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Sign off Ltd Companies

MoobagMoobag Feels At HomeRegistered Posts: 59
I have been approached by a couple of companies recently to do Ltd accounts which I have had to pass over to an accountant. However this has resulted in them gaining a new client as they want to produce the accounts and not sign off what I have produced.

I was wondering if there is anyone in the Taunton area who would be willing to sign off these accounts for me. I would like to do more Ltd companies but will stick to the small companies with regards to accounts.

Any help greatly appreciated.

Comments

  • deanshepherddeanshepherd Font Of All Knowledge Registered Posts: 1,809
    What do you mean by 'sign off'?

    Do you want someone to review your work?
  • peugeotpeugeot Experienced Mentor Registered Posts: 624
    I interpreted this post as the originator wanting a chartered/certified firm of accountants to sign the accountants report which normally accompanies a set of financial statements prepared by a firm (I maybe wrong) - however as long as you're competent enough (and AAT licensed) to do the work then there's no need to have a chartered/certified accountant countersigning the financial statements for a small limited company as the director(s) sign them. The abbreviated accounts submitted to companies house are not legally required to have an accountants certificate attached to them (unless the financial statements have been audited).

    The only time legalities come into the limited company situation is when the financial statements require (by statute or shareholders/financiers request) external audit, then a qualified firm with registered auditor status would have to step in.

    Regards
    Steve
  • deanshepherddeanshepherd Font Of All Knowledge Registered Posts: 1,809
    Steve

    Is there a requirement to have an accountants' report at all?

    I seem to remember the last firm I worked for deciding it was a good idea not to have their firms details anywhere on the accounts. I can't recall whether they 'did away' with the report or not. I didn't hang around long enough to find out!
  • PoodlePoodle Experienced Mentor Registered Posts: 711
    I don't think that you have to have accountants reporting anything on your financial statements, only as Steve says where an auditors report is required.

    If you do not have an audit and as long as your accounts comply with UK GAAP then my understanding is that company law only requires them to include a profit and loss account, balance sheet and a directors report plus; unless you have exemption, a cash flow statement (FRS1) and a STRGL (FRS3)

    Adding the accountants details where they are not needed is really only advertising??

    Poodle
  • peugeotpeugeot Experienced Mentor Registered Posts: 624
    Hi Dean,

    I don't think nor recall there being anything in the Companies Act to say that an accountant/firm has to prepare an accountants report to be included in the financial statements, other than for audited financial statements which is the auditors report rather than the accountants report.

    However I know that firms under the jurisdiction of ICAEW and ACCA do have a requirement imposed on them to include an accountants report by virtue of the respective bodies bye-laws, but in terms of legislative requirement, I think that is as far as it goes.

    Best wishes
    Steve
  • MoobagMoobag Feels At Home Registered Posts: 59
    Thanks for the replies. Do you all do Ltd company accounts and if so what software do you use?

    I was advised not to do Ltd company accounts as they are to complicated! I was advised by someone to get them signed off, I assumed by that they meant for someone to review the work to make sure that everything was accounted for correctly!
  • peugeotpeugeot Experienced Mentor Registered Posts: 624
    The only complication with Ltd Co accounts is applying the Companies Act format and getting the disclosures correct other than that, provided you are competent enough to prepare Ltd co accounts then the disclosures should be taken care of using a 'disclosure checklist'. I've provided a link to a recently published article of mine which should help you.

    http://www.accountancystudents.co.uk/cms/professional_bodies/aat_read/problems_problems_and_more_problems/

    Regards
    Steve
  • PoodlePoodle Experienced Mentor Registered Posts: 711
    Excelent link Steve, Thank you.

    Poodle
  • PoodlePoodle Experienced Mentor Registered Posts: 711
    PS

    Steve,

    I tried to add some additional reputation for the link to your article but I had a little pop up telling me,

    "You must spread some Reputation around before giving it to Peugeut again"

    :lol::lol::lol:

    Poodle
  • peugeotpeugeot Experienced Mentor Registered Posts: 624
    Not to worry, Poodle. Thanks anyway!!:thumbup1:
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