In essence, management accounts are a set of financial statements that cover just a portion of a 12 months’ annual financial period.
Management accounts can be for a period of 1 to 11 months after the last previous financial year.
Normally banks and financiers request for management accounts especially starting from June upwards as financial statements that ended for the period 28 February, might feel outdated to them and they are tryingto determine the latest financial performance & position of your company way after your formal financial year end.