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Company accounts in dollars

Company accounts in dollars

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My client trades primarily in the USA and most sales and purchases are in US dollars. Can we prepare statutory accounts in dollars and file them at Companies House? - If so, what is the stautory/regulatory authority allowing this?

I realise we will have to convert the figures to sterling for UK tax purposes.
Nigel Harris

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02nd Jul 2006 23:03

Never had a problem with it in the past.
I used to work for the UK sub of an American broking firm and we did everything in US dollars. Management accounts, regulatory returns, statutory accounts, etc. We always submitted our statutory accounts to Companies House in US dollars with no problems at all.

Regards

Joy


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03rd Jul 2006 09:12

Foreign currencies
PwC's advice is:

"Although not specifically dealt with in the Act, the Registrar of Companies accepts annual financial statements prepared in a foreign currency, provided that the currency exists legally and the exchange rate to sterling at the balance sheet date is disclosed in the notes to the financial statements."

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30th Jun 2006 15:46

Company accounts in dollars
It it apparent from the fomer replies that this subject is confusing to say the least. If you ask Companies House on the phone they will say Sterling and Euro's only. I have however filed accounts with companies house in US$ with no rejection marked as filed on 24 April 2006 with nothing yet ! This was on the advice of EY so I just tired it ! The LLP inquestion was however part of a larger group so this may have made a difference. Perhaps if there is time before the deadline then try it !!

Another client for whom i have filed accounts for in Euro's has the CT600 figures in Sterling but the accounts which are filed with it are in Euro's !

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30th Jun 2006 14:58

Statutory accounts
It makes sense to prepare management accounts in the operating currency of the company, but I have always understood (although I cannot find any specific reference) that statutory accounts, presumably for both shareholders and filing at Companies House, must be in £ Sterling. As you have to convert to £ Sterling for the accounts for tax purposes, what is the problem with filing them at Companies House?

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By Anonymous
29th Jun 2006 16:42

No...
...you can't file in dollars (possibly euro's but I don't think this helps you!)

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By Anonymous
29th Jun 2006 17:59

Functional currency
Accounts should be presented in the functional currency of the company. This is a matter of fact rather than choice.

So if you are trading exclusively in US$ it would be appropriate to prepare accounts in that currency.

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By MTH
13th Apr 2017 21:43

As I understand from this (old) discussion. It is acceptable or even required to file the statuary accounts in a foreign currency.

However, if done so, what is the easiest way to convert it, for tax purposes?

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12th Dec 2017 16:50

A company has a euro bank account and a stg bank account - do I have to convert all euro account transactions to stg to prepare the accounts for tax ands filing purposes?

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