Running a business involves lots of paperwork – including filing legal documents, such as the CS01 or Confirmation Statement. And while it’s not the most exciting way to spend your time, it’s essential you know why you need to fill it in.
Most businesses and limited liability partnerships – or LLPs – must submit the a Confirmation Statement. It is a requirement from Companies House, so if you’re a director, one of your tasks is to understand the CS01.
What is CS01 or Confirmation Statement?
The Confirmation Statement must be filed with Companies House whenever there are changes in your business. It used to be known as your annual return. This document provides an overview of how your company is operating. It includes details such as information about your directors, company secretary and shareholders.
The statement also includes your share capital details, office address and a list of people with significant control.
What is the purpose of a Confirmation Statement?
The CS01 collates the information required for the public register. It is a way of making sure information registered to Companies House is accurate. You should check your CS01 details every 12 months. And if there are no changes, you don’t need to repeat the information.
But if there are changes – such as the resignation of a director – you must file the statement with the latest details. This ensures the public record is accurate.
What to include
As the statement is all about the key information of your business, it’s easy to find the right details. If nothing has changed, you just need to check it and confirm that the details are accurate. Here is a summary of some of the information that needs to be included:
- Your principal business activities, including SIC (Standard Industrial Classification) codes. Here is the government’s page that shows you how to get a SIC code.
- The location of your company’s statutory registers, which includes your registered office or SAIL address.
- Names of each shareholder
- The number of shares held by individual shareholders
- A list of People with Significant Control (PSCs)
- Your statement of capital. This includes total number of shares of the company and aggregate nominal value of the shares
- The trading status of the shares
Also, you must include extra details about each class of shares including:
- Total number of share in that class
- Any prescribed particulars of the rights that are attached to the shares
- The aggregate nominal value of shares within that class
- There’s a lot of information but you should have this information to hand. If not, speak to your accountant who can help you locate the details.
When to file the Confirmation Statement
It is a legal requirement to file your Confirmation Statement at least once every 12 months. The due date falls on the anniversary of when your company was formed.
You will then have 14 days from your confirmation date each year to file your statement to Companies House. As we have already mentioned, even if nothing has changed, you are legally required to file your statement.
You must also file your Confirmation Statement even if your business is not active. When companies are not trading, there could still be changes internally and all those details must be displayed on the central public register. This information must be accurate.
If you’d like more information about running a limited business, contact our team today.