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Question re: Ultimate Controlling Party

When deciding the ultimate controlling party, is it deemed to be at the balance sheet date, or the date the accounts are signed off?  The reason I ask is because a director and 80% shareholder who was definitely the UCP at the balance sheet date has since resigned and relinquished all of his shares before the accounts have been signed off, and no longer has an involvement in the company.  There is now a new UCP who owns 75% of the shareholding, and has the ultimate control of the day to day running of the company.

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24th Apr 2012 15:10

FRSSE (assuming it is a FRSSE company), is silent on the subject, as far as I can see.

I think you need to disclose the UCP at the balance sheet date, and state explicitly that he/she was UCP at that specified date.

Then you would consider whether the current UCP needs to be disclosed as a post balance sheet event.

HTH - SA

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24th Apr 2012 16:49

Thanks

Towards excellence wrote:

FRSSE (assuming it is a FRSSE company), is silent on the subject, as far as I can see.

I think you need to disclose the UCP at the balance sheet date, and state explicitly that he/she was UCP at that specified date.

Then you would consider whether the current UCP needs to be disclosed as a post balance sheet event.

HTH - SA

 

Many thanks - that makes sense, and I shall do that.

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