If you are running your watch maker business through a limited company, then you must file your confirmation statement for your watch maker company with Companies House at least once every 12 months even if your company has become a dormant company.
Good standing company status
If your confirmation statement is overdue, Companies House will change your company status from “active” to “proposal to strike off”. This is public information. You do not want your clients, suppliers, contractors and your lenders, your banks who have an interest to do business with your company to see the “proposal to strike off” status on Companies House website. It will chip away your their confidence in your company’s stability.
You can still save your company. Act now. Deliver your confirmation statement swiftly. Companies House will remove the proposal to strike off status upon receiving your confirmation statement. Your company will become good standing again.
Prevent your company assets become bona vacantia
If you did not file your confirmation statement for your watch maker company at all, this can lead to your company being struck off the register. Once your company is dissolved, your company’s assets will be Bona Vacantia.
All Bona Vacantia assets of your dissolved company will be passed on The Crown because it does not have a legal owner.
For example, your company’s bank accounts will be frozen. Consequently, the money in your bank accounts will be passed to The Crown. This includes your properties bought under your company’s name.
At this point, Companies House will change your company’s status from “proposal to strike off” to “dissolved”.
The good news is you can restore your dissolved company but it will cost you your time and money to restore. For this reason, it is best to avoid this situation.
If you are already a little too late and your company have been dissolved, our accountants can help you to restore your company.
Email reminders to submit your confirmation statement for your watch maker company
Companies House offers to send e-reminders to help companies to comply with the law. However, you must register with Companies House to receive your email reminders when your company confirmation statement and company accounts are due. If you have an accountant to act for your company, they will usually take care of this for you.
Take note that Companies House is no longer sending out paper reminders to your company’s registered office. Notices have been sent out to companies announcing this change around November 2020.
If you have not yet signed up for e-reminders from Companies House, click here to sign up for it.
When do you need to file your confirmation statement
Normally, you have 14 days to submit your confirmation statement when it falls due. However, during this COVID19 pandemic, you have up to 6 weeks to file your confirmation statement and Companies House encourages companies to file online during this time.
How to file your confirmation statement for your watch maker company
You may submit your confirmation statement for your watch maker company by post or online. You can do it yourself if you are familiar with the UK company law or ask an accountant to help you.
To deliver your confirmation statement by post, you must complete the CS01 form, date and sign it either by your company director or your company secretary. You can download the latest CS01 form from the Companies House website.
Make sure you double and triple check your CS01 form before sending it to Companies House offices to avoid your form being rejected due to incorrect information or incomplete. For example, your company name and company number must match the information in your company’s certificate of incorporation.
Generally, it is easy to submit your confirmation statement online compared to paper filing. The online CS01 form readily captures your company’s existing information registered with Companies House since its incorporation or based on the last confirmation statement they received, all you have to do is to verify the information is still valid and update.
To submit your confirmation statement online, you would require your company’s authentication code. This code is the equivalent of your company’s officers’ signature so keep it safe. If you do not have your authentication code; you can request the code from companies House again.
SIC codes for watch maker Company
If you are submitting paper Confirmation Statement (CS01) form to Companies House, ensure you use the latest SIC codes. Do not use the outdated 4 digits SIC codes. Companies House would reject your Confirmation Statement form if you do.
Please select the SIC code that closely represents your watch maker company’s principal business activity. You can specify multiple SIC codes in your confirmation statement form.
The SIC codes relating to watch maker activities are listed below.
|SIC CODE||BUSINESS ACTIVITY DESCRIPTION|
|26520||Manufacture of watches and clocks|
|59120||Retail sale of watches and jewellery in specialised stores|
|95250||Repair of watches, clocks and jewellery|
The person with Significant Control (PSC)
You must complete and update the Person with Significant Control section in your confirmation statement form for your watch maker company. In short, you must disclose who is the ultimate controlling party of your company.
If you are the PSC then you enter your personal details as your company’s PSC in your CS01 form. Update your PSC details here include if have moved to a new home then you must provide your new home address to Companies House. For this reason, you must complete the form PSC04 and submit it to Companies House.
The PSC forms to use as listed below.
- PSC01 – Notice of individual person with significant control
- PSC02 – Notice of relevant legal entity (RLE)
- PSC03 – Notice of other registrable person (ORP)
- PSC04 – Change of details of individual person with significant control
- PSC05 – Change of details of relevant legal entity (RLE)
- PSC06 – Change of details of other registrable person (ORP)
- PSC07 – Notice of ceasing to be a PSC, RLE or ORP
- PSC08 – Notification of PSC statements
- PSC09 – Update to PSC statements
Up to date company information
You must update your company’s information registered with Companies House that no longer valid.
Registered office address
For examples, if you have moved your registered office address from your home address to an address service provider, you would require to complete and submit the form AD01 to Companies House. You can file it online or on paper.
Additionally, you may also require to file the form AD02 if you have changed your address to a service provider but continue to keep your company registers at your home address. The form AD02 is to register your home address as your SAIL address. Generally, you do not require to submit the form AD02 if you are keeping your company registers at your company’s registered office address.
Correspondingly, if there are changes to your company directors, the correct Companies House forms to use are as follows:
- AP01 Form to appoint a new director.
- AP02 Form to appoint a corporate director.
- CH01 Form to update a director’s personal information.
- CH02 Form to update details of a corporate director.
- TM01 Form to remove a director.
On the same note, the appointment of secretary for a private limited company is optional. However, it is compulsory for a Public Limited Company (PLC), for this purpose, the correct forms to use are as follows:
- AP03 to appoint a company secretary.
- AP04 to appoint a corporate secretary.
- CH03 to update a secretary’s personal details.
- CH04 to update a corporate secretary’s details
- TM02 to remove a secretary.
Company’s shares information
Concurrently, you must also update your company’s shares information if there are any changes.
- Statement of capital
- Shares trading status
- Shareholder information
Nothing has changed
If your company information remained the same since incorporation or from your last confirmation statement date, in this case, you just need to confirm that your records are up to date and the information hold by Companies House is correct.
Confirmation statement filing fee for your watch maker company
Remember to enclose a cheque for the statutory filing fee together with your printed confirmation statement (CS01) form before posting it to Companies House. Take note that Companies House will reject your confirmation statement form if they do not see your cheque for the statutory fee. The fee is £40.
If you file your confirmation statement online, you can pay the statutory fee online after you submitted your form. The online filing fee is £13.
Another important document you must deliver to Companies House is your company accounts. There is a late filing penalty for delivering your company accounts late even just by one day.
We offer fixed fee accounts packages for limited companies.
If you require help with your company accounts and confirmation statement filings, feel free to contact our accountants and they will be more than happy to help you.
Do not want to keep your company
You may apply to Companies House to dissolve your company if you no longer want to keep it. The dissolution process will take about two months to complete from the date Companies House accept your application. Our accountants can help you with this application.
You would no longer require to file any documents with Companies House after your company has been dissolved. No more company accounts or confirmation statements.