Represents the financial state of a company at a specific point in time.
Within the annual accounts, the balance sheet, along with the Profit and Loss and Cashflow, is one of the three primary statements produced. The balance sheet represents the financial state of a company on a specific date and does not directly show performance during the year. It always contains two equal and opposite sides that can be presented in different ways depending on national conventions and the particular accounting standards followed.
In the UK, SME balance sheets are usually presented from the perspective of shareholders, so that the