Auditing

Does your company need an audit?

Your company must produce audited accounts if:

  • The company's annual turnover is more than £5,600,000 (£6,500,000 for periods commencing on or after 6th April 2008).
  • The company's balance sheet gross asset total is more than £2,800,000 (£3,260,000 for periods commencing on or after 6th April 2008).
  • The company was under the control of, or controlled, another company at any time in the accounting period and the group turnover or balance sheet total exceeds the above limits. Holding companies, subsidiary companies and companies within a group will all be in this category.
  • The company is one of a number of types of company that must have an audit, such as PLC's, banks, insurance companies or those with financial service authorisations.
  • If 10% of the shareholders give written notice at least a month before the year-end they can demand an audit.
  • Some banks or other lending institutions may insist on an audit in exchange for continuing support.

How can Davis Grant help your company?

  • We can prepare accounts for companies of all sizes, which comply with the Companies Acts.
  • We are Registered Auditors and can audit your accounts if an audit is required
  • We can submit your accounts to the Registrar of Companies within the strict time limits applicable.
  • We can maintain the company's statutory book and complete the company's annual return form and file it with the Registrar of Companies.
  • We can advise and assist you with routine and not so routine matters of company administration.
  • We can advise and assist you with all aspects of VAT
  • Some banks or other lending institutions may insist on an audit in exchange for continuing support.
  • We can prepare business plans, budgets and cash flow forecasts.

As Registered Auditors we are fully qualified under the provisions of the Companies Acts to provide an audit opinion on the financial statements of all limited liability companies. Our tests on your records and management controls provide an opportunity to review the company's operation and performance and offer independent and objective advice to assist in its future growth and development.

What if your company does not need an audit?

If your company is exempt from audit because it does not fulfil any of the above criteria then there are different requirements. In this case your company will need only a set of accounts which comply with the Companies Act and for which the Directors take responsibility. To take advantage of the audit exemption the directors have to make several statutory declarations in the accounts.

Of course Davis Grant have the necessary qualifications to draft the required declarations and to advise the Directors on the form and content of the accounts.

Contact the audit team today by emailing Audit@davisgrant.co.uk