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I am retired, formally a member of ICSA, and assisting my…

I am retired, formally...

I am retired, formally a member of ICSA, and assisting my son, Managing Director of a small company. He and his co-director are satisfied that the accounts give a true account of his company, but does he need a CA to certify this before filing the accounts under sec 466 & 467 of the 2006 Act?

Lawyer's Assistant: Are the company shares publicly traded?

No

Lawyer's Assistant: Has anything been filed or reported?

Previous years accounts were filed by a CA

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Answered in 20 hours by:
8/10/2017
Joshua
Joshua, Lawyer
Category: UK Law
Satisfied Customers: 26,070
Experience: LL.B (Hons), Higher Prof. Dip. Law & Practice
Verified

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 million
2. Balance sheet total Not more than 5.1 million
3. 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?

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Customer reply replied 9 months ago
1. Turnover is less than that
2. Balance sheet also less than that.
3 Number of employees also less than that.
I can confirm that no shareholder has requested an audit.
Regards, ***** *****.

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:

https://www.gov.uk/government/publications/life-of-a-company-annual-requirements/life-of-a-company-part-1-accounts

Does the above answer all your questions? If it does, I should be very grateful if you would kindly take a moment to click a rating for my service to you today. Your feedback is important to me. If there is anything else I can help with please reply back to me though

Joshua
Joshua, Lawyer
Category: UK Law
Satisfied Customers: 26,070
Experience: LL.B (Hons), Higher Prof. Dip. Law & Practice
Verified
Joshua and 87 other UK Law Specialists are ready to help you
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Customer reply replied 9 months ago
Thank you Joshua. I have looked at the govt. publication, which like them all, is a formidable list, and I will now discuss the matter with my son. I have a feeling that the accountant he employed is 'ripping him off' but I have been retired for many years now and have not kept abreast of current legislation. Like all 'oldies' I may be mistaken!
Regards, ***** *****.

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:

http://www.cheaperaccountant.co.uk/

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Joshua
Joshua
Joshua, Lawyer
Category: UK Law
Satisfied Customers: 26,070
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Experience: LL.B (Hons), Higher Prof. Dip. Law & Practice

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