How to file Dormant Company Accounts?

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What Are Dormant Company Accounts?

Dormant company accounts refer to the financial statements prepared and submitted by companies with no significant transactions during a specific accounting period. These accounts reflect the company’s inactivity and are vital for maintaining compliance with the Companies Act 2006. A company is considered dormant if it has not engaged in any significant accounting transactions or operations.

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How to Register a Company as Dormant?

To register your company as dormant, certain steps need to be followed:

Inform Companies House:

You must notify Companies House of your company’s dormant status within three months of incorporation. This can be done by completing Form IN01 and ticking the appropriate box to indicate that the company is dormant.

Update the Company’s Constitution:

Amend the company’s constitution, known as the Articles of Association, to include provisions for dormant status. These provisions should outline the company’s intent to remain dormant and any restrictions on activities.

Satisfy the Dormant Company Requirements:

Ensure your company meets the criteria to be considered dormant, such as no significant accounting transactions, no employees, and no trading activity. This will help you avoid unnecessary reporting obligations.

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Filing Dormant Accounts:

Preparation of Dormant Company Accounts:

When preparing dormant accounts, adhering to the Companies Act 2006 and relevant accounting standards is essential. Dormant accounts consist of a balance sheet and accompanying notes, providing a snapshot of the company’s financial position.

Reporting Period:

Dormant accounts should cover a specific accounting period, typically one year. The reporting period starts from the date of incorporation or the previous accounting period’s end date.

Balance Sheet Requirements:

The dormant company’s balance sheet should include fixed assets, current assets, and capital and reserves. These accounts should be prepared in accordance with the applicable accounting standards, ensuring accurate representation of the company’s financial position.

Notes to the Accounts:

The accompanying notes to the accounts should provide additional information about the company’s dormant status, its activities during the reporting period, and any significant events that may have occurred.

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Filing Dormant Company Accounts Online:

The process of filing dormant accounts can be conveniently completed online through the Companies House WebFiling service. This electronic submission method offers several advantages:

Ease and Efficiency:

Filing dormant accounts online eliminates the need for paper-based submissions, streamlining the process and reducing administrative burdens.

Cost-Effectiveness:

Online filing is generally more cost-effective than traditional methods, as it eliminates printing and postage expenses.

Faster Processing:

Electronic submission ensures faster processing of your dormant accounts, reducing the waiting time for confirmation and updates.

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