Limited companies and limited liability partnerships must produce a balance sheet as part of their annual accounts for submission to Companies House, HM Revenue & Customs and shareholders.
A balance sheet must include:
- fixed assets - long-term possessions
- current assets - short-term possessions
- current liabilities - what the business owes and must repay in the short term
- long-term liabilities - including owner's or shareholders' capital
A balance sheet can also be used as a tool to help you analyse and improve the management of your business. For example, you can look at:
- internal and external comparisons
- trade debtors comparisons
- borrowing as a percentage of overall financing
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Find guidance on balance sheets on mygov.scot
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