Introducing the new Confirmation Statement and Changes to the Statement of Capital
The next instalment of the Small Business Enterprise and Employment Act 2015 (SBEE) is due to take effect on 30 June 2016 and will replace the Annual Return with a new Confirmation Statement
You may recall that in April of this year the most recent implementation of the SBEE provisions introduced a new Register of People with Significant Control (PSC Register) requiring companies and LLPs to record and maintain a register of the people that have significant control over them. The next implementation date, bringing into effect the latest round of changes under the SBEE, is now just weeks away.
With effect from 30 June 2016, companies and LLPs will no longer be required to file an Annual Return and must instead file a Confirmation Statement. The Confirmation Statement, which must also be filed annually, confirms that the company has delivered to Companies House all information it was required to deliver during the relevant one year period. This would include notification of changes to the registered office, officers, and shareholders of the company etc, including the new PSC information. As part of the Confirmation Statement it must also provide details of certain other changes which have occurred during the 12 month period, such as a change to its principal business activities or a change to its share capital, amongst others.
Another change made with the introduction of the new Confirmation Statement will be to simplify the statement of capital. This was previously included in the Annual Return, as well as a number of other Companies House forms. From 30 June 2016, there will no longer be a requirement to identify the amount paid up and unpaid on each of the company's shares and the statement of capital will only need to set out the aggregate unpaid value on all shares. For companies with complicated share structures, this should make the completion of the statement of capital a lot easier.
Although these latest changes should simplify the company's filing obligations, the obligation to file information from the PSC Register as part of the Confirmation Statement does mean that, in order to make sure the Confirmation Statement can be completed on time, each company and LLP must make sure its PSC register is ready and up to date (as required by the SBEE since the beginning of April this year).
The company secretarial team here at Blake Morgan are available to advise and assist anyone with queries or concerns relating to the new Confirmation Statement and statement of capital and can be contacted on email@example.com. Additional news items and guidance can also be found on the Companies House website: