Community Interest Companies

Community Interest Companies

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I have just had an enquiry from a Community Interest Company. I must admit that I have had no dealings up to this point with CICs and have googled to try and get some basic information.

Are they essentially ordinary limited companies with the same reporting and regulatory requirements other than things like "asset locking"? Can they be prepared by non audit regulated accountants?

Any help would be appreciated. Just general help would be ok and pointers to where I can find more detailed info.

Many thanks.

Replies (3)

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Teignmouth
By Paul Scholes
22nd Jan 2012 11:51

Yes, that's about it

As you say just ordinary companies in most number/disclosure aspects but with Social Enterprise/asset lock considerations, including the need for a special CIC report over how the company's activities have benefited the community.  As you probably already know the font is the CIC regulator with a link on it's guidance page to the detailed regulations.

They fall under the normal rules for audit or non-audit and so, unless it needs an audit, no rules as to who prepares & submits the accounts.

Thanks (1)
Universe
By SteveOH
22nd Jan 2012 13:37

Thanks a lot to you both

It has helped me quite a lot.

Thanks (0)
avatar
By Chris Smail
22nd Jan 2012 18:19

The regulator is really helpful

And all the guidance there is is on that website.

Enjoy.

Thanks (1)