Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

SQE1 - BLP > 9. Companies: Recordkeeping, Filing, and Disclosure > Flashcards

9. Companies: Recordkeeping, Filing, and Disclosure Flashcards

1
Q

What are the 7 registers that a company must keep at its registered office?

A
  1. Members
  2. Directors
  3. Directors’ residential addresses
  4. Directors’ interests
  5. Secretaries (if any)
  6. People with significant control
  7. Charges against the company’s assets
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Where are the registers required to be kept, to be inspected by whom?

A

At the company’s registered address, to be inspected by members for free and the public for a fee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Which registers can the company elect to keep at Companies House?

A

Registers of directors and members

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the minimum time minutes of shareholders’ meetings must be kept?

A

10 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is a confirmation statement and is it always required?

A

An annual update from the company confirming that the information held by Companies House is up to date, and must be filed even if there have not been any changes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What must a company with share capital deliver with their confirmation statement?

A

A statement of capital if there has been a change since the last confirmation statement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Within what period of the end of the company’s accounting period must a confirmation statement be filed, failure to do so is a criminal offence?

A

14 days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Within what period from the end of the accounting period must (1) a private company and (2) a public company file their accounts?

A

Private company: Nine months
Public company: Six months

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What two things must be included in the accounts, and what view must they give?

A
  1. Balance sheets on the last day of the accounting period
  2. Statement of profit and losses

Must give a true and fair view of the company.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Who must approve that the accounts reach this standard?

A

The directors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What type of companies must file an annual directors report?

A

Medium and large companies, i.e. companies with more than 50 employees or turnover of £10 million or more

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What type of companies must file a strategic report, and what is the purpose of this?

A

Medium and large companies. Strategic report helps members assess how the directors have promoted the success of the company.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Concerning a director/officer, what two things must be reported to Companies House within 14 days?

A
  1. Appointment or termination
  2. Change in residential address
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Within what time period must special resolutions (including to reduce share capital), as well as ordinary resolutions to allot new shares be filed with Companies House?

A

15 days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Where a special resolution to reduce share capital is filed with Companies House, what must accompany it?

A

A statement of solvency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Within what time period of the issuance of new shares must Companies House be notified?

A

One month

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

When is a change of company’s registered office effective?

A

When it is filed with Companies House

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What four things must a company disclose on its letterhead?

A
  1. Registered name
  2. Part of the UK it is registered
  3. Company number
  4. Registered office address
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What must a company do if it displays the name of one director on its letterhead?

A

Display the name of all of them

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What three things must a partnership display on its letterhead?

A
  1. Name of the partnership
  2. Name of each member
  3. Business address
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

How long must BMs be kept by company?

A

at least 10 years

22
Q

Do ORs need to be filed at CHs?

A

No - except in limited cases
- important one = OR authorising the issue of shares.

23
Q

Do BMs need to be filed at CHs?

A

No

24
Q

Are all companies required to file their annual accounts at CHs?

A

No - small companies are exempt

25
Q

What other accounting requirement are small companies exempt from?

A

directors’ requirement to prepare annual financial report

26
Q

What qualifies as a small company?

A

satisfy at least 2 conditions:
1) turnover of max £10.2m
2) balance sheet of max £5.1m
3) not more than 50 employees

27
Q

What is a confirmation statement, and when does it need to be filed?

A

Annually - within 14 days of anniversary of company’s date of incorporation.

  • confirms company has complied with all their filing obligations for that year.
28
Q

Form used to file confirmation statement

A

Form CS01

29
Q

Form used when registering a new company at CHs

A

Form IN01

30
Q

Information contained in Form IN01

A

formed used when registering new company:

  • Full details of shareholders, directors, and company secretary (if any)
  • registered office
  • company’s name
  • # of shares company will have, their type, and nominal value
  • instructions on Articles (MA or not?)
  • Elect to make information generally contained in statutory books public.
  • any PSCs
31
Q

How long does a company have to keep a record of its directors’ service contracts?

A

for one year after contract expires

32
Q

How long does a company have to keep a record of its BMs and GMs minutes and resolutions?

A

10 years!

33
Q

What information is contained in a company’s confirmation statement?

A

confirmation of:
-company’s main business activities
- current directors/secretary, and PSCs
- issued share capital
- details of shareholders.

34
Q

Where a nominee holds shares on behalf of a beneficiary of trust, whose name must appear on the Register of Members?

A

nominee only (no need to give indication that the shares are subject to a trust)

35
Q

Under the Model Articles, does the chair of a general meeting have a casting vote?

A

No

36
Q

What is the process, and required filings for the transferring of shares?

A

1) Selling shareholder executes the share transfer form;
2) STF is sent to HMRC and stamp duty is paid within 30 days from date of transfer;
3) HMRC returns form to purchaser, who then sends it to the company;
4) Company can register transfer or refuse transfer by notifying the transferee ASAP and within 2 months;
5) Transfer is reported on company’s next confirmation statement lodged at CHs.

37
Q

Does the share transfer form to register a new transfer of shares need to be filed at CHs?

A

No, must simply mention transfer occured in company’s next confirmation statement.

38
Q

PSC01

A

Notice of person with significant control

39
Q

SH01

A

Return of allotment of shares

40
Q

SH03

A

Notification of buyback

41
Q

TM01

A

Termination of director’s appointment

42
Q

TM02

A

Termination of secretary’s appointment

43
Q

AP01

A

Notification of director’s appointment

44
Q

MR10

A

Registration of a charge

45
Q

CS01

A

Confirmation statement

46
Q

CH03

A

change company secretary details

47
Q

CH01

A

change director’s details

48
Q

AP03

A

Notification of secretary’s appointment

49
Q

AA01

A

Change accounting reference date

50
Q

AD01

A

Change registered office

51
Q

IN01

A

Register as a private company

52
Q

RR01

A

Re-register from private to a public company

SQE1 - BLP (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions