company credit and financial account reports?
Discussion
Ive got a little project on and need to get the latest available company accounts and credit reports on 2 companies, one filed last week
Never done it before so dont know if they are all the same and just go by price. https://companycheck.co.uk/ seems to come top of google
cheers
Never done it before so dont know if they are all the same and just go by price. https://companycheck.co.uk/ seems to come top of google
cheers
Filed accounts are freely available on the Companies House website, so I would start there. In my experience the credit reports that you get aren’t really worth much. Sometimes you can glean some interesting information, but more often than not you will be left with more questions than answers!
The filed accounts for a small company will be pretty worthless to you, unless perhaps they are deeply in trouble.
There is so little detail required you won’t be able to form any reliable judgement.
That being said a bit like checking mot history you may be able to get a feel for how it’s been run if you look at all the filings going back a few years.
There is so little detail required you won’t be able to form any reliable judgement.
That being said a bit like checking mot history you may be able to get a feel for how it’s been run if you look at all the filings going back a few years.
Thanks - i was hoping to get a feel or a abit more "info" to see how profitable the companies are historically as they are asking my friend to take a 16% paycut. Her direct revenue generated is up 5% in last 6 months compared to 2019. Increase in costs minimal, just worked harder
So, the companies house financial statements show director(husband/wife) took £150k dividend year end april 2019, £80k year end april 2020, however the directors account is £70k lower compared to prior. They personally own the business premises, leasing it for £50kpa (nice). The one company has a "going concern" statement in it (onsite training so little revenue since covid). As you say, i could be reading stuff into it too, im comparing it to my own company accounts in a diff sector
Personally friend says in last 6 months the owner + wife havent done any more consultancy (they only do 3 days pw), in fact they've had more holiday than anyone! On the grape vine they have historically withdraw excessively from the company accounts too. She gets the risk/reward as a business owner, but feel they are having their cake and eating it now and using covid as a cover. She and a couple of the other consultants are pretty pished off
So, the companies house financial statements show director(husband/wife) took £150k dividend year end april 2019, £80k year end april 2020, however the directors account is £70k lower compared to prior. They personally own the business premises, leasing it for £50kpa (nice). The one company has a "going concern" statement in it (onsite training so little revenue since covid). As you say, i could be reading stuff into it too, im comparing it to my own company accounts in a diff sector
Personally friend says in last 6 months the owner + wife havent done any more consultancy (they only do 3 days pw), in fact they've had more holiday than anyone! On the grape vine they have historically withdraw excessively from the company accounts too. She gets the risk/reward as a business owner, but feel they are having their cake and eating it now and using covid as a cover. She and a couple of the other consultants are pretty pished off
cheeky_chops said:
Thanks - i was hoping to get a feel or a abit more "info" to see how profitable the companies are historically as they are asking my friend to take a 16% paycut. Her direct revenue generated is up 5% in last 6 months compared to 2019. Increase in costs minimal, just worked harder
So, the companies house financial statements show director(husband/wife) took £150k dividend year end april 2019, £80k year end april 2020, however the directors account is £70k lower compared to prior. They personally own the business premises, leasing it for £50kpa (nice). The one company has a "going concern" statement in it (onsite training so little revenue since covid). As you say, i could be reading stuff into it too, im comparing it to my own company accounts in a diff sector
Personally friend says in last 6 months the owner + wife havent done any more consultancy (they only do 3 days pw), in fact they've had more holiday than anyone! On the grape vine they have historically withdraw excessively from the company accounts too. She gets the risk/reward as a business owner, but feel they are having their cake and eating it now and using covid as a cover. She and a couple of the other consultants are pretty pished off
Time for another job.So, the companies house financial statements show director(husband/wife) took £150k dividend year end april 2019, £80k year end april 2020, however the directors account is £70k lower compared to prior. They personally own the business premises, leasing it for £50kpa (nice). The one company has a "going concern" statement in it (onsite training so little revenue since covid). As you say, i could be reading stuff into it too, im comparing it to my own company accounts in a diff sector
Personally friend says in last 6 months the owner + wife havent done any more consultancy (they only do 3 days pw), in fact they've had more holiday than anyone! On the grape vine they have historically withdraw excessively from the company accounts too. She gets the risk/reward as a business owner, but feel they are having their cake and eating it now and using covid as a cover. She and a couple of the other consultants are pretty pished off
Turned out fairly dandy in the end - spreadsheet comparing 2019 v 2020 revenue plus identified massively discounted supplier products they get/use from the USA (due to her being a UK expert) which amounted to 5% of the gross revenue each month. Few other bits too
The end result was % commission structure same though monthly targets increased but still achievable. However, its left a bitter taste so she is dropping to 4 days a week. Next step is put feelers out for occasional consultancy and build from there. Job done
The end result was % commission structure same though monthly targets increased but still achievable. However, its left a bitter taste so she is dropping to 4 days a week. Next step is put feelers out for occasional consultancy and build from there. Job done
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