A full or micro-entity set of accounts must be filed at Companies House within nine months of the company’s year-end date.
A Corporation Tax return, Form CT600, must be submitted to the company’s local corporation tax office, along with a copy of the annual accounts, within twelve months of the company’s year-end date.
This is always the last day of the month in which the company was incorporated. So, for a company incorporated on the 15th February, the company’s year-end date is set at 28th February.
This is purely a matter for the directors’ discretion; there are no binding rules in favour of one form of disclosure or the other.
It may well be in the company’s current interest not to make full trading detail publicly available; however, the benefit of full disclosure lies in statutory authorities having comprehensive details of the company’s activities immediately to hand, lessening the likelihood of enquiries and investigations.
No. A director must sign off a full set of accounts; only then can the micro-entity set be compiled and filed.
The period for which accounts will have to be made up and filed. This is an exact calendar year from the first day after the company’s year-end date; so, going by the above example, the company’s accounting period is 1st March to 28th February.
No. For the UK tax year ending 5th April 2019, the year-end thresholds above which independent audit by a registered firm of auditors becomes compulsory are any two of the following:
With a company limited by guarantee, all profits must be retained within the business; they cannot be distributed to directors or members in the form of drawings or dividends.
Also, the member’s exposure to any debts of the company on winding up is limited to the amount they agree to contribute as written down in the Memorandum of the company. The company is prohibited from issuing shares and thus creating shareholders.
Yes; the balance sheet must show that any net profit from the profit and loss account has been retained within the business in the form of cash or purchase of assets; the profit and loss account must show all expenditure to have been restricted to non-remunerative, operational items.
No; however, given that the majority are set up for charitable purposes, or non-profit making enterprises such as property management, they invariably end up undergoing an external audit.
Yes, quite different; far more detail and transparency regarding the movement of funds is required.