Changes to the way co-ops submit annual returns and the introduction of a new register came into effect at the end of June 2016 as part of the phased implementation of the Small Business, Enterprise and Employment Act 2015.
If your co-operative is registered as private limited companies or LLP you need to comply with this new regulation.
Annual Returns have been replaced by Confirmation Statements
The company’s annual return has been replaced by a confirmation statement which needs to be filed at least annually with Companies House. The information included in the confirmation statement broadly follows that of the annual return.
However, the new process aims to make the administrative life of filing for a company a little bit easier. Rather than having to re-submit previously filed information, companies and LLPs need only ‘check and confirm’ the corporate details held at Companies House and displayed on public record. If any of these details are incorrect or need to be updated at that time, changes can be reported with the confirmation statement.
For private companies limited by shares there will be no need to submit a list of shareholders or statement of capital unless changes need to be reported.
Time to notify Companies House of ‘Persons of Significant Control'
The majority of companies and LLPs will also have to notify Companies House of their ‘People with Significant Control’ (PSC) when they deliver their first confirmation statement.The PSC register was introduced on 6 April (2016) as part of the SBEE Act 2015. For more information on how these new requirements will affect co-operative companies see our advice article here.
Who is responsible for providing this information to Companies House?
The responsibility of maintaining the PSC register will, in most cases, be the responsibility of the co-operative's secretary. For details on the responsibilities of the secretary, download our Essential Company Secretary in-depth guide.
Full details on changes brought into force by the Small Business, Enterprise and Employment Act 2015 can be found here. Our in-depth guide covering confirmation statements can be viewed online and downloaded here.
Members of Co-operatives UK with the Contact package or Partner package can contact us directly to get advice on the PSC requirements. Email the advice team or call on 0161 214 1750.