Keeping minutes for a limited company

Wywth

nickj wrote: »

you need to have minutes for any dividends payed and a dividend tax credit form as well . and a agm with minutes as well

Under the Companies Act 2006, private companies are no longer required to hold AGMs

dixie_dean_2

I think I might be getting somewhere with this! Cheers to everyone.

System

Aside from any legalities, it's not a bad idea to keep brief notes of important decisions made just to aid management and clear thinking.

I work on a daily basis with my fellow director, so most "decisions at board level" consist of no more than a brief conversation which might arise at any convenient moment.
Our auditors agreed there was no need for formal minutes, other than a very brief AGM, re-appointing directors and auditors, but said an on-going summary of significant decisions taken was a good idea.

Sometimes if we have talked about lots of things over a day and come to some decisions I tend to collect them up and write up a brief minute as if the "meeting" had been 10 minutes rather than in dribs and drabs over a whole day.

You don't need formal he said... she said ... sort of stuff. I just write "Agreed to purchase new van for £xxx. Agreed to employ X at £Y pw starting .., Noted response from solicitor re Z ..." etc.
I keep this in Word and print it off every year and sign it.

Wywth

Clifford_Pope wrote: »

...Our auditors agreed there was no need for formal minutes, ...

Could I also point out that there is usually no need for auditors either for a small company


i.e. a company that meets at least any two of the following criteria:

• annual turnover must be not more than £6.5 million;
• the balance sheet total must be not more than £3.26 million;
• the average number of employees must be not more than 50.

(However if shareholders holding at least 10% of the nominal value of issued share capital or holding at least 10% of any class of shares demands it, then the accounts must still be audited)