Blogger
Share this content
0
2
906

Company - Limited by guarantee

Are the reporting requirements the same?
e.g. P&L and Balance sheet.
How do you report capital in the balance sheet if there are no shares issued?
james porter

Replies

Please login or register to join the discussion.

Simon's nearly right
Exemption from using 'limited' in the name depends on certain conditions. Quoting from the Companies House leaflet:

What kind of company can be exempt from using 'limited' in its name?

To be exempt, a company must be a private company limited by guarantee; the objects of the company must be the promotion of commerce, art, science, education, religion, charity or any profession; and the memorandum or articles of association must say that:
- any profits, or other income, are to be spent in promoting the company's objects;
- no dividends are to be paid to members;
- if the company is wound up, all the assets are to be transferred to another body which has similar objects, or which promotes a charity.

Thanks (0)

No share capital
Reporting requirements are largely the same, but you don't have the word Limited at the end of the company name.

No share capital so the balance sheet just 'balances' against reserves.

You will need a 'share capital' note which explains that the company is limited by guarantee and the extent of the members limit (£1 ?) but that no shares have been issued.

Thanks (0)