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 company directors and company secretary
• Register of charges on the assets of the company
• Register of company directors' interests in shares and debentures
• Register of share or stock transfers
• Register of company debenture holders
• Copies of company directors' service contracts

UK Company annual returns and accounts

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

Penalties
The Companies Act 1985 provides for the Registrar at Companies House the ability to charge Late filing penalties and fines:

• £100-£5,000 penalty for late filing of company accounts (the amount depends on the status of the company and the degree of lateness)
• £5,000 maximum fine for failure to submit company accounts
• £5,000 maximum fine for failure to file the company annual return
• £5,000 maximum fine for failure to hold a company AGM
• £5,000 maximum fine for failure to notify any changes of company 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 Companies House.

If you require any more advice on this subject please contact us at kgn@kgn.com