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Annual Accounts for Residents Company
3 Answers
Hi, I live in a small block of flats (8 units) and we had to register a company with Companies House.for the residents association as we bought the freehold etc.
Each year we have to have our accounts (expenditure etc) done and the information is sent to Companies House and this costs money that could used elsewhere.
What I would like to know is, as we are not a profit making company do I really have to produce annual accounts for Companies House ?
Any advise would be greatly welcomed.
Thanks,
Justin
Each year we have to have our accounts (expenditure etc) done and the information is sent to Companies House and this costs money that could used elsewhere.
What I would like to know is, as we are not a profit making company do I really have to produce annual accounts for Companies House ?
Any advise would be greatly welcomed.
Thanks,
Justin
Answers
Best Answer
No best answer has yet been selected by jnewns. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.From the Companies House website:
"We are a small company / dormant company (GBA3) / flat management (GBA9) / golf club etc. Why do I need to file documents?
The Companies Act does not distinguish between the sizes or types of private limited companies. All directors benefit from limited liability if the company folds. If a person wishes to register a company with limited liability to gain protection under the Companies Act, he must also comply with all the filing requirements of the Act.
These filing requirements enable anybody interested in the company to find out any relevant statutory information before becoming involved with a company. They will be able to find out how a company and/or its directors have performed in the past. This gives investors and customers a certain amount of protection before money changes hands."
See here for further relevant information:
http://www.companieshouse.gov.uk/about/gbhtml/gba3.shtml
Chris
"We are a small company / dormant company (GBA3) / flat management (GBA9) / golf club etc. Why do I need to file documents?
The Companies Act does not distinguish between the sizes or types of private limited companies. All directors benefit from limited liability if the company folds. If a person wishes to register a company with limited liability to gain protection under the Companies Act, he must also comply with all the filing requirements of the Act.
These filing requirements enable anybody interested in the company to find out any relevant statutory information before becoming involved with a company. They will be able to find out how a company and/or its directors have performed in the past. This gives investors and customers a certain amount of protection before money changes hands."
See here for further relevant information:
http://www.companieshouse.gov.uk/about/gbhtml/gba3.shtml
Chris
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