Whenever you see an accounting reference date shortened by a day (such as this example) – One should know that they are taking advantage of an ability (by shortening their accounting reference date – just before they are due to file accounts) – which results in the company involved having more time before they are required to file their statutory accounts for the relevant financial year.
At its most ‘innocent’ – It can indicate an inability to produce accounts in a timely fashion.
In this case – it indicates that the company’s auditor (required for their continuing ability to trade – subject to regulation by the UK’s Financial Conduct Authority (FCA) – was not prepared to indicate that the company was a ‘going concern’ – i.e. that it would survive for at least another twelve (≥12) months.
To discuss further, please do not hesitate to contact the writer.
Founding Principal – and – Business Law Solicitor
+44 (0) 20 8780 3319 : London D.D. Landline Tel.
www.EquitableLaw.com – Solicitors For Business