frs102 or frs105

i have a company limited by guarentee it is a private members snooker club

Didn't find your answer?

which structure should i use when preparing accounts

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RLI
By lionofludesch
04th Feb 2018 16:48

There's nowhere near enough information to say.

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By harrycorns
04th Feb 2018 18:28

ok - The company is limited by guarantee and does not have a share capital. The liability of each
member is limited to 50 pence.
the turnover is 30k
tangible assets 96k
one employee
thanks

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Replying to harrycorns:
RLI
By lionofludesch
04th Feb 2018 18:39

harrycorns wrote:

ok - The company is limited by guarantee and does not have a share capital. The liability of each
member is limited to 50 pence.
the turnover is 30k
tangible assets 96k
one employee
thanks

Doesn't matter whether it's a guarantee company or not. Not sure what you mean by tangible assets - but, in any case, you qualify on the basis of turnover and employees to do FRS 105 accounts - if you wish.

This on the proviso that last year's weren't wildly dissimilar.

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By Matrix
04th Feb 2018 20:09

Is there an AGM? I prepare accounts under FRS102 for a company limited by guarantee since there is an AGM and there is more disclosure.

Is it the first year, if not, were micro accounts prepared in prior years?

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By lionofludesch
04th Feb 2018 22:27

Agree - what do the members want ?

They may be happy with FRS 105 accounts together with non-statutory additional information.

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Replying to Matrix:
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By harrycorns
05th Feb 2018 09:16

yes - there is an AGM - they have been going since 1933 - micro accounts were not prepared last year - was planning to prepare from this year.

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RLI
By lionofludesch
05th Feb 2018 09:22

Again - you need to see if the members are happy with FRS 105 accounts, with their bu99er all information.

It's one thing for an owner managed business to file FRS 105 accounts - they have access to as much information as they wish. But if I was a member of a club with no access to the books, I'd want a bit more.

Last thing you want is to present accounts to the AGM and have them rejected.

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