2 min read
Stale accounts, current reality
A weak filed year — a lost contract, a one-off cost — may be old news. If your recent bank statements show the business has recovered, a lender can lean on that current picture rather than the dated accounts.
Evidencing the turnaround
Provide recent months of trading, and management accounts or software reports if you have them, so the improvement is visible. Explaining the weak year briefly — and showing it is behind you — turns a red flag into a resolved story. See borrowing after a loss-making year.
Applying
Bring the current numbers to the fore and apply online.
Frequently asked questions
Do lenders only look at my filed accounts?
No. Filed accounts can be a year old. Lenders also review recent bank statements and current trading, which can outweigh a weak historic year.
How do I show my business has recovered?
Provide recent bank statements and, if available, up-to-date management accounts. Consistent current income evidences the turnaround better than any explanation alone.
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Read →Funding for UK limited companies
Credicorp lends to your company, not to you personally — short-term working capital with no personal guarantee. See what your business could access.