Filing accounts at Companies House

[LondonDotGs]

Source: http://www.businesslink.gov.uk/bdotg/action/detail?r.l3=1073859917&r.l2=1073859227&r.t=RESOURCES&r.i=1073790502&r.l1=1073858808&r.s=sc&type=RESOURCES&itemId=1073790518

"Companies House recommends that companies use an accountant to prepare their annual accounts. However, if you prefer to prepare them yourself, you need to include:
A profit and loss account - or income and expenditure account if the company is not-for-profit.
A balance sheet signed by a company director.
An auditor's report signed by the auditor, unless your company qualifies for an audit exemption"

Question: Does this imply that a director can prepare and file the accounts of his own company at Companies House?

Thanks

Moss

[Ozzy]

Yes a company director can file your own companies accounts, subject to the company being below the audit threshold (£5 million turnover). Even when the accounts are done by an accountant a director still needs to sign them off.

[gj]

Oh dear, I am afraid this is a case of a non specialist at business link, pulling some details together and making it sound like a company just needs to cobble something together, to include a balance sheet, profit and loss account, directors report and some notes to the accounts.

In fact, the accounts prepared by the company need to comply with the companies act format and disclosure requirements and, even where abbreviated accounts are filed at Companies House, accounts complying with the Companies Act should still be prepared. In addition accounts should show a true and fair view of the company's profit and its position at the balance sheet date, even though the company may not need an auditor to express an audit opinion on the accounts truth and fairness.

Not many company directors will possess the knowledge of the requirements to ensure they meet them. In addition, accounts which are not in the correct format may result in questions from the Inland Revenue - who may think that correct accounting treatment may not have been applied either.

Finally, an accountant will of course also help on a number of other matters, including assisting with tax planning etc.

Directors might therefore consider having an accountant prepare the year end accounts, even though their is no legal requirement that they be prepared by an accountant.

That is my pitch on behalf of accountants everywhere!


Graham

[LondonDotGs]

Thank you Richard and Graham for your reply. I started this thread because I wanted to know if directors who are accountants or with accounting knowledge, but with no practising certificate can still prepare and file their own company's accounts at Companies House.


Moss

[Alpha]

Yes they can and I do :D