Companies act

Filing of accounts and late filing penalties

Companies are automatically fined if accounts are not submitted on time. Accounts should be normally be filed for a private company nine months after the company's accounting reference date.

An auditor's rights to information

Auditors are appointed by the members and are accountable to them. As a result it is important that auditors are given the information they consider relevant to the fulfilment of their duty to members.

Appointment of auditors

An auditor of a private company must be appointed for each financial year of the company, unless the directors resolve otherwise on the grounds that audited accounts are unlikely to be required.

Signing of accounts: directors and auditors

Subject to certain exemptions, a company that meets the small company criteria in respect of a financial year is exempt from the requirement to have an audit of accounts for that year.

Directors' report

One of the requirements of the Companies Act is that the approved accounts must include a directors' report

Group accounts

The requirements of the Companies Act regarding the preparation of group accounts are based on the company's size.

Financial year

A company's financial year is determined by its accounting reference date in each calendar year.

Accounting records

The Companies Act prescribes that every company must keep adequate accounting records

Company secretary

A private company is not required to have a secretary, while a public company must have a secretary.

Records of directors' meetings

The Companies Act requires a company to keep records of its director's meetings. The responsibility for these records rests with the company's Board of Directors.

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