6g Administritive Consquences of Incorporation Flashcards

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1
Q

What registers should a company keep?

A

Register of:
-Members
- Directors & company secretary
- PSC’s
- Charges
- Other documents (e.g. resolutions and minutes of meetings must be kept for 10 years)

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2
Q

What needs to be on a register of members?

A
  • Name
  • Addresses
  • Date became/deceased
  • Number of shares
  • Type of share
  • Amount of shares paid up
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3
Q

What needs to be on a register of Directors and Company Secretary?

A

-Name
- Occupation
- Nationality
- Other directorships within last 5 years
- Date of birth
- Addresses of directors (not made publically available

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4
Q

What needs to be on a register of PSC’s?

A
  • Names of people who own or control the company.
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5
Q

What needs to be on a register of Charges?

A
  • Name of chargee
  • Type of charge
  • Property charged
  • Amount
  • Date created
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6
Q

What needs to be on a register of other documents?

A
  • Resolutions and minutes of meetings kept for 10 years.
  • Directors statement.
  • Auditors statement.
  • Directors service contracts.
  • Detials of indemnity provisions restricting director’s liability.
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7
Q

Where must the registers be kept?

A

At the company’s registered office (register of members and directors interest can be kept where they are made up).

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8
Q

Must the registers be publically available?

A

Yes

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9
Q

What accounts and reports must a company prepare and submit to the Registrar or keep for their own records?

A
  • Confirmation statement
  • Accounting records
  • Annual accounts
  • Directors report
  • Directors remuneration
  • Auditors report
  • Strategic report
  • Companies (Misc reporting) Regulations 2018
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10
Q

What is a confirmation statement?

A

Document submitted every 12 months stating whether there has been changes to key info re share holdings etc.

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11
Q

What accounting records must be kept?

A

Details of money received and spent, record of assets and liabilities and stock take.

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12
Q

What must the annual accounts consist of?

A

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.

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13
Q

What must a directors report consist of?

A

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.

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14
Q

What must an auditors report consist of?

A

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.

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15
Q

What will a strategic report contain?

A

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.

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16
Q

What additional disclosures must a company make under the Companies Regulations Act 2018?

A
  • Report on engagement with stakeholders
  • Statement in the strategic report as to how the directors have complied with their duty to promote the success of the company.
  • Statement of corporate governance arrangements stating which corporate governance code has been applied and how.
  • Ratio of CEO pay to employees pay in directors rem report.
17
Q

The Registrar are required to maintain the following, Annual accounts, confirmation statement and change of directors. What else must they maintain?

A
  • Certificate of incorporation
  • Trading certificate
  • Certificates of registration of charges
  • Special resolutions
  • Changes of directors
18
Q

What are the micro-entity thresholds?

A

Must satisfy 2 of the following:
<= £632k turnover
<= £316k gross assets
<= 10 employees

19
Q

What are the small company thresholds?

A

<= £10.2m turnover
<= £5.1m gross assets
<= 50 employees

20
Q

What are the medium sized company thresholds?

A

<= £36m turnover
<= £18m gross assets
<= 250 employees

21
Q

Who are exempt from an audit?

A
  • Micro and small companies
  • Dormant companies
  • Non-profit making companies
  • Sub co’s whose parent guarentees their liabilities o/s as at the balance sheet date
22
Q

What is an auditors right of access?

A

They have access to all books and accounts

23
Q

Can an auditor be removed?

A

Yes by ordinary resolution with special notice.