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1. Miss S Wilson served as director of a limited company for 10 days during the accounting year. Must this be disclosed in the director’s report?
 
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Types of limited company accounts

 

There are different types of accounts your company can file to Companies House. The type of accounts your company are eligible to file is dependent on whether your company meet the criteria set out by the Companies Act.

Remember that failed to file accounts by the due date your company will receive automatic late filing penalty.

  • Late filing penalty for a private limited company starts from £150 up to a maximum of £1,500 and
  • For a public limited company begin at £750 and up to a maximum of £7,500.

Dormant accounts

A company that is dormant since its incorporation or has not been traded may file dormant accounts with Companies House.

You can file the dormant accounts soon after your company year end or together with your company annual return so that you can cross out these filings from your to do list.

Audited annual accounts with full disclosure

Quoted company must prepare and submit audited and annual accounts with full disclosure with Companies House. Quoted company is also known as public limited company (PLC).

A public limited company must publish their annual financial accounts on the internet for public access.

The disclosure requirements for a public limited company are comprehensive and can be highly complex. Registered auditors must be appointed to carry out the audit of the financial statements and the Registered auditors will express their opinions on the true and fair view of the information disclosed in the financial statements.

Registered auditors mean the auditors firm carried out the audit of the financial statements must have proper professional qualifications and registered with the Association of Chartered Accountants (ACA) in England and Wales or Association of Chartered Certified Accountants (ACCA) or other accountancy bodies recognised worldwide.

A bank, insurance company, company regulated under the Financial Services Authority (FSA) and a member of an ineligible group must prepare and submit audited and full disclosure annual accounts. The small and medium sized company threshold does not apply to these group of businesses.

Audit exempted annual accounts

Limited company with sales and assets within the audit exemption threshold do not require their annual accounts including their abbreviated accounts. If your company sales or business assets or both exceed the audit exemption threshold, audited annual accounts must be prepared and submitted with Companies House.

Abbreviated Accounts

Small and medium-sized companies may file abbreviated accounts at Companies House. Abbreviated accounts put less information for public record.

The abbreviated accounts for small company are less detailed. The accounts must contain abbreviated balance sheet and notes to the abbreviated accounts.

Medium-sized company is required to send more financial information to Companies House compared to small limited company's accounts.

However, both small and medium-sized companies must send full annual accounts to their shareholders and HM Revenue and Customs. The annual accounts provided for this purpose is confidential.

Large limited company is not eligible to prepare abbreviated accounts.

Annual Return

Companies House requires all companies to deliver their annual return providing updated information about their company directors, shareholders, business activity, registered office address and any other information as required by the company law.

The annual return is a compulsory filing regardless which company accounts you are eligible to prepare and deliver to Companies House.

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I recently discovered that I have been recording my accounts the wrong way. I would suggest anyone starting new business to get accountant advice on doing your books as early as possible to avoid having to spend hours re-do the accounts and books.

A big thank you to Michelle, the accountant at Concise Accountancy, she helped to create a bookkeeping system using excel spreadsheet and also sorted out my records.

Ms Mary Janes, small business owner