Audit Exempt Companies
• Although preparing a set of small company accounts is necessary to comply with your business’ legal obligations, they can also give you some valuable information for making decisions, providing they can be completed in a timely way, enabling you to take steps which will benefit your business in the future.
We will also;
• Manage the completion of your accounts to ensure that you meet your statutory responsibilities. This really will help you to take advantage of early tax planning decisions giving you more profits retained in your business.
• Assurance reporting gives you a higher level of reliability behind your accounts than if we merely compiled them from the accounting records.
• This increases the credibility of the accounts with any interested third parties so that you and they have the additional comfort necessary to rely on the results of the business and its net worth.
• relieve you and your staff of the burden by taking care of all your bookkeeping and accounting needs, or just some aspects of them if you still need to retain a degree of control.
See the ‘Your Business Records’ guide for help.
We provide a reliable service including:
• Basic data entry
• VAT returns
• Payroll processing
• Production of regular reports
• Debtor and creditor listings
You need up-to-date current financial information to support the smooth running of your business.
We provide monthly or quarterly management accounts to businesses when it is impractical for you to prepare them in-house.
Limited Company Accounting
It is tough owning and managing your own Limited Company but we can have you up and running in a matter of days. We’ll take care of some or all of your accounting needs, but you decide on how much or how little we become involved, and you are in control all of the time.
Limited Company Formation
You can set this up yourself but you may need our help to meet all the requirements under Company Law. First you need to check whether;
- the name you propose is available and acceptable – go to COMPANIES HOUSE and click on ’company information’ then type in your name
- the internal rules for running the company from day to day may need changing from the ‘standard’ set under the law (the rule book)
Set up procedures
You apply to form your company by submitting Form IN01 together with a fee and the rule book you want the company to follow. This should also include the company’s contact address which is known as the ‘Registered Office’.
The rule book includes the Memorandum of Association which acts as proof that you are operating as a Limited Liability Company.
You must complete a Statement of Capital showing also the initial shareholdings for each person.
Shareholders – the owners
For each shareholder Form IN01 needs to include their;
- Full name
- Full address
- The number of shares held.
Directors – they run the company and are usually the owners as well
Your company must have at least one individual person aged 16 or over and for each director you want to appoint form IN01 must show their;
- Full name
- Former names
- Usual residential address – this can be protected from the public at large – see below
- Full service address (this can be somewhere other than the personal address so that if anyone makes a search they do not find out the director’s personal address). This can be the company’s registered office address.
- Date of birth
- The number of shares they hold/own
You have to record the security details if the Formation is completed electronically as no signatures are required on the Forms.
Post Incorporation Procedures
First meeting of directors
Once Form IN01 has been filed the Registrar of Companies approves the papers and issues the birth certificate known as the Certificate of Incorporation. Under the law the director(s) have to hold an initial meeting to confirm the following matters;
- Appointment of a chairperson, managing director and any other directors
- Approve any employment contracts
- Issue the share certificates
- Set up the bank account including agreeing the authorised signatories and passing the resolution asked for by the bank
- Set the accounting reference date/year end to the day which you want.
The shareholders should buy their shares by paying their money into the business.
Register the company for PAYE and VAT where relevant.
The Directors are responsible for all aspects of running the business.
Almost all small companies do not need to have their accounts audited – they are exempt from that detailed check behind the figures within the accounts, which therefore saves a cost which small companies previously paid for.
Unlimited Professional Support
Our Team will be fully aware of your individual case so whether you want to talk to us about how to save tax or just when the next deadline is, we are always here to add value to your business.
All of our team members are suitably trained / qualified in helping small businesses. We ensure their skills and knowledge are up to date and that’s how we make sure we keep you compliant too.
Small Companies & Groups
A company is exempt from this extra layer of compliance and cost if it meets at least two out of the following three conditions;
not more than £6.5 million
Balance Sheet Gross Asset Total
not more than £3.26 million
Number of Employees
not more than 50 on average per ‘pay day’
A company is also allowed to fail the above rule if they did meet two of the conditions in the previous year.
A company cannot take advantage of the conditions if it is involved in basically, financial services or if it’s a Public Limited Company although this list is not exhaustive.
10% or more of the Company’s Shareholders have the right to ‘over-rule’ so that an audit is carried out.
If the figures added together for all Companies within a group are not more than the following;
£6.5 million net (£7.8 million gross)
Balance Sheet Gross Asset Total
£3.26 million net (£3.9 million gross)
Number of Employees
A group can take advantage of the same ‘previous year’ rule as that available for individual Companies.
There are other conditions for groups of companies and these can be found on the Companies House website.
Company Secretarial Services
Every limited company must meet the statutory requirements for filing yearly company returns online.
Our comprehensive company secretarial service is a complete solution, whatever you need, with a dedicated team, proficient in all areas of company secretarial services, you’ll have peace of mind knowing that your compliance needs are in safe hands.
Our services include:
- Online Filing
– small company accounts
– the annual return
– changes in the company structure
– Company formation
– Annual Return
– Copies of Certificates
– Registered Office searches
- Technical Services include;
– Change of Company Name
– Change of Share Capital
– Adoption of New Articles
– Memorandum and Articles of Association
– updating any changes to those involved in running the company