Auditors Continued

Question 1

Annual confirmation statement 
What must it confirm?
What must it state changes to?(5)
When must it be filed?
When is the period usually?
What is failure to deliver?

Answer 1

Company has provided all info required in last 12 months
A dress of registered office
Prescribed particulars of directors/secretary’s
Type of company and principal business activities
Address where registers are kept
Statement of capital/members/shares

Within 14 days of expiry of previous 12 months
Anniversary of the date of incorporation
Criminal offence by company/directors/secretary

Question 2

Small company audit exemptions

Since 1st January 2016 company must have at least 2 of what to qualify as small company?

Answer 2

Annual turnover of no more than £10.2 million
Assets worth no more than £5.1 million
50 or fewer employees on average

Question 3

If the company is small what can it send to companies house?
What do these consist of?
What must they have on and be signed by?
What do abridged accounts mean for company information?

Answer 3

simpler balance sheet along with any notes
Directors name printed and be signed by the director
Less info shared publicly

Question 4

What can a small company also be exempt from?

What can they choose?

Answer 4

Don’t need to be audited

Whether to send copy of directors report and profit and loss accounts

Question 5

Micro entities
What are they?
What 3 things does it need 2 of to be one?
What accounts can you prepare if you’re a smaller company?
What can they send to companies house?
What do they benefit from?

Answer 5

Very small companies
Turnover of £623000 or less
£316000 or less on balance sheet
10 employees or less
Simpler accounts that meet statutory minimum requirements
Balance sheet with less info
Same exemptions available to small companies