Globacap, the fintech that is transforming capital markets, has completed a series A extension round securing $9 million from investors. The round was led by…
Published on: July 15, 2021
Confirmation statements: CS01 filing could be just a few clicks away
Business owners spend too much time on admin, often scrambling to collate and verify data to meet important reporting deadlines. In the UK, one important reporting requirement is the Confirmation Statement ‘CS01’, which needs to be submitted to Companies’ House each year within just 14 days of its due date. Companies can be fined up to £5,000 and risk being struck off if they miss this deadline – so it’s important that business owners are prepared and submit accurate Confirmation Statements in a timely way.
What are Confirmation Statements?
Confirmation Statements are important documents, used to confirm that your company’s details are up-to-date on the public register. When completing the CS01, you’ll be asked to report changes to your statement of capital, shareholder details and SIC codes – even if there have been no changes, you still need to submit the form as confirmation. This is important, even dormant or non-trading companies are required to file a CS01.
What are your options for filing your CS01?
There are three ways you can submit your CS01: using paper forms (£40), WebFiling (£13) or a software filing (£13). There’s a clear benefit to filing online, whether it’s WebFiling or software filing: Companies’ House themselves state that you’ll be less likely to attract late filing penalties, and you’ll also get faster confirmation your documents have been received, accepted or rejected.
1. Companies House discourages paper filing
Paper filing is not only the most expensive option, it is the most time consuming, and prone to human error. What’s more, it will take Companies House longer to process your forms, and confirm to you whether they’ve been accepted or rejected.
2. WebFiling is better, but still an involved process
WebFiling via Companies House is more efficient, but it still requires a significant effort to complete. This videofrom Companies House explains each step of the process, including the separate forms you must fill in before filing the CS01. Because WebFiling still requires you to input all the information onto the Companies House web portal on separate forms, this not only takes time but is open to error as you re-key important information. Limitations apply
3. Software Filing simplifies the process to just a few clicks
The smoothest and most efficient process with the least limitations is software filing, which is what we offer our clients. We simply use the share register information we already hold on our platform, automatically identifying any changes made since the last confirmation date without the need to manually fill in any extra data. We even allow you to change SIC codes and your ‘Statement of Capital’ directly on the platform (unlike our peers). You can submit your CS01 directly from your digital Cap Table. If you need to make changes, you can make these directly in the platform before submitting. There’s no separate log in, and no need to download and upload data separately to Companies House. You can also access the final CS01 PDF that Companies House produces directly from within our platform. Limitations apply
How does Globacap’s CS01 filing feature work?
Our CS01 filing feature is available as part of our Pro Cap Table Management subscription package, and all we require from you is your Companies House Authentication code. This code, which you can easily request from Companies House if you don’t have a record of it, allows Globacap to present the information on your behalf. You simply need to add it to the ‘filings’ tab within the Equity Administration menu in our software the first time you use the feature.
When you complete a CS01 via our software, we get real-time information from Companies House, allowing us to perform an automated comparison with your share register on our platform. Our software then combines this with the historical records to ensure any changes are included on the confirmation statement you’re submitting. This creates your CS01 instantaneously, meaning all you have to do is review the data in four easy steps:
- Check the displayed SIC code is correct and add / amend as necessary
- Review any changes to your share capital since your last submission (including providing any prescribed particulars of rights attached to shares issued)
- Detail any shares admitted to trading on a market during the confirmation period (where relevant)
- Review shareholder information
Our software also includes a number of built-in validations to help make sure the statement is submitted correctly. You can always view the status of your submitted CS01 directly in our platform, but we will also email you if the statement is rejected for any reason. The £13 fee for filing the Confirmation Statement will be charged to the same payment details used for your subscription, and will appear as a charge from Globacap.
So for extra peace of mind when filing your Confirmation Statement, why not give our new CS01 filing feature a try? You’ll save time compared to the other filing methods, the risk of errors will be greatly reduced and you’ll get instant notifications on the status of your submission.
Important to know
- Check address, officers and PSCs
Even though it’s not a part of the confirmation statement itself, it is essential to check the information held at Companies House before filing your CS01. If your address, officers or Persons of Significant Control (‘PSC’) have changed, these changes have to be submitted to Companies House before submitting your CS01. These are separate forms, and are not included in the CS01.
- WebFiling limitations
WebFiling for CS01 cannot be used by companies who are dissolved or closed, have 1,000 or more shareholders, have more than 30 individual share transfers, have more than 10 joint shareholders per shareholding, and various other restrictions.
- Software limitations
Software Filing for CS01 is also limited to certain companies, but with fewer restrictions than WebFiling. For example, users can have up to 5,000 shareholders and have up to 200 share transfers. Please contact us if you need more detail on what the restrictions are and to confirm you would be eligible.