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Compilation report is simply a report that accountants often include in your accounts that declares they prepared the accounts according to the statuary laws on behalf of company directors. They also usually mention that they simply prepared the accounts based on what the directors reported and confirm if an audit was conducted or not. Sample:FKS21177 wrote:Hi All
what is account compilation Report? Is there any particular format for it.
Also we are Enterprenuer Team and want to know whic docs need to be signed by both directors ??
e.g, management accounts etc, do both directors have to sign before sending to companies house or only one can sign as well as my accountant say one is fine but sometimes Home office requirements are different from legal requirements.
Plz help me with those docs as well that need to be signed by both directors before sending to home office for extension.
Appreciate ur help in advance
Legally only one director has to sign the accounts off but I suggest both of you sign it as HO caseworkers have no clue about the business laws and mindlessly follow the guides they have. Also management accounts are abit different than company accounts that you submit to companies house. Management accounts are provisional reports compiled for the consideration of the directors or shareholders only (to give them info on how the company is doing)Report of the Accountant to the director of {insert the company name} limited (the company)
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the {year/period} ended {xx/xx/xxxx}.
We have prepared these finance statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the Balance Sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give “a true and fair view”.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting {year/period}. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
{signature of the accountant}
Thank you very much Legendfarlegendfar wrote:Hi KKL147
Cogratulations and you are the first one i heard to get extended with £50,000 route. i know its not easy to write down all the documents you submitted but it would be really helpful if you do so please. and could you please let us know your nature of business.. i have seeen in this form people submitted unnecessary documents but got extension.. what about what did you sudmit.. thanks in advance/..
aby00156 wrote:Hi KKL147,
Can you please paste a copy of the director loans agreement which you used for your submission. It would be helpful to many.
As a director of your own limited company, you are employed as a director by your own company. Therefore, by doing self assessment, you give one piece of evidence that you have no other income from anywhere else accept your own limited company.legendfar wrote:Hi KKL147
what is self assessment reports?
KKL147 wrote:Thank you very much Legendfarlegendfar wrote:Hi KKL147
Cogratulations and you are the first one i heard to get extended with £50,000 route. i know its not easy to write down all the documents you submitted but it would be really helpful if you do so please. and could you please let us know your nature of business.. i have seeen in this form people submitted unnecessary documents but got extension.. what about what did you sudmit.. thanks in advance/..
As you said, it is a big list of documents. However I will try to cover all.
1 - Application Forms
2 - Passports
3 - Previous BRP
4 - Funds Maintenance Bank Statement
5 - Companies House Certificate
6 - VAT registration certificate
7 - EL/PL/PL Insurance certificate
8 - Payslips of all the employees
9 - FPS for each submission (Signed by myself)
10 - Business Bank Account statements (I invested 50K in 12 instalments with various different amounts, therefore only statements attached where it shows Investment amounts)
11 - Personal Bank Account statements which shows investment transferred to Business Account
12 - Director's Loan Agreement
13 - CA cover letter
14 - CA letter which confirms each and every employee number of hours, hourly rate etc
15 - Business visiting cards, Letter heads and little more stationaries.
16 - Three years Annual Accounts (Make sure to sign these annual returns)
17 - Self assessments reports
18 - VAT final summary or till date summary
19 - Corporation Tax final summary report
20 - PAYE final summary report
21 - Payslips of all the employees
22 - Passport copies of all the employees
23 - Address proof for all the employees
24 - NI Proof for all the employees
25 - P46/P60/P45 for all the employees
I personally made sets of all the employees individually with a cover letter for each of them explaining the number of hours each month they worked, hourly rate paid, their start date or leaving date FPS copies in their particular sets.
I hope this helps.