UK Company Information
Although the example report shown for British Airways shows substantial financial data and company information, not all Full Company Reports will show as much. The amount of financial and company information is dependent on the information that a company files away at Companies House and this can be governed by various factors.
The State and Age of the Company
Dormant or Non-Trading – As the company is non-trading, it is required to file Dormant Accounts annually to Companies House. Dormant company accounts show very little financial data except for assets and shares held. If the company becomes active again, it will be required to file normal Annual Accounts again. Due to the lack of financial data, a dormant company will not be assigned a credit score or limit, also there will be little UK company information.
Newly Incorporated – As the company has not filed much UK company information at Companies House, there will be very little financial data. These companies may not be assigned a credit score or limit.
Wind-Up or Liquidation – There will be very little or no new financial data or UK company information. The company will not be assigned a credit score or limit.
Type and Size of Company
Sole Traders and Unincorporated Companies – These companies are not required to file any documents at Companies House. Therefore there is very little financial information available on these companies and maybe no credit limit or rating.
Small Companies – Companies that have two of the following three conditions are classed as small companies. Less than £6.5 million in turnover; Balance sheet total of less than £3.26 million; or have less than 50 employees. Credit reports on small companies have little financial data. Small companies need only to submit abbreviated balance sheet and notes to Companies House.
Medium Companies – The criteria for medium sized companies are that the total for both fixed and current assets must not be in excess of £12.9 million (£11.4 million applicable before 6 April 2008), turnover less than £25.9 million (£22.8 million)or less than 250 employees. A company can qualify as ‘medium’ if the meets any two of these criteria.
There is more financial data and UK company information available for medium sized companies; this is because these must file the following at Companies House:
- Full balance sheet
- Abbreviated profit and loss account (with no turnover disclosed)
- Special Auditors’ reports
- Directors’ report
- Notes to the Accounts
Full Companies – There would be a lot of financial data and company information available for this company as they are required to file many documents with Companies House. These documents include:
- Profit and Loss accounts
- Balance sheet signed by a director
- Auditor report signed by an auditor
- Directors’ report signed by a director or company secretary
- Notes to the accounts
- Group accounts – if appropriate
Public Limited, Banks, Insurance and Shipping Companies – These companies must disclose all financial information, regardless of size. This means that credit reports on these types of companies will contain very comprehensive financial data and company information.