Statutory records

Introduction 

What are statutory books? Well, all companies in the UK should have a list of statutory records. Indeed, your own company should have a set of these too. These records will contain the relevant info that is reported and shown on public record.

When you are running your own company, you will usually keep the records in a hard binder, and they should be kept in a safe place.

Therefore, you or your contractor accountant will need to keep and maintain these statutory registers. In most cases, your accountant will take your mind off this and look after these for you.

What do the records include? 

Part one 

First, in the statutory books, there is a register of charges. This register shows any charges against the company. Charges include mortgages and secured loans.

Second, there is also a register that shows the allotment of shares. This register shows each of the allotments of shares. It also shows the class of share. What’s more, it shows the number of shares and the amounts paid.

Third, within the statutory books there is a register of the transfer of shares. This register shows a list of the transfer of shares. It also shows the class of share, number of shares, and amounts paid.

Fourth, there is also a Register of directors. This register shows the name and address of each director. The register of diretors also shows their date of birth, nationality, and occupation.

Part two

Fifth, as part of the statutory records there is a Register of secretaries. This register shows the name and address of the company secretary. It is now no longer required for small companies to have a secretary. following the introduction of the Companies Act 2006

Sixth, there is also a Register of members (shareholders). This shareholder register will include the name and address of each shareholder. This will also show the date that each member became a shareholder or ceased this ownership. What’s more, the shareholder register of members shows each share transaction with the shareholder (allotments and transfers) and the classes of shares.

Seventh, finally, there is a Registers of directors’ interests. This register shows the names and address of each director. It also shows the details of the shares that they own and any they have an interest in. It will include any shares that their spouse owns (if their spouse is not already a director in their own right). What’s more, this also contains the shares that any of their children under the age of 18 own.

Persons with significant interest (PSCs)

There is also a Register of Personals with Significant Control (PSC) within the statutory records.

This requirement became law in April 2016, and it aims to make the ownership of UK companies more transparent.

Where are the records kept? 

Notably, Companies House will assume that you keep the statutory books at the registered office. If you prefer, you can keep these at a SAIL address.

A ‘SAIL address’ is a Single Alternative Inspection Location. This location is where a company can keep its records and make them available for public inspection.

If you wish, you can keep digital copies, or you can keep digital copies as well as your paper versions.

Valid legal entity 

The statutory recgisters also prove that the company is a valid legal entity.

They show who owns the shares and who the company’s officials are.

Final thoughts

As mentioned, the contractor’s accountant will normally keep and update the statutory books. This will save the contractor having to think about this. Year on year, this will only require to be updated if there have been any changes in the details of the business.

Link to Contractor Advice UK group on

LinkedIn    https://www.linkedin.com/groups/4660081/

Published On: March 3rd, 2021 / Categories: Record Keeping / Tags: /

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