Thursday 14 April 2005
I’ve spent much of the day working on PFE’s accounts for the year ending 31 December 2004, and I’ve achieved quite a lot:
- tallied the entire year’s expenditure records and reconciled them with the bank statements, for transactions in Sterling and in euro (PFE is a dual-currency business – I leave my accountant to reconcile it all into a single financial statement suitable for the tax man and Companies House)
- tallied the additional personal investment made by me in 2004 (not insignificant, it turns out)
- tallied the income records for the year (again, in two currencies)
I’ve still got several things to do, most notably to get my mileage records for 2004 into a format that is suitable for presentation to the powers-that-be (i.e. not scribbled on the back of an envelope) and compile the list of creditors and debtors at year end. In summary, performance is in line with expectations. The turnover is around twice that of the preceding year, and is expected to continue to grow in 2005. Additional revenue streams will come online in the current year and it is projected that PFE will break even in the current year, depending on trading conditions.
Of course, the main thing is that PFE retains the confidence of its principal creditor (me). I expect that the full financial report will be ready by the end of next month when it shall be presented to the AGM of shareholder (note singular).