Help..... Limited companies!

Leanne3017 Registered Posts: 2 New contributor 🐸
As I fairly new MIP I am after a bit of advise please.

I worked in an accountancy practice for 10 years and when preparing Limited Company accounts we used to fill out a mini manual, a permanent file, a disclosure checklist and produced letters of representation and a report on books and records for each limited company.

I am now out on my own and have recently taken on my first limited company and not sure if I HAVE to do all of the above and if so.... where do I get the templates ect from??

Any advice would be great thanks


  • RAS
    RAS Registered Posts: 124 Dedicated contributor 🦉
    Assuming that this is not an audit, I would have thought all of the above is a bit over the top. Not sure what sort of fee you are quoting, but guessing if in the region of £500 or so, then maintaining all of the above would take up about half the budget. Keep correspondence and important information together in a correspondence file, I have never known letters of rep being produced for non audit assignments. Good luck with it.
  • Leanne3017
    Leanne3017 Registered Posts: 2 New contributor 🐸
    Thank you, that is really interesting to get your view - all I know is what I have had to do before in the accountancy practice and absolutely all limited companies had this done. It would save me a LOT of time not to have to do this - quite releived that it isn't a neccessity :) Thanks
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
    Leanne3017 wrote: »
    a mini manual - No
    a permanent file - Yes (sort of, not much in it unless there's particular info that needs carrying forwards)
    a disclosure checklist - Advisable
    letters of representation - No
    report on books and records for each limited company. - No, but some clients may appreciate it as an added value service

    Develop your systems as you want them. By all means draw on your experience, but all of the above seems OTT for small owner managed companies.
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