Quick question about small club accounts

Kirsty813
Kirsty813 Registered Posts: 25 Dedicated contributor 🦉
in General accounting discussion
Hi,

My husband is helping out a small club with their accounts, He is doing them a excel spreadsheets and at the end of the year, he sends all of this to the club's accountant. The accountant checks the figures and uploads the information to company house.
My question is that the club is only small and the main turnover is membership and the main purchases are for a club magazine. Do the accounts need to be audited by a accountant or can we just send the infomation to comany house??
This is costing the club over £500 per year which is a big expense for a little club!
Thanks for your help

Comments

  • T.C.
    T.C. Registered, Tutor Posts: 1,448 Beyond epic contributor 🧙‍♂️
    If they are not a charity or a profit-making business, then no. Just keep sensible and accurate records. Everyone agree?
  • coojee
    coojee Registered Posts: 794 Epic contributor 🐘
    Why are the accounts going to Companies House? Are they are a limited company? If so then they won't need to be audited as I'm guessing they're not large enough to require an audit. If it's not a limited company then accounts don't need to go to Cos Hse. The question of audit or not is then determined by the club's constitution. It's possible (although unlikely) that the constitution may require an audit. So first you need to find out why the accounts are going to Cos Hse as I suspect they shouldn't be going there, then you need to dig out the constitution and see if that requires an audit. If there's no constitution then a simple receipts and payments account will suffice and no accountant need be involved at all.
  • Kirsty813
    Kirsty813 Registered Posts: 25 Dedicated contributor 🦉
    Yes, they are a limited company. We are just trying to help the club save some money.

    Thanks for all your help. :001_smile:
  • T.C.
    T.C. Registered, Tutor Posts: 1,448 Beyond epic contributor 🧙‍♂️
    In that case, you have no choice but to submit accounts. Perhaps you could try to find a cheaper accountant!!!

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