In addition the directors are also responsible

In addition the directors are also responsible for submitting to companies house a set of financial accounts each year. Failure to submit a set of accounts can result in companies house striking off the Christian Dior Sunglasses,company from the company register and would also leave the directors open to penalty fines and a potential criminal prosecution.

If the dormant company is no longer required the directors can arrange for the company to be dissolved by one of two methods dependent upon whether the company has outstanding financial affairs. If the company has no liabilities then it may be able to apply to companies house for a voluntary striking Prada Sunglasses,off and dissolution. If the company has outstanding financial affairs then the voluntary liquidation procedures need to be followed.

The annual accounts a dormant company must submit to companies house each year consist of a balance sheet which also contains statutory notes in compliance with the companies act. For a private company the annual accounts must be delivered within 10 months of the financial year end, Louis Vuitton Sunglasses, commonly called the accounting reference date and filed each year thereafter even if the company has never traded.

The accounts of a dormant company can be filed online.

The annual accounts of a private dormant company do not have to be audited if exemption is claimed and would normally consist of an abbreviated balance sheet with the statutory notes. The directors report and profit and loss account are not required. If there has been any accounting transactions that would have appeared in a profit and loss account then the company would be disqualified from being dormant except for the exemptions stated above.

Companies house provide a standard form for the submission of a dormant company accounts. While suitable for companies that have not traded this form may not be suitable for a company that has balance sheet entries from a previous years trading activities when a more detailed balance sheet would be required.

The model set of balance sheets that a dormant might adopt are available from the companies house website and contain the statutory statements that should accompany the annual accounts stating the entitlement to Replica Oakley Sunglasses,exemptions from detailed accounts and audit and include a statement from the directors that the accounts have been correctly prepared.

The balance sheet must be signed and dated by a director before submission. If the option to file online has not been taken then the annual accounts should be posted either to companies house at Cardiff if the company registered office is situated in England and Wales or to Edinburgh if the registered office is situated in Scotland.