Member resource – a short guidance note that sets out the problem with statements of capital, arising from the Companies Act 2006, and offers advice about how companies can to address it – company secretarial guidance notes and best practice guides
On 1 October 2009, a statement of capital became a legal requirement, either as a stand-alone filing at Companies House, or as an integral part of another form.
This guidance notes lists the typical requirements for statements of capital, and highlights the problem with the amount paid up and the amount (if any unpaid) on each share. It also proposes how companies might approach this.
Companies with a simple share history are unlikely to experience any problem in completing the requirement for the amounts paid up on each share. Many older and/or larger companies will not have tracked share premium on a per share basis.
This guidance sets out what the implications of this issue are, recommends ways through it. It also includes the FAQ on the statement of capital requirement from the Department of Business, Innovation and Skills.