Why keep statutory records updated? - CloudCo Accountants

Why keep statutory records updated?

Why keep statutory records updated?

It is essential that you keep your company’s statutory records up-to-date. Do not underestimate the importance of these records – they are definitive proof of the company’s legal existence and its members, and include:

  • Register of shareholders
  • Minutes of directors’ and shareholders’ meetings
  • Register of directors and secretary
  • Register of charges
  • Register of directors’ interests in shares and debentures
  • Register of share or stock transfers
  • Register of debenture holders
  • Copies of directors’ service contracts

Confirmation statements and accounts

A company’s accounts and confirmation statement must be filed annually with the Registrar of Companies. Non-compliance will render the company liable to dissolution with liabilities subsequent to the dissolution being the responsibility of the directors.

Confirmation statements must be filed with Companies House. This replaces the annual return.

Statutory record penalties

The Companies Act provides for the Registrar of Companies to charge penalties and fines:

  • £150-£7,500 penalty for late filing of accounts (the amount depends on the status of the company and the degree of lateness)
  • £7,500 maximum fine for failure to submit accounts
  • £7,500 maximum fine for failure to file the composite return
  • £5,000 maximum fine for failure to hold an AGM
  • £5,000 maximum fine for failure to notify any changes of officer, etc.

How we can help with your statutory records

As part of our accounting service to client companies, we undertake on receipt of written instructions to keep the company’s statutory records up-to-date and forward the composite return to the company for approval before submitting them to the Registrar of Companies.

CloudCo Accountancy Group

CloudCo Group is a Chartered Management Accountancy Firm offering premium accounting services to a range of businesses and individuals from their office in Milton Keynes.

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