Community Interest Company Accounts

First Year Community Interest Company Accounts

Our First Year Community Interest Company Accounts Service is a bespoke service and is only available by contacting us at customerservices@primeformation.co.uk or calling us on 0333 533 0264.

Limited Companies, LLPs, Charities and Charitable companies and Community Interest Companies [CICs] must keep accounting records. Accounting records among other things must contain:

• Entries detailing all money received and expended by the company. Records of income and expenditure of the company must be adequately kept. The records kept form the basis of preparing the profit and loss account
• A record of the assets and liabilities of the company forming the components of the Balance Sheet
• Statements of Stock held by the company at the end of each financial period
• Statements of Stock takings upon which the Statements of Stock were prepared
• Other than retail trade any other goods sold and purchased with the attendant list of the goods and the buyers and sellers.

Accounts prepared must be based on the sufficiency and adequacy of records kept. The accounts and returns made must disclose the financial position and performance of the company and comply with the requirements of the Companies Act 2006 and the UK issued Financial Reporting Standards [FRS] or International Accounting Standards [IAS]

If you are a director of a limited company or a member of an LLP you must prepare accounts for each financial year.

At Prime Formations, we have designed a 1st Year Accounting service to help you fulfil your responsibilities of delivering accounts to Companies, HMRC and other regulatory bodies such as the Charity Commission.

What does a set of Accounts include?

A set of Accounts must include the following:

• A Profit and Loss Account and Income and Expenditure Account for not-for-profit companies
• A Balance Sheet signed by a named director with his printed name inserted on the statement on behalf of the Board of Directors
• Notes to the accounts providing detailed information of the breakdown of the figures in the Balance Sheet and the reasons for adopting the various policies and standards used in preparing the accounts
• Group Accounts [if appropriate]
• A Directors Report signed by a secretary or director and their name printed on the report.
• An Auditors report unless exempt from audit

A Community Interest Company [CIC] is required to deliver financial accounts to Companies House within 9 months after the accounting reference date and for newly formed companies- accounts must be delivered within 21 months from the incorporation date. The filing deadlines are entrenched in the Companies Act 2006 and must be strictly complied with to avoid a civil penalty starting at a minimum fine of £150 and graduating to £1,500 or more on a time defined basis. It is a criminal offence not to file your CIC accounts within the stipulated filing deadlines.

Accountancy and Tax Service

Our Tax and Accounting Division-Prime Formation Partnership (a Firm of Qualified Accountants) Would deliver 1st Year CIC Accounts Service as follows:

1st Year CIC Accounts Service [CIC 34]

Once you place an order for this service, we would send by email an Accounts Production Schedule of Requests detailing what we require to produce your CIC financial accounts. During the process of the accounts production, we would liaise with you by email to ensure all accounting queries are fully answered, any missing document is notified to you and received and any unclear transactions appropriately dealt with. Once the accounts are produced, we would arrange an appropriate time to chat online about your accounts and finalise the same with you. We will confirm your tax liability [if a CIC Limited by Shares] and prepare the Corporation Tax Return accordingly. Any loss arising from the social enterprise would be carried forward and relieved against future profit.

Please note that the fee charged is strictly for the 1st Year Accounts Production Service only. We charge for Corporation Tax filing separately.

CIC Annual Report Service

The CIC Regulator considers that the CIC Annual Report should be robust in its reporting presentation providing every possible information about the CIC’s operations throughout the year. It is not designed just to meet the minimum standards of reporting.

The CIC regulations of 2005 prescribe minimum requirements as follows:

• Detailed information of the operations and activities of the CIC within the year for the benefit of the community
• Details of the consultative process with its stakeholders throughout the year
• Details of dividends declared or proposed on shares and performance- related interest paid with stated compliance to the capping rules
• Information on the transfer of assets to another locked body where applicable

Our stated fees are inclusive of the preparation of the CIC Annual Return and £15 Annual Fee for the submission of the same.

Regular Service – £349.89 Plus VAT

If we receive all answers to our requests the CIC financial accounts would be available for Companies House submission within 30 working days and our charge for this service is £349.89 plus VAT. Please note that this service is for CICs [Both CIC Limited by Shares [CLS] and CIC Limited by Guarantee [CLG] with a turnover not exceeding £150,000. For CICs with turnovers exceeding this limit, a separate additional charge of £250 per £100,000 in turnover would apply. For example, if your company turnover is £300,000, you would be required to pay an additional £375 in accountancy fees making a total of £724.89 plus VAT.

To ensure you do not fall into the Companies House penalty regime you must deliver your accounts to us at least 15 working days before your filing deadline which is normally 9 months after your accounting reference date.

Fast Track Service £499.89 Plus VAT

If we receive all answers to our requests the financial accounts would be available for Companies House submission within 10 working days and our charge for this service is £499.89 plus VAT. Please note that this service is for CICs [Both CIC Limited by Shares [CLS] and CIC Limited by Guarantee [CLG] with a turnover not exceeding £150,000. For CICs with turnovers exceeding this limit, a separate additional charge of £350 per £100,000 in turnover would apply. For example, if your company turnover is £300,000, you would be required to pay an additional £525 in accountancy fees making a total of £1,024.89 plus VAT.

To ensure you do not fall into the Companies House penalty regime you must deliver your accounts to us at least 15 working days before your filing deadline which is normally 9 months after your accounting reference period.