FRSSE statements at odds with Companies Act Statements?
Has anyone else had a problem with CH rejecting accounts when using the following statements after the balance sheet for FRSSE accounts? The wording below was taken straight out of the FRSSE 2008 section 2.36 and 2.37 which I downloaded from the ASB website -
The company has taken advantage of the small companies exemption from audit. The directors acknowledge that:
- for the year ending XX/XX/XXXX the company was entitled to the exemption (under sections 475 and 477 of the Companies Act 2006);
- No member or members eligible to do so have deposited a notice requesting an audit within the specified time period; and
- The directors acknowledge their responsibilities for complying with the Companies Act 2006 with respect to accounting records and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss account for the financial year in accordance with the requirements of sections 394 and 395 (Duty to prepare individual company accounts and applicable accounting framework), and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts so far as is applicable to the company.
- The accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
· They have requested that the following statement be used instead -
- For the year ending XX/XX/XXXX the company was entitled to the exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
- The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
- The director's acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
- These accounts are prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Have I just made a bleeding obvious mistake here or are the FRSSEs incorrect/misleading in their statement on page 7 paragraph 3 under the heading 'Status of the FRSSE' that 'The legal requirements set out in the FRSSE are intended to reflect company law, including the Companies Act 2006 and amendments and regulations issued thereunder...'.
Someone else must have come across this already if following FRSSEs so I would be eager to hear their comments.
- Spam blocking 130 5
- Just for fun. 701 22
- VAT on purchase of plant from Germany 101 3
- Can we learn from the financial services industry? 76 1
- How to pay national insurance 503 16
- Director needs to withdraw 45k lump sum from company 210 4
- Landlord possible penalties for late registration for self assessment 207 9
- AccountingWeb is unworkable 130 1
- Small pool write off 210 4
- Bonus in june 235 2
- Where do I declare dividends in HMRC's Computations software ? 177 5
- reduce rate VAT on conversion from 2 to 1 dwelling 106 2
- HMRC Email 324 5
- CIS. Why is it so complicated? 1,926 21
- Employment status 215 3
- BIM47080 and director training before trade starts 176 5
- Accounting Software for Small Practice 990 23
- Hannah's blog post about fish 367 4
- Overlap relief 642 16
- Timescale for S455/S458 reclaims 168 3
- Theatre Tax Relief 481
- Has anyone been affected by the RBS payment breakdown? 376
- Windows 10 on-going support ... 371
- Straight line write off of Purchase Goodwill ??? 343
- Perkbox 309
- Self Assessment - What to enter on the return 302
- Compensation - Taxable or not then CGT or IT 269
- FRS 102 compliant illustrative accounts for an insurance company 267
- Document Management Systems 249
- WIP Software 229