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Hello and thank you for your question. I will be very pleased to assist you. I'm a practising lawyer in England with over 10 years experience.
May I confirm whether the company satisifies the following conditions:
1. Turnover Not more than £10.2 million2. Balance sheet total Not more than 5.1 million3. Number of employees Not more than 50
Has any sharehold requested an audit? If so does that shareholder hold 10% or more of the share capital?
Many thanks. On that basis no audit should be required as the company can claim exemption under s475 and s382 CA 2006.
However statutory accounts as you are aware still need to be filed under provisions of chapter 10 CA 2006 and specifically s444 CA. It is not a legal requirement for a company to use an accountatn to prepare and file company accounts but many comapnies do in order to ensure that the accounts are correctly prepared and filed as there are fines associated with failure to file correct accounts. There are many accountants online now that will prepare for low hundreds rather than the higher costs typically associated with high street accountants.
However if your son does not wish to use an accountant he can prepare the accounts himself ensuring that he full complies with the statutory requirements. There is a useful guide to be found here:
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It wouldn't be for me to say of course (!) but what I can tell you is that there are a number of online accountants that will now significantly undercut traditional firms which have made dealing with company accounts requirements quite affordable even for a company with the tightest of margins. One such company is this though I do not specifically recommend them over others. Google is your friend here: