At your company's year end, your Credicorp facility generates a small set of records your accountant will need to close off the books correctly. Pulling these together before your year-end meeting saves time and avoids back-and-forth requests later.
Core documents to gather
- All monthly statements for the financial year — one per issued period, covering every month the facility was active during the year.
- The year-end summary document — a consolidated view showing opening balance, total drawdowns, total repayments, and total cost of credit for the period. Available in your account once the year has closed.
- The repayment schedule — for a Business Loan, this shows what portion of each payment was capital and what was interest, which is needed for accruals accounting.
- Any settlement or variation confirmation — if you settled a facility or varied its terms during the year, keep the written confirmation.
What your accountant does with them
The statements give your accountant a complete transaction trail: every drawdown, every repayment, and every charge. From this they can calculate the closing balance as a liability on your balance sheet, post the interest and fees to your profit and loss account, and produce the loan-note disclosure required in your statutory accounts. The figures on your Credicorp statements are the authoritative record — they match what has actually been charged to your company.
Retaining the records
UK accounting rules require companies to keep accounting records for a minimum number of years. Your statements should be retained at least as long as the accounts they support. We keep your full statement history available in your portal, but we recommend keeping your own archived copies alongside each year's accounts as a matter of good practice.
We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.
See also: What counts as interest paid for your Corporation Tax return?, How do I get a statement to share with my accountant?.