AAT ICAS

3121 words 13 pages
Introduction
1. Chic Paints is a large Limited company. Chic Paints is a limited company formerly part of Ashtead PLC. Ashtead PLC had been a long standing manufacturer of everything from bricks to butter.

In 2005 Ashtead PLC decided that its future was no longer viable and therefore decided to change Its business model, over the next few years Ashtead PLC started to sell off or close down those of its subsidiaries that were no longer considered a strategic fit within the organisation.

CPL was put up for sale in 2007, and was subject to a management buyout from its previous owners by five of CPL’s current directors, Greg Pearce, Dave whistler, Ruth Jones, Ahmed Khan and Susan Mather. These five directors have managed the company for
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The financial information included in the cash flow statement also aids potential and current lenders and investors in determining a company’s financial position. The cash flow statement ties together all the information from the income statement and the statement of financial position to give a summary of the overall picture of the businesses inflows and outflows.
4.0 External regulations affecting Chic Paints Limited
4.1 Company’s Act 2006 – Sets out the way in which the company’s financial statements should be set out and prepared. Chic paints accounting team will need to ensure they abide by these regulations when preparing their financial statements.
4.2 Data Protection Act 1998 – regulates how the company stores and processes sensitive and confidential information on customers, suppliers and employees. Chic Paints will need to ensure they comply with this act to avoid the risk of heavy penalties for the misuse of data.
4.3 UK Accounting Standards – further define the way in which the financial statements should be prepared.
4.4 Late payment of commercial debt Act 1998 – Allows suppliers to charge interest on late payment of invoices. Chic paints Ltd will need to ensure supplies are paid on time in line with the agreed credit terms, and that it does not delay payments to suppliers beyond acceptable periods.
5.0 Health and Safety legislation – Chic paints will need to comply with various health and safety

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