Accounts: What is the Profit and Loss Account (P&L)?
This is a summary of the traders transactions over a given period of time. Thisis usually 12 months, but can be longer or shorter depending on when trading starts,financial year-end and change of year-end. However, once this has been established,further P&L Accounts will be on an annual basis.
These form part of the financial statement, required by law, to be submitted by allbusinesses incorporated under company acts to Companies House.