Inform Direct product update – January 2023

How are micro-entity accounts tailored to suit companies limited by guarantee?

The following elements ensure that the micro-entity accounts you produce using Inform Direct are tailored to suit companies limited by guarantee:

• The cover page mentions that the company is limited by guarantee.
• You can choose to include an optional members’ guarantee balance sheet note.
• There is an optional ‘Income Statement’ page for accounts for members.
• Terminology has been changed so that it is appropriate for companies limited by guarantee, such as reference to ‘surplus/deficit’ rather than ‘profit/loss’.
• The IXBRL tagged accounts produced are suitable for submission to Companies House and HMRC.

Can any company that is limited by guarantee use Inform Direct to file micro-entity accounts?

Most can. Inform Direct can help you prepare audit exempt micro-entity accounts, as long as your company is registered in England and Wales, Scotland or Northern Ireland. However, note that the Companies Act 2006 does not permit charities to file micro-entity accounts.

If you are unsure whether your company is eligible to file micro-entity accounts we produce a guide that explains how a company qualifies as a micro-entity and what types of company are excluded .

A streamlined process with plenty of time-saving features

Our process has been designed to help you complete each set of micro-entity accounts efficiently:

• Inbuilt checks and comprehensive help at each step ensure you get your accounts right first time.
• The appropriate balance sheet statements are automatically included ensuring your accounts are always compliant.
• You can generate draft accounts for review, and it is easy to return to the saved details to make quick edits.
• Subscribers can choose to produce accounts stamped with a watermark, indicating that they are draft, a file copy, a client copy or for approval.
• Pre-populated minutes and resolutions make it simple to document the board or director’s approval of the accounts.
• Accounts are produced in both .pdf format and IXBRL tagged versions.
• All accounts documents are automatically stored in your secure Document Library.

Only file the required pages

Inform Direct automatically takes advantage of provisions in the Companies Act 2006 and only files the required pages with Companies House. This ensures that the minimum details are made available on the public record.

The required pages are:

• Cover page – disclosing the company name and registration number
• Balance sheet
• Balance sheet footnotes and required statements

Include a members’ guarantee note to the accounts

You have the option to include an additional balance sheet note disclosing details about the guarantee provided by members. To make this simple for you, we offer sample wording to get you started, or you can enter your own wording and fully tailor the note to suit the circumstances of your company.

The members’ guarantee note is entirely optional, and you are not required by company law to include it in micro-entity accounts that have been prepared for a company limited by guarantee.

Member accounts

You can choose to produce more detailed accounts for members and other stakeholders in the company. Choose to include any, or all, of the following additional pages:

• Contents page
• Company information page
• Directors’ report
• Accountants’ report
• Income statement

Let us know what you think

Please do contact us and let us know what you think of this or any other features in Inform Direct. We are always looking for ways to enhance our service and receiving feedback from you is a vital part of that process.

You can also check out our timeline of updates, past and present.