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Accounts for community interest company

I use PTP accounts software but can't seem to adapt it to produce accounts for a community interest company (i.e. no share holdings). Do you know a work around for this or can you suggest other software or template providers please?

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11th Feb 2010 10:18

I cannot help you ...

... with CICs as I have no idea about their accounting requirements, but companies limited by guarantee also have no share capital.  In IRIS, you have to set up the type of company (Limited by guarantee) and don't enter any share capital details.  Share capital doesn't then appear on the balance sheet.  The heading is just Reserves, there is one line for Profit & Loss account and no description (it is usually Shareholders Funds) against the total.

Would this be appropriate for a CIC?  Could you not do the same in PTP?

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By ellops
11th Feb 2010 17:30

Thank you very much for your response; you eased the fear of posting a stupid question! I have tried to adapt PTP as you suggest, but get a 'critical warning' printed on every page of the accounts if no share capital is entered even though everything balances. If I enter a zero in share capital, then I can print off clean accounts, but the line for called up share capital appears as nil and the title at the bottom of the balance sheet is Shareholders' funds, which I think looks unprofessional. You've inspired me to have another try :)

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CICs can have shares, but with major restictions about what dividends they can vote.

The accounts are the same (as far as I know) although I did get a letter from Companies House checking the solvency of the company.

The only difference is you have to file the accounts with the CIC report detailing the objectives etc of the CIC.

 

 

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