Accounts at Companies House

lmiddleham

Hi

I want to have a nose at a companies accounts as I feel they might be having some problems and a friend works there so we're concerned.

The accounts have now been filed at companies house in the last couple of days as the WebCheck service has recently changed to show accounts have now been filed for year end 2009.

However, it says that the documents are not yet available for inspection. How long does it usually take for submitted accounts to become available?

Also the previous accounts (and more than likely these accounts) will be submitted as total exemption small accounts.

From what I understand this means I only get a balance sheet with limited notes and the company also won't have to be audited so will these accounts be reliable and will they show much info?

Thanks

burg

Usually takes a few days or so. If they are submitting abbreviated accounts then you will only get a balance sheet and some notes. You may be able to get a view of how the company was at the balance sheet date.

Just because the accounts aren't audited doesn't mean they aren't reliable. Most companies aren't audited and if prepared by a reputable accountant then part of the preparation should include various control accounts and other processes that help with the accuracy of the accounts.

If your friend has worries about their position can then not approach there boss with their concerns?

lmiddleham

The bosses are one of their major concerns so that's a no go!

Saying that I believe for these accounts they have bought in external accountants to help them prepare and file the accounts so I would assume they are reliable, moreso than if prepared in house.

Thanks for the reply

Monsoon

The accounts should be available in a few days I would have thought.

Yes, in all likelihood, it would just be a basic balance sheet unless they haven't taken advantage of the exemption to filing full accounts and you can only get limited information from this.

What it will show is the liquidity of the company, whether it's solvent, and if it has any reserves. What you won't be able to tell is how much profit it makes.

lmiddleham

I can get a rough idea of profit from the difference in retained earnings or will this balance sheet not show comparitive info for last year.

Obviously dividends could throw this out too.

groundy

Balance sheet will show comparatives but you will only get an idea in movement of retained profits. Dividends and taxation will distort net profit for the year.

Monsoon

You wont get an idea unless they never pay dividends, which you can't work out from the abbreviated accounts, so there really is little point trying to get anything meaningful on the profit side of things.

If there is a positive figure in retained earnings, they haven't made an overall loss, that's about as much as you can tell.