Statutory records

It is essential that you keep your company's statutory records up-to-date. Do not underestimate the importance of these records - they are definitive proof of the company's legal existence and its members, and include:

• Register of shareholders
• Minutes of directors' and shareholders' meetings
• Register of directors and secretary
• Register of charges
• Register of directors' interests in shares and debentures
• Register of share or stock transfers
• Register of debenture holders
• Copies of directors' service contracts

Annual returns and accounts

A company's accounts and annual return must be filed annually with the Registrar of Companies. Non-compliance will render the company liable to dissolution with liabilities subsequent to the dissolution being the responsibility of the directors.

Penalties

The Companies Act provides for the Registrar of Companies to charge penalties and fines:

• £150-£7,500 penalty for late filing of accounts (the amount depends on the status of the company and the degree of lateness)
• £7,500 maximum fine for failure to submit accounts
• £7,500 maximum fine for failure to file the annual return
• £5,000 maximum fine for failure to hold an AGM
• £5,000 maximum fine for failure to notify any changes of officer, etc.

How we can help

As part of our service to client companies, we undertake on receipt of written instructions to keep the company's statutory records up-to-date and forward the annual return and accounts to the company for approval before submitting them to the Registrar of Companies.

Do call us if you would like further help or advice on this subject.