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Companies act 2006 time for a change
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Submitted by Gvt (Goodband Viner Taylor) Most people in business have heard about the changes brought in by the Companies Act 2006. Very simply, all limited companies need to be aware of them. Below are some of the changes, however, that affect SMEs immediately and over the coming months. The first point to highlight is the change in the time limit for filing accounts: Time limit reduction – After the year end, companies had 10 months to file their accounts with Companies House – now they have only 9 months. That’s if they are a private limited company. Public companies have only 6 months as opposed to 7. This new rule applies to companies whose accounting year begins on or after 6th April 2008. So too do the following points. Second – companies need to assess what size they are and what they may be in the coming months/year Size limits: What size is yours? The size criteria of Small and Medium companies have changed. The 3 defining criteria for a small company or group have increased to: Turnover <£6.5m (£7.8m gross) and Balance Sheet total <£3.26m (£3.9m gross) and 50 employees or less A medium company or group is now defined as: Turnover <£25.9m (£31.1m gross), Balance Sheet total <£12.9m (£15.5m gross) and 250 employees or less. Gross turnover is that which includes all inter-company trading and gross balance sheet total shows the total assets including any inter-company debt or credit. In addition, medium companies can no longer file abbreviated accounts. Although there were very few concessions given in abbreviated accounts for medium companies, the main one was non-disclosure of turnover. This will now be removed. The third and final point is about the audit threshold So who has to have an audit? All Medium companies are required to have an audit. To qualify as audit exempt, a company has to qualify as ‘small’ (2 out of the 3 criteria mentioned above (on a rolling three years) and have a turnover of not more than £6.5m AND total assets of not more than £3.26m. If your company’s most recent year of trading looks like it may take you outside the audit exemption criteria, now is the time to talk to your advisers. It is vital that you take advice early on so you can plan. These are just a few pointers for companies – especially those that are growing. The new rules and regulations are more complex than stated above but noting these changes is a starting point. For further information contact Melanie Viner on 0114 280 2930 or email melanie.viner@gvt-sheffield.co.uk www.gvt-sheffield.co.uk 
Our new home - gvt have moved
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Submitted by Gvt (Goodband Viner Taylor) Our firm has stepped back in time to mark the start of a bright new future. We have moved from our offices on Ecclesall Road South into a 130-year-old property on Kingfield Road, Sheffield. Steeped in history, it used to be the home of Arthur Robert Ellin, Sheffield´s Master Cutler, in 1901. We discovered from research that he was the first occupant of the property and decided to call it ‘Ellin House´. Fittingly, the current Master Cutler, Gordon Bridge, cut the ribbon at a special ceremony to mark the official opening which was attended by nearly 50 guests including Arthur Robert Ellin´s great grandson David Ellin. Mark Goodband, gvt´s managing partner, said: "This is the start of a new era for gvt and the staff are delighted with the new surroundings. Because of its history and position, the building has a grandeur all of its own and is absolutely ideal for us and our clients. Parking is easy, which is important, and we are also retaining our geographical position on this side of the city. The new offices are perfect for our business and we couldn't be more pleased to have found them." The firm occupied Ellin House ten years ago as tenants and jumped at the chance of buying it when it came up for sale last year. Guests at the opening included our clients as well as representatives of companies responsible for the refurbishment of the property. Another link between gvt and the Master Cutler´s office is that two years ago AESSEAL, the world-ranking mechanical seal specialists of which Gordon Bridge is chief executive, won a Standing Ovation award organised by the Sheffield Telegraph in conjunction with gvt.
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