In this podcast Meg speaks with Michelle Wall, Director of Finance.
They discuss how we deliver value through efficient use of resources. This is the final podcast in a 6-part series, each one discussing our strategic goals.
You can read a transcript of this podcast on Podbean.
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Comment by David Greene posted on
Your search facility is great. However, reduced disclosure (i.e. abbreviated, abridged, filleted, etc.) small company accounts are absolutely useless and not fit for purpose. Similarly, confirmation statements are also useless and not fit for purpose. Every accountant I speak to agrees with this.
Before abbreviated accounts were introduced, all companies regardless of size, had to file a profit and loss account, balance sheet and meaningful notes. Small companies did not have to file notes that were as extensive as larger companies. The system worked perfectly well until someone, who presumably does not understand accounts, introduced abbreviated accounts for smaller companies. This comprised a meaningless balance sheet with very limited notes. Such accounts are useless.
Similarly, the annual return, a perfectly good annual document, was replaced with the confirmation statement, a useless document.
You have produced a great filing and search system for documents that are useless.
Accounts and documents filed at Companies House are nearly all produced by specialist computer programs. It would be easy to produce and file meaningful full accounts and annual returns for companies of all sizes. Please get whoever makes the rules to make that happen. I would be happy to help them.
Comment by jodiejohn posted on
Hi David Greene,
Thank you for your feedback.
Between December 2020 and February 2021, the Department for Business, Energy & Industrial Strategy and Companies House conducted a public consultation on a package of reforms affecting company accounts.
It focused on improving the quality and value of financial information on the companies register. Section 6 specifically asked questions around the filing options available for small companies and whether the level of financial information currently filed should be reviewed. We are currently analysing the responses. A link to the consultation can be found below.
Corporate transparency and register reform: improving the quality and value of financial information on the UK companies register - GOV.UK (www.gov.uk)
The Annual Return was replaced by the Confirmation Statement and requires a company to ensure their information is up to date, but additional flexibility is built into the process. There are not currently any plans to change the Confirmation Statement.