management account for T1E extension

georgina3499 · Post by **georgina3499** » Wed May 29, 2019 3:08 pm

Hi guys,

I'm preparing my Tier 1 entrepreneur extension now and have a question about annual accounts. If anyone could share your experience I will really appreciate.

The guidance said "if your business is not required to produce audited accounts, unaudited accounts and an accounts compilation report must be provided from an accountant".

I checked my previous annual accounts and found there is a page named accountants' report and looks like a template or similar content for all accountants' use for filling financial statements together to company house. I copied the content below:

In accordance with the engagement letter dated 12 April 2016, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.

This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 October 2017 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

Date
XXX xxxxxx Limited
ADDRESS

My question is, is this page actually the accounts compilation report? If so, is it okay for the title of this page as "accountants' report" instead of "accounts compilation report"?

Since I changed my accountant who made this accounts and it won't be cheap if I asked any additional document from him, I will be really appreciate if anyone could advise.

Post by **zimba** » Wed May 29, 2019 3:31 pm

Yes that is the report. It is standard

georgina3499 · Post by **georgina3499** » Wed May 29, 2019 8:21 pm

Thanks for your help, Zimba.

georgina3499 · Post by **georgina3499** » Wed May 29, 2019 8:53 pm

Hi guys,

I didn't see the requirements of how many years annual account on the guidance for t1e extension. Does anyone know or did any one only submit 1 or 2 years annual accounts for extension and got approved?

The reason why I'm thinking only hand in one year annual account is because my old accountant didn't write down my name of my director's loan in the annual accounts before. It only shows "director's loan" and the amount in balance sheet. Now I can ask my new accountant set relevant loan account and write down my name in the annual account this year. My question is:

1. will I just hand in 1 annual account or 3 annual accounts but the first two are not showing my name in the director's loan account?

2. do I need to prepare management account if my latest annual account is for the year end oct 2018 but my application will be in august 2019?

3. director's loan: I withdrawn cash or bank transferred in and out my director's loan during these 3 years. The amount shows in my director's loan agreement (the initial money invested) is different to the figure shows in my annual account now but it's still over 200k. Do I need hand in a director's loan account transaction statement? If so do I need hand in all 3 years' bank statements?

I will be appreciate If anyone can help.

Post by **CR001** » Wed May 29, 2019 9:13 pm

Topics merged!! No need for a new topic with each question on the same application.

georgina3499 · Post by **georgina3499** » Wed May 29, 2019 9:28 pm

Sorry about that. I will post questions here for later.

Post by **marcnath** » Thu May 30, 2019 9:49 am

georgina3499 wrote: ↑
Wed May 29, 2019 8:53 pm
Hi guys,

I didn't see the requirements of how many years annual account on the guidance for t1e extension. Does anyone know or did any one only submit 1 or 2 years annual accounts for extension and got approved?

The reason why I'm thinking only hand in one year annual account is because my old accountant didn't write down my name of my director's loan in the annual accounts before. It only shows "director's loan" and the amount in balance sheet. Now I can ask my new accountant set relevant loan account and write down my name in the annual account this year. My question is:

1. will I just hand in 1 annual account or 3 annual accounts but the first two are not showing my name in the director's loan account?

2. do I need to prepare management account if my latest annual account is for the year end oct 2018 but my application will be in august 2019?

3. director's loan: I withdrawn cash or bank transferred in and out my director's loan during these 3 years. The amount shows in my director's loan agreement (the initial money invested) is different to the figure shows in my annual account now but it's still over 200k. Do I need hand in a director's loan account transaction statement? If so do I need hand in all 3 years' bank statements?

I will be appreciate If anyone can help.

1. You only need 1
2. No
3. No, you don't need to submit those with your application.

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