Small Ltd Co accounting advice needed

NOWSE

I am a director of a small limited company with turnover of less than £5000.

Our year end was last April and I have received a reminder from Companies House that the annual accounts must be filed before the end of February. When we started the company we had hopes of success that would have resulted in a much higher turnover and therefore sought out accountants, which we have not had any contact with since.

The Companies House website appears to indicate that I do not need to have the accounts audited because we are a small company. Can somebody please advise me if this is correct and point me in the direction of a somewhere that I can get information about drawing up accounts to meet Companies House requirements.

Any other advice on the subject would be gratefully received.

Thank you.

tramps

If you are a ltd company registered with Company house you will need to send in accounts by 31st Jan. There is a lower limit on which the accounts do not need to be audited think its £10,000 but they still need to have the accounts submitted. If you are ltd you need a chartered accountant do this.
Please look into this quickley as they charge for late accounts.
hope this helps

Treading_Water

Not strictly true. Whilst it may be possible to do the accounts yourself, they need to be presented correctly and quote the correct regulations. The time it takes to get this right would far outway the cost of getting an accountant to do it.
On the other hand, as you are only a small limited company and not subject to audit - the treshold of which is now (I think) 2 million you do not need a chartered accountant to draw up your books. You can instead use a licensed or practising accountant - AAT qualified for instance. I think others can come up with other options if you wait. The difference being £30 - £50 per hour as apposed to £60 -£100.

NOWSE

tramps wrote: »

If you are a ltd company registered with Company house you will need to send in accounts by 31st Jan. There is a lower limit on which the accounts do not need to be audited think its £10,000 but they still need to have the accounts submitted. If you are ltd you need a chartered accountant do this.
Please look into this quickley as they charge for late accounts.
hope this helps

Thanks for replying but I think our wires have become crossed somewhere.

I have a letter from Companies House quoting the end of February deadline. Surely the 31 Jan date relates to the Inland Revenue and I have already advised them of the tax position.

tramps

sorry NOWSE
Just saw you year end was end of April you are right they need the accounts by the end of Feb was reading your post wrong and asummed that the accounts ran along side the tax year. Submitted my accounts last week but my financial year is one month before yours.

Mandles

I am a tiny limited company and have never used an acountant to do this. I just pasted and copied the legal / official guff that i needed (ring them and they will tell you exactly what you need to write )and then just send income expenditure and balance on the same bit of paper. Head it with company name, company number and year ending info. It is all pretty simple. I am happy to email it to you if you want and you can just add your own figures but you will obviously have to get your books up to date..

NOWSE

Mandles wrote: »

I am a tiny limited company and have never used an acountant to do this. I just pasted and copied the legal / official guff that i needed (ring them and they will tell you exactly what you need to write )and then just send income expenditure and balance on the same bit of paper. Head it with company name, company number and year ending info. It is all pretty simple. I am happy to email it to you if you want and you can just add your own figures but you will obviously have to get your books up to date..

Thank Mandles. I would really appreciate you emailing me your template. That's very kind.

Mandles

company name here
COMPANY NUMBER: here

Balance Sheet as at year ending date here

INCOME EXPENDETURE BALANCE
£.................... £.................. £...............


For the year ended date here the company was entitled to exemption under section 249A(1) of the Companies Act 1985. Members have not required the company to obtain an audit in accordance with section 249B(2) of the Companies Act 1985;

The directors acknowledge their responsibility for:

i. ensuring the company keeps accounting records which comply with section 221; and

ii. preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year, and of its profit or loss for the financial year, in accordance with the requirements of section 226, and which otherwise comply with the requirements of the Companies Act relating to accounts, so far as applicable to the company.

The accounts have been prepared in accordance with the special provisions in Part VII of the Companies Act 1985 relating to small companies.

Signed




Name
Company Director.

Mandles

This is what i send them and they seem happy enough with it. I also send a cover note with it that also has our address and details on it.I thought i would post it as it is easier than emailing everyone with it. Hope it is of some help.

grey_lady

A decent accountant will save you money, will know all the ins and outs of what expensives you can claim etc. It can be a false economy to do it yourself.