A charity organisation is in the process of registering it's organisation with charity commission. However, it started of by incorporating a 'limited by guarantee' company.
The company now wants to prepare their accounts for the first year of the organisation's accounting period.
What format of accounts should I adopt, esp with the profit and loss, that will serve the purpose for companies house filing as well as their purpose as a charity organisation. As if treated as charity organisation, a statement of financial activities is needed. But as a ltd company, would need to show profit/loss on a P&L account.
I spoke to HM revenue and they are not willing to exempt the organisation for CT until registeration with charity commission is absolute.
The problem is that the organisation wants their financial reports to be produced immediately, whereas CT return is not due for another 9mth. It's possible then that registeration as a charity organisation will be true then.
What do you advise in this instance