Chapter 9 Flashcards
What are all Limited companies required to maintain
Accounting records
Purpose and file accounts at companies house
What’s should scouting record be held
Either at the registered office
Or at a place directors think is suitable
Are the records open to inspection
Yes but only by the company’s officers and auditors
No right of inspection to the public
The period the accounts covers is known as
Accounting reference period which ends on a
Accounting ref date
What is an accounting reference date
Usually the last day of the month in eric the anniversary of the incorporation falls
What 3 size categories are there for companies
Small
Medium
Large
Breakdown the small subset
Micro entity which is applicable to v small companies
Are there any exemptions for small companies
Yes
Exempt form proposing if certain statements and the need for audit
When must accounts be laid before members for public and private companies that hold AGMs
Within 6 months after the end of the relevant accounting period if public,
Within 9 months after the end of the accounting reference period for a private company
Who should recurve copies of the accounts
All members and debenture holders of the company
What time frame should they receive copies of the accounts
At least 21 days prior to the General meeting at which the accounts are to be laid
What time frame should a public company file at companies house
Within 6 months of the accounting reference date
What time frame should a private company file is accounts to companies house
Within 9 months of the accounting reference date
What is the purpose of the strategic report
Informs members of the company
Assess how directors have carried out their statutory duties
What does the strategic retort allow
Allows companies to provide an explainable of their business, performance, strategy, markets they opiate in and principle risks
