Companies act

Group accounts

The requirements of the Companies Act regarding the preparation of group accounts are based on the company's size.

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Financial year

A company's financial year is determined by its accounting reference date in each calendar year.

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Accounting records

The Companies Act prescribes that every company must keep adequate accounting records

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Company secretary

A private company is not required to have a secretary, while a public company must have a secretary.

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Records of directors' meetings

The Companies Act requires a company to keep records of its director's meetings. The responsibility for these records rests with the company's Board of Directors.

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Directors' liabilities

Companies Act provisions protecting directors from liability

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Directors' service contracts

The company is required to keep directors' service contracts or any memorandum of terms at the company's registered office, or at any place specified under section 1136, as section 229 confers rights on members to inspect a request copies.

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Related director agreements

The Companies Act requires that a company may not take part in an arrangement under which another person enters into a transaction that, if it had been entered into by the company, would have required approval under sections 197, 198, 200 or 201, and that person, in pursuance of the...

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Loans to directors

The Companies Act permits a company to make a loan to a director. A loan or guarantee must be approved by a resolution of the members of the company.

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Director's transactions requiring members approval

Where a service contract is, or maybe, longer than two years.

This is a complicated area of the Act and we recommend that advice be sought with regard to long term service contracts.

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