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No consolidated accounts for private limited companies

Comment 23rd July 2010

This year we had to submit consolidated accounts along with the individual accounts for our individual companies under the new rules in the Companies Act 2005.  Why is the necessary, the shareholders of our company are in the same family, the companies are private limited companies with audited accounts. We had to include information in the accounts going back to 2007. There was considerable additional time on the part of our own accounts staff in the preparation of these consolidated accounts not to mention the additional £3000 that our accountants have charged us to prepare.  The need for consolidated accounts is totally uneccessary. It has cost us time and money during period when we have been trying to tighten our belts and ride the storm of the recession. we have made people redundant because of reducing order books and yet legislation is forcing us to spend cash on something that noone will ever look at.

Why does this matter?

 

This idea is important because businiesses don't need to spend time and money on useless bueracracy. If the Government wants this country to get back on its feet and become competitive again then get rid of this red tape for a start, Let businesses spend the time on getting business and gaining wealth for the country as a whole – the only people to gain here are the accountants and they earn enough already.  Please consider this seriously….. Thank you .

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