Hiding my Ltd company statements, is it possible?

BookKeepingStuff

Hey all,

I have been working as a contractor for a year and I will be closing my LTD company down shortly. However, recently there was a guy in my new team who asked me about the name of my LTD company and, in my naievity, I just thought it was an innocent question... When I later past his desk, I saw him searching my company in CompaniesHouse to look at my financial statmenets (and income).

I have not submitted any fiancnial statements yet, but will be doing so shortly, in addition to closing my limited company down entirely as I will no longer need it.

Is there something I can do to make it such that when I do submit my accounts and close my company down, it will only be visible by HMRC and not by my nosey work peer?

Many thanks,
BookKeepingStuff

Lomast

I'm afraid not. Ltd company returns are a matter of public record

Pennywise

Publication of your accounts is part of parcel of being a limited company. You can minimise the amount of data publicly available by taking advantage of the micro company reporting exemptions rather than filing full accounts. The bare minimum is a balance sheet.

BookKeepingStuff

Pennywise wrote: »

Publication of your accounts is part of parcel of being a limited company. You can minimise the amount of data publicly available by taking advantage of the micro company reporting exemptions rather than filing full accounts. The bare minimum is a balance sheet.

I assume that would provide sufficient details of my income anyway?

It was a stupid mistake, I never realised some people were so sharp!

I wish there was something I could do, would it be a lot of hassle to change the name of the ltd company hahah?

Aquamania

BookKeepingStuff wrote: »

Hey all,

I have been working as a contractor for a year and I will be closing my LTD company down shortly. However, recently there was a guy in my new team who asked me about the name of my LTD company and, in my naievity, I just thought it was an innocent question... When I later past his desk, I saw him searching my company in CompaniesHouse to look at my financial statmenets (and income).

I have not submitted any fiancnial statements yet, but will be doing so shortly, in addition to closing my limited company down entirely as I will no longer need it.

Is there something I can do to make it such that when I do submit my accounts and close my company down, it will only be visible by HMRC and not by my nosey work peer?

Many thanks,
BookKeepingStuff

Yes, if you close your company now
https://www.gov.uk/strike-off-your-company-from-companies-register/close-down-your-company
i.e. only submit your final accounts to HMRC, and not to Companies House


You'd have probably been better using that Umbrella company you were offered

BookKeepingStuff

Aquamania wrote: »

Yes, if you close your company now
i.e. only submit your final accounts to HMRC, and not to Companies House


You'd have probably been better using that Umbrella company you were offered

Hey Aquamania, thank you for your reply

I am not sure if I understand your guidance though. Do I not need to submit accounts to both CompaniesHouse and HMRC? What is the difference between formally closing down a ltd company in the traditonal way and using the link you provided?

You also mentioned doing it "now", is there some sort of time limit on this?

Many thanks,
BookKeepingStuff

00ec25

BookKeepingStuff wrote: »

I assume that would provide sufficient details of my income anyway?

It was a stupid mistake, I never realised some people were so sharp!

I wish there was something I could do, would it be a lot of hassle to change the name of the ltd company hahah?

before you get too swept up in hysteria, have you ever looked at what "accounts" are filed on the public record at Companies House for "micro" companies, (turnover less than £632,000 and a balance sheet with less than £316,000 on it). Somehow i doubt you have breached either of those


as mentioned by Pennywise, you file "micro entity" accounts. They are not the same as "small company accounts" - your accountant should know the difference as they came into being in Dec 2013 so even a traditional accountant should have caught up with their existence by now.

There is no income info on there AT ALL. They can comprise only 2 pages, the cover page with the name and number of the company, and the second page is a balance sheet listing :
- assets (total, but I doubt you have any)
- debtors (total amount others owe to the company)
- creditors (total amounts owed to others by the company, eg: corporation tax)
- reserves (total of the money you have not yet taken out of the company

if your nosey neighbour can read anything personal into 4 total numbers without any info as to the make up of each total then good luck to them

https://www.gov.uk/government/publications/life-of-a-company-annual-requirements/life-of-a-company-part-1-accounts
"Micro-entities do not have to deliver a copy of the directors report or the profit and loss account to Companies House."
Therefore, as there is no profit and loss account, there is no visibility of either the salary or dividends you took out of the company

BookKeepingStuff

00ec25 wrote: »

before you get too swept up in hysteria, have you ever looked at what "accounts" are filed on the public record at Companies House for "micro" companies, (turnover less than £632,000 and a balance sheet with less than £316,000 on it). Somehow i doubt you have breached either of those


as mentioned by Pennywise, you file "micro entity" accounts. They are not the same as "small company accounts" - your accountant should know the difference as they came into being in Dec 2013 so even a traditional accountant should have caught up with their existence by now.

There is no income info on there AT ALL. They can comprise only 2 pages, the cover page with the name and number of the company, and the second page is a balance sheet listing :
- assets (total, but I doubt you have any)
- debtors (total amount others owe to the company)
- creditors (total amounts owed to others by the company, eg: corporation tax)
- reserves (total of the money you have not yet taken out of the company

if your nosey neighbour can read anything personal into 4 total numbers without any info as to the make up of each total then good luck to them

"Micro-entities do not have to deliver a copy of the directors report or the profit and loss account to Companies House."
Therefore, as there is no profit and loss account, there is no visibility of either the salary or dividends you took out of the company

Hi 00ec25,

I think this seems like my best option and I will mention it to my accountant during our next meeting.

One question I have is, being as I dont have any assets and havent yet taken money out of the company, would it not be as simple as subtracting creditors from my reserves to deduce the take away?

Are you familiar with the process suggested by Aquamania about striking off the company? Do you have any thoughts on that?

Thanks again everyone

Aquamania

BookKeepingStuff wrote: »

Hey Aquamania, thank you for your reply

I am not sure if I understand your guidance though. Do I not need to submit accounts to both CompaniesHouse and HMRC? What is the difference between formally closing down a ltd company in the traditonal way and using the link you provided?

You also mentioned doing it "now", is there some sort of time limit on this?

Many thanks,
BookKeepingStuff

The link I provided you explains how to close down a limited company, and what is expected when you do so.

There is no other way to close down a limited company - that is the formal way, the traditional way and the only way .

According to the link, it says:

Final accounts

You must send final statutory accounts and a Company Tax Return to HMRC.


You don't have to file final accounts with Companies House.

The urgency to close the company exists as you say you have had the company a year; if you delay closing the company down, then Companies House will come after you for your annual accounts as they do for all registered companies.

00ec25

BookKeepingStuff wrote: »

Hi 00ec25,

I think this seems like my best option and I will mention it to my accountant during our next meeting.

One question I have is, being as I dont have any assets and havent yet taken money out of the company, would it not be as simple as subtracting creditors from my reserves to deduce the take away?

Are you familiar with the process suggested by Aquamania about striking off the company? Do you have any thoughts on that?

Thanks again everyone

If you don't even understand that you do have assets then why do you think nosey parker is going to make head or tail of a balance sheet? Your assets are the pile of cash in the bank that you say you haven't taken out. Assets 10,000, Creditors 2,000, "Capital" 8,000. Very informative

Aqua has already answered about striking off if you really want to let the paranoia get to you. But then again you say you are going to liquidate the company anyway so you may as well just do it.

Savvy_Sue

but whatever you do, make sure you pay HMRC and extract your assets BEFORE you close the company / get it struck off.