26 corporate finance


Firm reveals smart approach to avoiding costly audits this year


Oxfordshire and Buckinghamshire based accountancy firm Whitley Stimpson is offering small to medium sized enterprises (SMEs) the opportunity to avoid a costly audit this year


The firm aims to help companies (including LLPs) adopt a smart response to new regulations from the Department for Business Innovation and Skills (BIS) surrounding eligibility for exemption from audit by moving their accounting year end date from September 30, 2012 to October 1, 2012. This simple change will ensure more SMEs remain exempt from the new regulations for this year, avoiding costly audit fees.


“By simply changing their September 30, 2012 year end date by one day, companies can make significant cost savings this year by ensuring they qualify for audit exemption,” explains Jonathan Walton, partner, Whitley Stimpson. “We remain committed to helping our clients to reduce their overheads through intelligent, practical accounting. Transparency is key to building long-lasting client relationships, and highlighting this


straightforward solution to avoiding an expensive audit is just one of our recommendations for lowering overheads and maximising profits.”


Entitled ‘Audit exemptions and change of accounting framework’, the recent BIS paper outlines the Government’s revisions to the audit exemption threshold and its proposals to allow 36,000 more companies greater flexibility to change their accounting framework. SMEs will now need to subject their annual accounts to an audit but only if they exceed two from three criteria for small company accounts (previously this was one from three). These are: if the company has more than 50 employees, a balance sheet total exceeding £3.26 million and a turnover exceeding £6.5m.


Further changes relate to subsidiary companies of groups of companies


including where the subsidiary company is part of a group with a parent company in the EU. Provided those subsidiary companies themselves meet the above thresholds they will now be able to avoid a statutory audit provided their parent company guarantees their liabilities – it is estimated that 83,000 such companies will benefit from audit exemption and a further 67,000 dormant subsidiary companies of groups will also benefit.


Meanwhile, companies that currently prepare their accounts under international standards will be able to change their accounting framework to UK GAAP, as long as they have not moved to UK GAAP in the previous five years.


“Any companies that require clarification or guidance on the new regulations are welcome to call


Top financial expertise for every SME’s budget


Securing the services of a highly-skilled finance director and his team will usually be at the top of the wish list for most businesses. For many of the region’s SMEs however, the reality is all too different as expertise and experience usually comes with a hefty price tag.


Now one Thames Valley company is aiming to change that. FD4 is the brainchild of David Cardno, Neil Dockar and Ross Wilson, all highly experienced financial professionals with director level experience at blue-chip names including Procter & Gamble, Capespan, Lornamead and RSM Tenon Group.


FD4 provides access to top level finance executives at a fraction of the usual cost, allowing them to pay for expertise by the hour so they can control exactly how much time and money they spend.


“We recognise that not everyone can afford to employ a world class executive in-house. FD4 allows clients to buy time and expertise


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in bite-sized chunks, which makes it extremely good value,” said Cardno.


“We’re flexible, some companies only need a few hours a month, while others may want senior expertise for longer periods to manage a more intense project. FD4 provides the chance to gain top level financial advice and knowledge without breaking the bank.”


Aimed predominantly at businesses in the £2 million to £40m turnover range, FD4’s experts can help manage a raft of projects; from streamlining day-to-day finances and juggling banks and creditors; through to risk assessment, mergers and acquisitions, investing in new markets or exit planning.


As well as director level expertise, FD4 can also provide other finance professionals, including financial controllers, junior directors and company chairmen. The team’s wide-ranging experience includes consumer goods, manufacturing,


viewpoint, sound reliable advice and a course of action for them to take. Involving the right FD will reduce risk and increase the upside from any opportunity,” he added.


“All our team members come from a strong commercial background and have led interesting business careers, they can add real value to organisations who probably wouldn’t be able to afford their salary in a more traditional role.”


David Cardno


motor trade, service industries, franchising, warehousing and import and export.


It’s a combination which Dockar believes will give business owners more confidence in the way they run their business.


“Our focus is to get involved in the detail, offer an independent


The company is built on solid foundations; Cardno and Dockar have known each other for more than 25 years and worked together at Procter & Gamble where Dockar was finance director. Co-founder Wilson is well known to the region’s business community through chartered accountancy firm Wilson Partners and he is also a past chairman of the Berkshire Institute of Directors.


Details: David Cardno 07876-743250 david@fd4.co.uk www.fd4.co.uk


THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 12/JANUARY 13 Jonathan Walton


me for advice,” concludes Walton, “I can provide insight on how the regulations will affect businesses moving forward, and offer concrete suggestions on how companies can negotiate the regulations to best effect.”


Details: Jonathan Walton 01494-448122 jonathanw@whitleystimpson.co.uk


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