Company Ceased Trading & Final Accounts

Discussion in 'Accounts & Finance' started by tingley20, Feb 26, 2010.

  1. tingley20

    tingley20 UKBF Newcomer Free Member

    Posts: 7 Likes: 2
    Hello Guys.

    Some of you may remember a few weeks back I mentioned my business was going to cease trading - well on the 13th February it did!

    Can anyone advise me how I deal with my accounts. As of yet I have not applied to Companies House to have the company struck off so the first question is do I do this before or after I submit accounts?

    Second question is - when it comes to accounts, our reference date is 05/04, which is the same as the tax year. Therefore can I submit my final accounts now? given the fact I need to apply to have the company struck off or do I need to wait till after the Accounting reference date?

    I can compile my accounts no problem, just need to know in what order to deal with it?
    Posted: Feb 26, 2010 By: tingley20 Member since: Feb 8, 2010
    #1
  2. Jaykay

    Jaykay UKBF Contributor Free Member

    Posts: 165 Likes: 33
    You need to change the year end of the company by shortening it to 13/02 at Companies House otherwise they will reject the accounts. Then submit the final accounts to Companies House and Inland Revenue. Tell the Inland Revenue that they are finals and ask them not to object to a striking off. Make sure all creditors are paid and bank accounts are emptied and closed. Then wait 3 months and apply to Companies House to have the company struck off.

    Sounds easy!
    Cheers.
    Posted: Feb 26, 2010 By: Jaykay Member since: Feb 1, 2010
    #2
  3. David Griffiths

    David Griffiths UKBF Regular Moderator

    Posts: 10,270 Likes: 3,260
    You can't apply to get the company struck off until three months after cessation of trade. That means that you can make up accounts to the normal date and no need to change the accounting date.

    There's no information on whether the company owes any money, so there's not much else that can be said
    Posted: Feb 27, 2010 By: David Griffiths Member since: Jun 21, 2008
    #3
  4. Philip Hoyle

    Philip Hoyle UKBF Regular Free Member

    Posts: 1,994 Likes: 1,007
    You only need accounts to support the corporation tax return - Companies House won't require you to file the final period accounts with them.
    Posted: Feb 27, 2010 By: Philip Hoyle Member since: Apr 3, 2007
    #4
  5. Smilone

    Smilone UKBF Newcomer Free Member

    Posts: 24 Likes: 1
    Hi,

    My company hasn't traded for a number of months now, so we are closing it, as we do not wish to continue with the venture.

    Today I closed the bank account, and emptied it in order to repay some of the debt owed toward a directors loan.

    Do I still have to wait 3 months to apply for the company to be struck off? ie does 'cessation of trade' mean no activity at all, not even winding down? (emptying the bank account is the only thing we have done for the last five months!) I can submit final accounts now, they are prepared, barr the second query below -

    The only debt the company has is is a directors loan from myself. I am the only remaining creditor, and I do not wish to pursue any money owed. How do I display this in the accounts? Do I just write it off somehow?

    I have tried calling HMRC for advice, but the line is constantly busy, no matter when I call.

    Thanks
    S
    Posted: Apr 11, 2011 By: Smilone Member since: Jan 26, 2011
    #5