The Companies Act 2006 is the longest piece of legislation ever created – with quite a complex implementation timetable.
If you are involved in the management of a limited company, there are two Companies Act changes which take effect from 6th April 2008 which you will want to note:
1. Filing Accounts
For all private companies the filing deadline for delivery of accounts to Companies House has been reduced from 10 to 9 months. The change will apply to accounting periods beginning on or after 6th April 2008. For public companies the deadline is reduced from 7 to 6 months.
Qualifying companies will still be able to file Abbreviated Accounts.
2. Company Secretary
For private companies only, the appointment of a company secretary becomes optional from 6th April 2008.
- the choice to continue with an existing appointed secretary is optional,
- if you decide to dispense with an existing company secretary after 6th April, you will need to advise Companies House using form 288b,
- you will not need to amend your Articles of Association unless there is a specific reference to a company having a secretary,
From the 6th April it will be possible to have a sole director and no company secretary.