One of the main responsibilities that Directors of a Limited company have is an obligation to ensure their company records are kept up to date and the company’s statutory obligations under the various Companies Acts are complied with.
Under the Companies Act 2006, Limited Companies no longer require a Company Secretary. But someone still has to carry out the Company Secretarial Duties (filing the annual statement, preparing the financial report, dealing with stock transfer forms, issuing share or membership certificates) and keep up with changes in legislation. For example, following a recent change Limited Companies are required to keep a register of Persons of Significant Control – people who are not Directors but who have some level of control over decision making.
The implications for not keeping company records up to date can be severe. Companies House impose penalties for late filing ranging from £150 if you are one month late to £1,500 for six months or more or even striking a company from the register. This can have severe consequences for property owners if their company holds an asset, for example the Freehold title to land or a building.
The whole area can be daunting for a Company Director, which has led us to set up our own Company Secretarial department. This team has the experience, processes and procedures to ensure clients’ statutory obligations are complied with and offers real peace of mind to the Directors with whom we work. It comes at a small additional cost to the overall block management services we provide but clients have the reassurance of knowing things are in safe hands.