One of the recent criticisms of the Hereford FC board has been their reluctance to provide shareholders with detailed accounts.
In particular the club have only sent the bare minimum to Companies House for publication.
And that has raised questions from shareholders and supporters about why the need for secrecy.
All that may be about to change according to Simply Business if the 'Economic Crime and Corporate Transparency Bill' is passed.
'Limited companies must file accounts to Companies House every year to demonstrate performance during the accounting period.
Your accounting period is normally the same as the financial year covered by your company’s annual accounts – but it might be different in some circumstances, for example your first year of trading.
Under the proposed changes, it will only be possible to file digitally using approved software.
And there will just be two filing options for small businesses: micro-entities and small businesses. This means there will no longer be the option to file ‘abridged accounts’ without a directors’ report and profit and loss statement.
The
government says this will help to avoid confusion and reduce costly
mistakes. It says it will also improve the value of the information on
the register.'