limited company accounts

[alanwilton]

Does the companies act require small limited companies to have their accounts compiled by an accountant, or can I do it myself with sufficient knowledge.

[germanguyuk]

Ltd accounts must be done and signed off by an accountant.

Not because you can't possibly do it, but as it is a shareholder business set-up, it has to be verified by an independent auditor, in this case the accountant.

[dzug]

You can do it yourself with sufficient knowledge.

And provided no shareholder insists on an audit, you don't need an outsider to do that either.

Your turnover must be less than �1M for this.

I can quote chapter and verse from the Companies Act 1985 if you like.

[alanwilton]

dzug thank you for your answer re Ltd accounts, can you please quote chapter and verse from the Companies Act 1985, the Rule references will suffice if you can.

[dzug]

sections 249a and 249b are the ones to look at

For the year ending ddmmmyyyy the Company was entitled to exemption from audit under Section 249a of the Companies Act 1985 as having a turnover of less than �1 million.

No members have required the company to obtain an audit of the accounts for the year in question in accordance with section 249b(2).

The directors have taken advantage of the Companies Act 1985 in not having these accounts audited under Section 249a(1) (total exemption)

is the sort of wording in your annual report.

[Catso]

dzug is right. I've done ours (me & the wife's co.) myself for years. No problems with Companies House or the taxman. (Though they are very simple accounts!)