submitting abbreviated accounts

Discussion in 'UK Finance' started by AD, Dec 16, 2006.

  1. AD

    AD Guest

    hi,

    anyone have any advice on submitting abbreviated accounts? what do I need to
    send to Companies House?

    I have produced a balance sheet and profit and loss sheet for the year in
    question, do I just send that to them?

    An accountant wants to charge me over £1000 for submitting the accounts, but
    also wants to audit them.
    I don't have money for this as the company makes no money and I am a
    student.


    thanks
     
    AD, Dec 16, 2006
    #1
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  2. AD

    eyup Guest

    sounds over the top quote and no reason for audit assuming you meet
    exemption criteria. Your best of having an accountant for many reasons. I
    know we bill small companies less than that, especially if reliable records
    are in place. Suggest another quote! Where you based?
     
    eyup, Dec 16, 2006
    #2
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  3. AD

    Eric Jones Guest

    "AD" <> wrote in
    message news:45842faa$...
    > hi,
    >
    > anyone have any advice on submitting abbreviated accounts? what do I need
    > to
    > send to Companies House?
    >
    > I have produced a balance sheet and profit and loss sheet for the year in
    > question, do I just send that to them?
    >
    > An accountant wants to charge me over £1000 for submitting the accounts,
    > but
    > also wants to audit them.
    > I don't have money for this as the company makes no money and I am a
    > student.
    >
    >
    > thanks
    >
    >
    >
    > I would have thought that any accounts submitted must be audited - you
    > could come up with any figures if this was not the case.

    I am no expert but would think that this is a condition of any limited
    company.
    >
    >
     
    Eric Jones, Dec 16, 2006
    #3
  4. AD

    AD Guest

    "eyup" <> wrote in message
    news:...
    > sounds over the top quote and no reason for audit assuming you meet
    > exemption criteria. Your best of having an accountant for many reasons. I
    > know we bill small companies less than that, especially if reliable
    > records are in place. Suggest another quote! Where you based?
    >


    brighton and gloucester

    turnover less than 50k for first year, i am the only employee,
    company is now not trading and I will probably wind it up in the new year,
     
    AD, Dec 16, 2006
    #4
  5. AD

    eyup Guest

    Sounds like on size limits you dont need audit so unless your into financial
    services I think you'd be safe from an audit. I'm sure if you ring around
    local firms and explain situation you'll find one that will get accounts
    sorted and desolve the company for well under £1000. I'm not sure whether
    you can submit accounts yourself without a qualified accountant but sure
    someone will be along to let you know that one.
     
    eyup, Dec 16, 2006
    #5
  6. AD

    John Boyle Guest

    In message <>, Eric Jones
    <> writes
    >> I would have thought that any accounts submitted must be audited - you
    >> could come up with any figures if this was not the case.

    >I am no expert but would think that this is a condition of any limited
    >company.


    Not any more. The threshold is t/o of about £5m. There are exceptions
    such as FSA regulated companies but even that is changing form next
    year.
    --
    John Boyle
     
    John Boyle, Dec 16, 2006
    #6
  7. AD

    John Boyle Guest

    In message <45842faa$>, AD
    <> writes
    >I have produced a balance sheet and profit and loss sheet for the year in
    >question, do I just send that to them?
    >
    >An accountant wants to charge me over £1000 for submitting the accounts, but
    >also wants to audit them.


    You dont need an audit.

    The info needed is quite limited but there are some other thngs like
    directors details etc., An Acct wold do just that few a few hundred
    quid.
    --
    John Boyle
     
    John Boyle, Dec 16, 2006
    #7
  8. AD

    Peter Saxton Guest

    On Sat, 16 Dec 2006 19:02:41 -0000, "eyup" <> wrote:

    >Sounds like on size limits you dont need audit so unless your into financial
    >services I think you'd be safe from an audit. I'm sure if you ring around
    >local firms and explain situation you'll find one that will get accounts
    >sorted and desolve the company for well under £1000. I'm not sure whether
    >you can submit accounts yourself without a qualified accountant but sure
    >someone will be along to let you know that one.
    >

    You don't need a qualified accountant but you should use someone who
    does it all the time otherwise they would not be able to do it
    properly.

    --
    Peter Saxton from London
     
    Peter Saxton, Dec 16, 2006
    #8
  9. AD

    Peter Saxton Guest

    On Sat, 16 Dec 2006 19:13:24 +0000, John Boyle
    <> wrote:

    >In message <45842faa$>, AD
    ><> writes
    >>I have produced a balance sheet and profit and loss sheet for the year in
    >>question, do I just send that to them?
    >>
    >>An accountant wants to charge me over £1000 for submitting the accounts, but
    >>also wants to audit them.

    >
    >You dont need an audit.
    >
    >The info needed is quite limited but there are some other thngs like
    >directors details etc., An Acct wold do just that few a few hundred
    >quid.


    I would charge around 400 pounds for taking fully reconciled draft
    accounts and putting them into full and abbreviated statutory accounts
    and a tax return.

    --
    Peter Saxton from London
     
    Peter Saxton, Dec 16, 2006
    #9
  10. AD wrote:

    > I have produced a balance sheet and profit and loss sheet for the year in
    > question, do I just send that to them?


    You don't need to submit a profit and loss account, but you do need some
    notes to the accounts, and a director's report.
     
    Jonathan Bryce, Dec 17, 2006
    #10
  11. AD

    Daytona Guest

    On Sat, 16 Dec 2006 17:40:55 -0000, "AD"
    <> wrote:

    >An accountant wants to charge me over £1000 for submitting the accounts, but


    I pay £350 for accounts and corporate tax returns - small 1 person
    company. Accountant is in Farnborough, Hampshire.

    Daytona
     
    Daytona, Dec 17, 2006
    #11
  12. AD

    Adam Guest

    "AD" <> wrote in
    message news:45842faa$...
    > hi,
    >
    > anyone have any advice on submitting abbreviated accounts? what do I need
    > to
    > send to Companies House?
    >
    > I have produced a balance sheet and profit and loss sheet for the year in
    > question, do I just send that to them?
    >
    > An accountant wants to charge me over £1000 for submitting the accounts,
    > but
    > also wants to audit them.
    > I don't have money for this as the company makes no money and I am a
    > student.
    >
    >


    I think you'd be unwise to try this without an accountant, but agree with
    others that the accountant seems to be quoting way over the odds. That's
    about what my accountant charges me for submitting my accounts, which
    includes calculating my corporation tax, and my business has a turnover of
    about a quarter of a million.

    Mind you, I send my accounts to my accountant in a very organised form
    already. If you are just submitting an unsorted pile of receipts and
    invoices in a shoe box, then it's going to cost a lot more. Make sure your
    accounts are as tidy as you can reasonably make them and that the accountant
    who quotes understands that you've already done a lot of the basic
    book-keeping work.

    Good luck!

    Adam
     
    Adam, Dec 17, 2006
    #12
  13. AD

    Peter Saxton Guest

    On Sun, 17 Dec 2006 08:17:44 +0000, Jonathan Bryce
    <jonathan@localhost> wrote:

    >AD wrote:
    >
    >> I have produced a balance sheet and profit and loss sheet for the year in
    >> question, do I just send that to them?

    >
    >You don't need to submit a profit and loss account, but you do need some
    >notes to the accounts, and a director's report.


    You don't need a director's report.

    --
    Peter Saxton from London
     
    Peter Saxton, Dec 17, 2006
    #13
  14. AD

    John Boyle Guest

    In message <>, Peter Saxton
    <> writes
    >>You dont need an audit.
    >>
    >>The info needed is quite limited but there are some other thngs like
    >>directors details etc., An Acct wold do just that few a few hundred
    >>quid.

    >
    >I would charge around 400 pounds for taking fully reconciled draft
    >accounts and putting them into full and abbreviated statutory accounts
    >and a tax return.


    Thats sounds fair enough.

    (I shant regard you post as an advert! :) )
    --
    John Boyle
     
    John Boyle, Dec 17, 2006
    #14
  15. AD

    Jon Griffey Guest

    In article <45843eed$>, AD
    <> writes
    >
    >"eyup" <> wrote in message
    >news:...
    >> sounds over the top quote and no reason for audit assuming you meet
    >> exemption criteria. Your best of having an accountant for many reasons. I
    >> know we bill small companies less than that, especially if reliable
    >> records are in place. Suggest another quote! Where you based?
    >>

    >
    >brighton and gloucester
    >
    >turnover less than 50k for first year, i am the only employee,
    >company is now not trading and I will probably wind it up in the new year,
    >
    >
    >


    If you will wind it up in the New Year then you might get away without
    filing any accounts at Companies House at all. Once you submit the 652a
    the outstanding accounts just die with the company. You will still need
    to submit full accounts to HMRC and a CT600.
    --
    Jon Griffey FCCA CTA
    Hackett Griffey
    Chartered Certified Accountants & Registered Auditors
    2 Mill Road, Haverhill, Suffolk, CB9 8BD

    Tel (01440) 762024

    www.hackettgriffey.com

    See website for disclaimers
     
    Jon Griffey, Dec 19, 2006
    #15
  16. AD

    Peter Saxton Guest

    On Sun, 17 Dec 2006 17:37:04 +0000, John Boyle
    <> wrote:

    >In message <>, Peter Saxton
    ><> writes
    >>>You dont need an audit.
    >>>
    >>>The info needed is quite limited but there are some other thngs like
    >>>directors details etc., An Acct wold do just that few a few hundred
    >>>quid.

    >>
    >>I would charge around 400 pounds for taking fully reconciled draft
    >>accounts and putting them into full and abbreviated statutory accounts
    >>and a tax return.

    >
    >Thats sounds fair enough.
    >
    >(I shant regard you post as an advert! :) )


    It wasn't!

    --
    Peter Saxton from London
     
    Peter Saxton, Dec 19, 2006
    #16
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