Accounting
Year-End Closings & Balance Sheets
A rigorous close that satisfies Spanish regulations and gives you the financial clarity to plan the year ahead.
What is it?
The annual accounting close is the process of finalising every ledger entry for the financial year, making mandatory adjustments — depreciation, accruals, provisions, and inventory — and producing the set of statutory financial statements required by Spanish law: the balance sheet (balance de situación), the profit and loss account (cuenta de pérdidas y ganancias), the statement of changes in equity, and the notes to the accounts (memoria).
This is not merely a bookkeeping exercise. A well-prepared close determines the taxable profit on which corporate income tax (Impuesto sobre Sociedades) is calculated, satisfies the disclosure requirements of the Companies Act (Ley de Sociedades de Capital), and provides the annual accounts that must be filed at the Mercantile Registry (Registro Mercantil) within the statutory deadline.
Our team at GCT1 carries out the year-end close as a coordinated process between our accounting and tax departments, ensuring that every accounting adjustment is aligned with the most favourable and legally sound tax treatment available to your company under current Spanish and EU rules.
Who is it for?
- Limited liability companies (SL) and public limited companies (SA) required to file annual accounts at the Registro Mercantil
- Groups of companies that need individual-entity closes before the consolidated accounts are prepared
- Business owners who want a clear picture of net worth and profitability before a dividend distribution or capital decision
- Companies seeking external financing or planning a sale that need auditable, credible financial statements
- Businesses whose in-house team handles day-to-day bookkeeping but lack the expertise to perform the regulatory close
What's included in our service
- Review and correction of all accounting entries for the full financial year
- Calculation and booking of depreciation and amortisation for fixed assets
- Accrual adjustments for income and expenses spanning year-end
- Inventory valuation and cost-of-goods-sold reconciliation
- Provision for bad debts and other contingent liabilities
- Preparation of the full set of statutory financial statements (balance sheet, P&L, equity statement, and notes)
- Coordination with our tax department for corporate income-tax calculation and optimisation
Documentation you will need to provide
- Complete trial balance and general ledger for the financial year
- Fixed-asset register with acquisition dates, costs, and accumulated depreciation
- Inventory count sheets or stock valuation report at 31 December
- Loan and leasing repayment schedules outstanding at year-end
- Bank statements for all accounts as of 31 December
- Any pending litigation, guarantees, or contingent-liability information
Key deadlines
- Board approval of annual accounts: within 3 months of year-end (31 March for December year-ends)
- Filing annual accounts at the Mercantile Registry: within 1 month of board approval (30 April for December year-ends)
- Corporate income-tax return (Modelo 200): within 25 calendar days after 6 months from year-end (25 July for December year-ends)
- Corporate income-tax instalment payments (Modelo 202): April, October, and December
Why GCT1
- Integrated accounting-and-tax approach means every closing adjustment is reviewed for its tax impact before the final statements are signed off
- Proven track record filing annual accounts for 1,000+ client companies at registries across Alicante province and Spain
- Clear fixed-fee pricing agreed in advance — no surprises when the year-end invoice arrives
- Free first consultation to assess the state of your ledger and provide a realistic timeline for delivering compliant accounts
You may also be interested in
Other services in this area
Monthly Bookkeeping
Accurate, up-to-date records so your business always knows where it stands financially.
Learn moreAccounts Audit
Independent review of your financial statements to give shareholders, lenders, and partners the assurance they need.
Learn moreManagement Reporting
Timely, decision-ready reports that translate your numbers into actionable business intelligence.
Learn moreGroup Consolidation
A clear, compliant consolidated picture of your entire business group — however complex the structure.
Learn moreAccounting Set-Up for New Companies
Start your new business with the right accounting foundations in place from the very first day.
Learn moreLet's talk about your case
Free first consultation, no commitment. We get back to you within one working day.