Our company has traded for over 10 years and are growing at a steady rate. We are looking at becoming a Plc.
What are the advantages and disadvantages of becoming a Plc? Can a Plc file abbreviated accounts? we are confused about what qualifies someone to be the Company Secretary?
All comments appreciated
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A pain, but good for marketing purposes
My previous company did this (became a plc).
It was good for marketing purposes because lots of potential clients assume that plc's are big quoted companies. Most don't realise that a plc can just be a ltd with bigger share capital. But it was a pain for admin because if I remember correctly there were a few extra hoops to jump through (though nothing like what you have to go through for a real listing).
One big drawback...
... as a plc, the company will require a statutory audit of its accounts. Also, public status means the accounts submitted to the Registrar of Companies cannot be abbreviated accounts.
6 months (not 9 months) filing deadline for accounts
One further burden - a "show off" small company as a plc (like all plc companies) has just 6 months to file accounts at Companies House instead of 9 months as a "normal" small ltd co.
Either or
The Company Secretary needs three years experience as secretary of a private limited company OR to be a qualified accountant OR Chartered Company Secretary OR in office on 22 December 1980.