions
What accounting standard should my Maltese company use?
Most small and medium-sized companies in Malta use the General Accounting Principles for Smaller Entities (GAPSE), which offers simplified reporting requirements. Larger companies, listed entities and those in regulated sectors such as financial services are generally required to use International Financial Reporting Standards (IFRS). Steve will advise you on the appropriate framework for your company.
How long does it take to prepare annual accounts?
The timeframe depends on the size and complexity of your business and the quality of your underlying accounting records. For a well-organised small company, accounts can typically be prepared within two to four weeks. Larger or more complex engagements may take longer. We always agree a timeline with you at the outset and keep you updated on progress.
Do I need an audit for my company accounts?
Not all Maltese companies require an audit. Companies that meet certain size criteria relating to turnover, total assets and number of employees may qualify for an audit exemption. Steve can assess whether your company qualifies and advise accordingly. If an audit is required, we coordinate closely with the appointed auditor to ensure a smooth process.
What happens if I file my annual accounts late?
Late filing of annual accounts with the Malta Business Registry can result in financial penalties. Persistent non-compliance may also lead to the Registrar taking action against the company or its directors. We strongly recommend engaging our services in good time to avoid any risk of late filing.
Can you prepare accounts from incomplete records?
Yes, we frequently assist clients whose accounting records are incomplete or disorganised. Steve can reconstruct your financial records from bank statements, invoices and other available documentation, then prepare the annual accounts from these reconstructed records. We also offer ongoing bookkeeping services to prevent this situation from recurring.