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How to prepare and manage the accounting and audit process

January 2014
Does your business qualify as a micro-entity?

December 2013 saw the introduction of new regulations covering micro-entities, providing the smallest companies who prepare Companies Act accounts, with the opportunity to prepare and publish simplified financial statements if they wish. Our Guidance Note – Accounts, Audit & other statutory filings provides further detail on micro-entities. In updating our documents to incorporate this new change, which will be relevant to many Simply-Docs subscribers, we have also taken a fresh look at company accounts and the audit process.

Company accounts and audit.

How companies must prepare and file their annual accounts as well as whether they require auditing and how to appoint and remove auditors are questions that all companies, whatever their size, need to consider. We have therefore revised and replaced our existing documents and created a new subfolder dedicated to Accounts & Audit. Included is a brand new “how to” step-by-step Guidance Note - Accounts, Audit & other statutory filings. This guidance note takes a company secretary (or finance director) through the time limits for filing accounts, how to prepare the annual accounts (including abbreviated accounts for micro-entities, small and medium sized companies) the distribution of the accounts and the preparation and filing of the annual return. The guidance note also considers whether an audit is required and the appointment, removal and retirement of the auditor.

Also included within this new folder are the template documents, including board minutes, shareholder resolutions and Companies House forms you will need when preparing the accounts and managing the audit process.

As with all our company secretarial resources, this new folder has been written with a newly appointed company secretary (or start up business) in mind as well as a more experienced company administrator for whom it is likely to be a useful refresher guide.

The contents of this Newsletter are for reference purposes only and do not constitute legal advice. Independent legal advice should be sought in relation to any specific legal matter.

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