For many organisations, an audit provides the reassurance to the users that the accounts are reliable. The user may be the shareholder group, lenders to the business, suppliers generally or in fact staff.
Our team has the specialist skills to provide this reassurance that:
Preparing the annual statements well can help the way in which the organisation is perceived by any of the user groups. What you need to produce does vary depending upon the size of your organisation. The Companies Acts specify certain limits which are important as they determine whether a company can benefit from the preparation of simpler accounts, file abbreviated accounts on the public record at Companies House and qualify for audit exemptions.
Higher limits that determine whether a company can benefit from certain exemptions have been introduced which apply to accounting periods beginning on or after 6 April 2008.
An individual company is ‘Small’ if;
An individual company is ‘Medium’ if;
There are also limits specified for groups of companies. Importantly for medium-sized groups, the exemption from the preparation of group accounts has been abolished so those affected should pay particular attention to the new higher limits.
There are penalities payable if accounts are submitted late. We will help you meet these filing deadlines which have now moved to nine months after the year end. (formally 10 months).
The law no longer requires private companies to have a company secretary, although they may continue to have one if they wish. Many of the tasks that the company secretary performed remain and directors will have to ensure that these are still completed. We can assist in making sure you are compliant in all aspects of corporate compliance.
