Co A directors X & Y, between the various share classes own all shares between them T/over =3.5m B/sheet net assets = 500k
A Note in the accounts shows an amount, owed by group undertakings [ debtor 300k]
Accounts are unaudited, & prepared by a top 20 firm
Co A files own CT tax return
Directors X& Y have several other joint businesses...... and X has additional outside director + shareholder interests
Not sure how to put a Group together if applicable ?
Should Co A in fact be audited, as part of a group, note was a bit of a giveaway surely ? & what are current audit requirements in these circumstances?
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Replies (6)
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If the group is small, there is no requirement to prepare group accounts.
Criteria, 2 out of 3 of the following, for group:
1. Turnover <£7.8m (£6.5m net, i.e. removing all intra group transactions)
2. Total assets <£3.9m (£3.26m net, i.e removing all intra group balances
3. Employees <50.
These criteria would have to be breached (i.e exceeded) for 2 years in a row before the group becomes medium sized.
SA
And if the group is small ...
... there is no requirement for the accounts of parent or subsidiary companies to be audited.
am i being thick?
If all the shares of company A are owned by the directors (X&Y) how can there be a group company debtor? Surely there isnt a group?
Associated companies yes, but I'm not seeing a group :S
probably just being thick.......
Doh! Thanks SA - sometimes I
Doh! Thanks SA - sometimes I surprise myself!
As I suspected, I was being thick.