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Constructionline have rejected Micro-Entity Accounts

Constructionline have rejected Micro-Entity...

I have just had a client submit their annual accounts, which were prepared under the Micro-Entities Accounts Regulations, to Constructionline, who rejected them "as they failed our Decisions Tree" and insisted on "full accounts for limited companies, including full notes". Has anyone else come across this situation, or has anyone had Micro-Entities Accounts accepted by Constructionline?

I really do not want to have to go back to producing Small Companies Accounts for a one man professional services business just for Constructionline if possible.

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26th Feb 2016 16:02

I have no idea about contructionline's policies, but I will say that if I were running a vetting company then I would not accept micro entity accounts either. In the same way that I wouldn't accept a child's finger painting of a house as a substitute for a house-buyer's survey.

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26th Feb 2016 16:06

Avoid ME accounts

This is the main reason why I have avoided ME accounts.

Also has anyone had problems with lenders when they can't find the dividends figure in ME accounts?

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By Phi
17th Mar 2016 12:52

No Problems

I have had half a dozen mortgage references accepted with Micro Accounts. As far as dividends are concerned, I always prepare (not for HMRC) a non statutory detailed balance sheet, which does show the dividends. VT Accounts provide the template for the non-stat balance sheet.

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17th Mar 2016 14:18

Constructionline are a pain in the a***

Every year I submit our abbreviated accounts and sit back and wait for the inevitable response - we don't accept them please provide full audited accounts.

Then i explain that this is all they are getting.

They then respond with what they actually need

·         share capital,                 £     

·         reserves,                       £      

·         current assets,               £    

·         current liabilities,            £                   

·         long-term debt,               £  

·         profit before tax.             £                  

and

-        Turnover,                         £             

I supply this and all is good  - until next year.

Try giving them that - but you may need to speak to one of their accountants - if you can get them to answer the phone or call back within 5 weeks (Good Luck)

 

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17th Mar 2016 14:35

Users

When you decide what kind of accounts you need to prepare, you probably do need to bear in mind what information the users want.  Otherwise, as you say, you'll probably end up answering supplementary questions.

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17th Mar 2016 15:35

Good point my leonine friend

lionofludesch wrote:

When you decide what kind of accounts you need to prepare, you probably do need to bear in mind what information the users want.  Otherwise, as you say, you'll probably end up answering supplementary questions.

My point in relation to ConstructionLine is that most of what they need is available from what i send and only PBT and turnover are additional disclosures. Not all the users of Constructionline want to / need to or should do their accounts to meet the higher levels of disclosure required by larger companies.

And as to why it exists....that's another story.

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