company disclosure requirements

Question 1

what must be disclosed to companies

Answer 1

1) PSC regime: all companies must maintain a PSC register which must be available to the public for inspection AND filed at company’s house

2) all companies must file annual accounts

3) all companies must file a confirmation statement annually confirming the company’s constitution and details

4) display company name on the outside of every place it carries business, business letters, websites, and official company publications

5) any resolutions that affect the company’s articles must be filed within 15 days at the Registrar

6) all special resolutions must be filed

7) articles are filed and if articles are updated this must be filed

8) file ordinary resolutions that give directors the authority to allot new shares

Question 2

what information relating to directors need to be disclosed in annual accounts

Answer 2

Information relating to directors to be disclosed in annual accounts

• Directors’ salaries, bonuses, and pension entitlement
• Compensation paid for loss of office
• Payments by the company to a person/entity connected to a director or payments received by them
• Information on advances and credits given by a company to its directors
• Guarantees entered into by a company on behalf of its directors

Question 2

what information relating to directors need to be disclosed in annual accounts

Question 3

Record-keeping requirements

Answer 3

A company must keep an internal register including:

1) register of members: names of shareholders must be entered in the company’s internal register of members, which must be available for inspection for all members at the company’s registered office

2) PSC register: all companies must maintain a PSC register which must be available to the public for inspection AND filed at company’s house (with the annual confirmation statement)

3) register of directors with their service addresses (does not have to be residential address)

4) directors service contracts: members have a right to inspect all service contracts; companies must keep a copy of all service contracts at the registered office for 1 year from the end of the contract

5) minutes of all meetings: must be kept for 10 years

6) a copy of every charge (security) and a copy of every instrument that amends or varies any charge.