6g Administritive Consquences of Incorporation Flashcards
What registers should a company keep?
Register of:
-Members
- Directors & company secretary
- PSC’s
- Charges
- Other documents (e.g. resolutions and minutes of meetings must be kept for 10 years)
What needs to be on a register of members?
- Name
- Addresses
- Date became/deceased
- Number of shares
- Type of share
- Amount of shares paid up
What needs to be on a register of Directors and Company Secretary?
-Name
- Occupation
- Nationality
- Other directorships within last 5 years
- Date of birth
- Addresses of directors (not made publically available
What needs to be on a register of PSC’s?
- Names of people who own or control the company.
What needs to be on a register of Charges?
- Name of chargee
- Type of charge
- Property charged
- Amount
- Date created
What needs to be on a register of other documents?
- Resolutions and minutes of meetings kept for 10 years.
- Directors statement.
- Auditors statement.
- Directors service contracts.
- Detials of indemnity provisions restricting director’s liability.
Where must the registers be kept?
At the company’s registered office (register of members and directors interest can be kept where they are made up).
Must the registers be publically available?
Yes
What accounts and reports must a company prepare and submit to the Registrar or keep for their own records?
- Confirmation statement
- Accounting records
- Annual accounts
- Directors report
- Directors remuneration
- Auditors report
- Strategic report
- Companies (Misc reporting) Regulations 2018
What is a confirmation statement?
Document submitted every 12 months stating whether there has been changes to key info re share holdings etc.
What accounting records must be kept?
Details of money received and spent, record of assets and liabilities and stock take.
What must the annual accounts consist of?
Balance sheet and P&L submitted showing a true and fair view every year to Registrar.
They must be approved and signed on behalf of the board of directors.
What must a directors report consist of?
Name of directors, principle activity of company and statement that the auditor is not unaware of any relevant audit info.
Usually includes recommended dividend.
Quoted, large unquoted companies and large LLPs must publish info re energy consumption and energy efficiency.
What must an auditors report consist of?
Describes the scope of the auditor and states whether accounts give a true and fair view and whether the director’s report is consistent with the accounts.
What will a strategic report contain?
Review of the company’s business, a description of the principal risks and uncertainties facing the business and should give a balance analysis of the company’s performance during the year.
