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Compilation Report

Only for UK Tier 1 (Entrepreneur) points system

Moderators: Casa, JAJ, ca.funke, Amber, Zimba, vinny, Obie, EUsmileWEallsmile, batleykhan, geriatrix, John, ChetanOjha, archigabe, push

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ZKshinvari
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Compilation Report

Post by ZKshinvari » Mon May 16, 2016 9:31 pm

(1) is compilation report same as accountant report which is included with every accounts or its is different thing

(2) if we are submitting 3 years accounts then we have to include 3 times compilation report or only once

I will appreciate your input

hina_pirzada
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Re: Compilation Report

Post by hina_pirzada » Mon May 16, 2016 10:41 pm

In your first point i am not sure wait for other members reply.

In second point if you are showing your investment in 3rd year (last year of ur leave to remain) so only include the last accounts where the investment is showing. Do not send all year account until you have spread ur investment in all three years.

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Zimba
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Re: Compilation Report

Post by Zimba » Tue May 17, 2016 8:47 am

(1) is compilation report same as accountant report which is included with every accounts or its is different thing
Yes, it is an extra page in your accounts inserted by your accountant
(2) if we are submitting 3 years accounts then we have to include 3 times compilation report or only once
Every account prepared should come with one
Advice is given based on my personal research and experience only. Do NOT contact me via private message for immigration advice

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sky_rise
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Re: Compilation Report

Post by sky_rise » Tue May 17, 2016 9:53 am

Hi everyone,

My accountant have included compilation report at the end of the accounts, just after the balance sheet signed by me and the notes section, and before the more detailed profit and loss account. he said it does not have to be page 3 for the compilation report, it can be also at the end. is that correct?
thanks.

SR
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Zimba
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Re: Compilation Report

Post by Zimba » Tue May 17, 2016 10:53 am

sky_rise wrote:Hi everyone,

My accountant have included compilation report at the end of the accounts, just after the balance sheet signed by me and the notes section, and before the more detailed profit and loss account. he said it does not have to be page 3 for the compilation report, it can be also at the end. is that correct?
thanks.

SR
It can be anywhere, this is not really an issue
Advice is given based on my personal research and experience only. Do NOT contact me via private message for immigration advice

ZKshinvari
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Re: Compilation Report

Post by ZKshinvari » Tue May 17, 2016 6:32 pm

zimba88 wrote:
(1) is compilation report same as accountant report which is included with every accounts or its is different thing
Yes, it is an extra page in your accounts inserted by your accountant
(2) if we are submitting 3 years accounts then we have to include 3 times compilation report or only once
Every account prepared should come with one
sky_rise wrote:Hi everyone,

My accountant have included compilation report at the end of the accounts, just after the balance sheet signed by me and the notes section, and before the more detailed profit and loss account. he said it does not have to be page 3 for the compilation report, it can be also at the end. is that correct?
thanks.

SR
Thank you Zimba88

n8net
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Re: Compilation Report

Post by n8net » Mon May 23, 2016 3:31 pm

I hv got my draft accounts reports from my accountant. and it has the following section
  • Company information
    Director's report
    Accountants' report
    Profit and loss account
    Balance sheet
    Notes to the accounts.
out of the above, I believe

a) The Notes to the accounts, should mention the DL ?
currently it mentions the DL, simply by Director's Loan Account £ 83,000
is this ok ? should it say my name too ?


b) which is the compilation report ? and wht should it say ?


c) I hv NOT taken over business, which means no need to mention job creation..right ?


d) what are the other crucial piece of info I should check it contains ?

e) which sections should I sign ?


d) where does the authenticity of the accountant himself is proved / he needs to sign etc ?
The first page just lists his address, no mention of accediated body, is that ok ?

I am due to extend in two weeks, appreciate your quick reply.

thanks

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Zimba
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Re: Compilation Report

Post by Zimba » Mon May 23, 2016 3:44 pm

a) The Notes to the accounts, should mention the DL ?
currently it mentions the DL, simply by Director's Loan Account £ 83,000
is this ok ? should it say my name too ?
Your FULL name should appear in the notes section opposite of the amount of loan
b) which is the compilation report ? and wht should it say ?
Something similar to this sample; http://www.immigrationboards.com/uk-tie ... l#p1291119
c) I hv NOT taken over business, which means no need to mention job creation..right ?
You do not need to get the accountant letter or send extra documents
d) what are the other crucial piece of info I should check it contains ?
e) which sections should I sign ?
Your FULL name and signature on director's report and balance sheet
d) where does the authenticity of the accountant himself is proved / he needs to sign etc ?
The first page just lists his address, no mention of accediated body, is that ok ?
The compilation report should specify the accredited body and you get the accountant signature on it too
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thutmose
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Re: Compilation Report

Post by thutmose » Mon May 23, 2016 4:07 pm

Hi zimba

My compilation report doesn't say anything about the accredited body. It's a standard report.
But the letter for accountant in their pad says about accreditation. Do I need to get that information written on the compilation report .

Not sure where they gonna put it though.

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Zimba
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Re: Compilation Report

Post by Zimba » Mon May 23, 2016 4:13 pm

thutmose wrote:Hi zimba

My compilation report doesn't say anything about the accredited body. It's a standard report.
But the letter for accountant in their pad says about accreditation. Do I need to get that information written on the compilation report .

Not sure where they gonna put it though.
Yes, better to get them to add an extra line there.
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cappachino
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Re: Compilation Report

Post by cappachino » Mon May 23, 2016 4:53 pm

My accounts are presented as follows:
end 2013 and end 2014 balance sheet P&l etc in one set (one set means both years shown on the same page side by side which is easy for comparison) with one compilation report. Hence one compilation report for two years accounts)
end 2014 and end 2015 balance sheet and P&l etc in one set with one compilation report. (2014 are on the first set and the second set)
What do you guys suggest should I have them separated hence one set of accounts for each year and hence one compilation report each.

n8net
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Re: Compilation Report

Post by n8net » Tue May 24, 2016 10:43 am

thanks Zimba.

the funny thing is. having looked at your example of what should be in the 'Compilation report' I can find similar section under the title 'Accountant's Report'. will that be ok ? or should it explicitly say COMPILATION REPORT.

the exact contents in my Accountant's report are as follows.

You consider that the company is exempt from an audit for the year ended 29 February 2016. You
have acknowledged, on the balance sheet, your responsibilities for complying with the requirements
of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These responsibilities include preparing accounts that give a true and fair view of the state of affairs
of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and
Loss Account, the Balance Sheet and the related notes from the accounting records of the
company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any
opinion on these accounts.


Given this,

a) is compilation report and accountant's report are same ?

b) should it also say the company is exempt from Audit, mine only mentions that under Balance Sheet, before where I need to sign ?


c) Given, it should be availablke in all three-year report, can we go and change the past accounts ?

Thanks

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Zimba
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Re: Compilation Report

Post by Zimba » Tue May 24, 2016 11:44 am

a) is compilation report and accountant's report are same ?
yes
b) should it also say the company is exempt from Audit, mine only mentions that under Balance Sheet, before where I need to sign ?
Yes it usually says that they did not perform an auditing on your account. This is because the accuracy of the account details is only based on what you reported
c) Given, it should be availablke in all three-year report, can we go and change the past accounts ?
It is just a extra paper. Add it to your printed version of your accounts. This does not need to be reported to companies house.
Advice is given based on my personal research and experience only. Do NOT contact me via private message for immigration advice

n8net
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Re: Compilation Report

Post by n8net » Tue May 24, 2016 2:54 pm

thanks Zimba,

but, you said "The compilation report should specify the accredited body and you get the accountant signature on it"

but neither your sample or mine has any mention of the accedited body. could you clarify please as to how this could be proved ?

also, in all three years the company has made loss as per accounts, is this ok ? its being doing good recently, so, is it better to a letter from the accountant to reflect this and paint a picture of progress and a profitable future the company for HO. in truth it is the case, with losses becoming lesser. what does everyone think ?

thanks

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Zimba
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Re: Compilation Report

Post by Zimba » Tue May 24, 2016 3:24 pm

but, you said "The compilation report should specify the accredited body and you get the accountant signature on it"but neither your sample or mine has any mention of the accedited body. could you clarify please as to how this could be proved ?
Ask your accountant to add the line in the report.
also, in all three years the company has made loss as per accounts, is this ok ? its being doing good recently, so, is it better to a letter from the accountant to reflect this and paint a picture of progress and a profitable future the company for HO. in truth it is the case, with losses becoming lesser. what does everyone think ?
HO has no issues with your company being in loss. Most start ups end up being in loss for years. You do not need to show anything to prove you are going to be profitable.
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n8net
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Re: Compilation Report

Post by n8net » Tue May 24, 2016 4:32 pm

thanks a lot Zimba.

just read somewhere on the forum that HO looks at applications of loss making companies in a negative light.

cheers for your answers.

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