April 2008 sees the implementation of the next stage of changes to the Companies Act 2006 affecting private limited companies. The main areas that directors of limited companies should be aware of are:

Accounts changes

Limited companies with accounting periods starting on or after 6 April 2008 will be required to file annual accounts with Companies House nine months after the end of their yearly accounting period.

The introduction of full calendar months for filing periods. Where the accounting period ends on a month end, the accounts filing period will end on a month end (except for the first accounting period).

Audit Exemption Threshold changes

In order to qualify for total audit exemption, a company must:

· Qualify as small

· Have a turnover below £6.5 million

· Have a balance sheet total of below £3.26 million

Company Secretary changes

The provision to allow private limited companies to choose whether or not to have a company secretary. This will make it easier for single person companies to operate. If the company decides not to have one it will need to inform Companies House.

Company secretaries will now be able to give a service address for publicly available details to ensure greater privacy.

If you would like more advice on the changes and how they may affect you, please let us know.