Audit Exemption For Dormant Companies - Company Formation - UK Registration Services
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One of the main exemptions available to these companies is that they can submit accounts which contain
relatively fewer pages than those of a trading company. This in theory should
make the account cheaper to produce and thus save the company time and money.
A dormant company is a company which does not trade, that is, has no significant transactions in an accounting year. Significant transactions do not include the selling of its own company shares, preparation and submission of the annual return and other statutory matters which any company could engage in from time to time. The list also includes fines and penalties which may be imposed on the company as a result of no compliance with certain rules and regulations. Dormant accounts need only include a balance sheet. The notes to the accounts and profit and loss account can be left out for obvious reasons. There is no requirement to have the accounts audited as again this exercise would have little benefit. An alternative means of dormant account submission is through the use of the Companies House form which can be submitted online. This provides a quick and largely non technical forum for dormant accounts to be sent to the Registrar of Companies. It is estimated that the use of this form will increase substantially in the future as more and more documents are filed online and by the individuals who own and run the company rather than by accountants and other professional who have traditionally carried out these tasks.
1. Forming A Company Just Became Easier2. Statutory Requirements For New Companies
3. Non Profit Organisations
4. Company Directors and Secretaries
5. Annual Returns6. Accounts and Accounting Reference Dates
7. Company Auditors
8. Share Capital and Prospectuses
9. Late Filing Penalties
10. The Costs and Benefits of Company Registration
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