Answer
Does your model reconcile to your accounts?
How does a startup's financial model tie back to its statutory accounts?
GOV.UK says statutory accounts hold a balance sheet, a profit and loss account and notes, and go to Companies House and HMRC. Start the model from the last signed balance sheet, say which year end it uses, and write down any difference. GOV.UK also says Corporation Tax profit differs from accounts profit, so label which one you mean.
Last reviewed 25 October 2026. Written by HAM Agency.
A forecast has to start somewhere, and an investor's adviser will look for where. If the first column of your model doesn't match the last set of accounts you filed, that's the question they ask before they read the rest.
What the accounts contain
GOV.UK says statutory accounts must include a balance sheet, a profit and loss account, notes about the accounts, and a director's report unless the company is a micro-entity. The balance sheet shows the value of everything the company owns, owes and is owed on the last day of the financial year. A director signs it.
GOV.UK also says you must send copies of the statutory accounts to shareholders, to Companies House, and to HMRC as part of your Company Tax Return. So the same set of numbers is in several hands. The model should agree with it.
Two documents, two profits
The Company Tax Return is a separate document. GOV.UK says that when you file it you work out your profit or loss for Corporation Tax, and that this is different from the profit or loss shown in your annual accounts.
That matters for a model. If your forecast shows profit, the reader needs to know which one. Label it, and keep the other available if someone asks.
Check the dates first
GOV.UK says the accounting period for Corporation Tax is normally the same 12 months as the company's financial year. The deadlines are different:
| What | Deadline, per GOV.UK |
|---|---|
| Annual accounts to Companies House | 9 months after the financial year ends |
| Corporation Tax payment, or telling HMRC none is owed | 9 months and 1 day after the accounting period ends |
| Company Tax Return | 12 months after the accounting period ends |
If your model runs on calendar months and your year end is in March, say so on the first sheet. A mismatch in dates looks like a mismatch in numbers.
How to tie the model to the accounts
- Open from the signed balance sheet. Take the closing figures from the last accounts you filed and use them as the opening position. Don't round them to make them tidier.
- Name the year end. Put the date the balance sheet is made up to at the top of the model.
- Show the bridge. If you have management accounts since the year end, add them as a separate step between the filed balance sheet and the first forecast month.
- Write down every difference. If a figure in the model doesn't match the accounts, add a note saying why. A restated item or a late adjustment is easier to explain in writing than across a table.
- Label the profit. Say whether a profit line is accounting profit or profit for Corporation Tax.
Your accountant confirms the figures, the periods and which accounts the company can file. Raise Ready builds the model and the notes around it with you. The ham.agency seed data room checklist lists what sits beside it.
Questions
Which figures should the model start from?
Start from the last balance sheet in your statutory accounts. GOV.UK says the balance sheet shows what the company owns, owes and is owed on the last day of the financial year, and that a director signs it. If you have newer management accounts, show them as a separate column and say where they come from.
Is the profit in my accounts the profit I pay tax on?
Not necessarily. GOV.UK says that when you file a Company Tax Return you work out your profit or loss for Corporation Tax, and that this is different from the profit or loss shown in your annual accounts. If your model shows one, label which. Your accountant can explain the difference for your company.
Do the accounts and the tax return cover the same period?
Normally, yes. GOV.UK says the accounting period for Corporation Tax is normally the same 12 months as the financial year covered by your annual accounts. The deadlines differ, so check the dates in your model against both. Your accountant confirms the periods for your company.
What does Raise Ready do about this?
Raise Ready helps you lay out the model so its opening position matches the accounts, with any difference written down, and reads the pack the way an investor's adviser would. It doesn't prepare accounts or tax returns, and it doesn't give tax, legal or investment advice. Your accountant confirms the figures and the periods.