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Becoming a Limited Company


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Hi

We are a committee led pre-school at the moment and upon possession of our new building, we have been asked to become a limited company.

Has anyone been through this process before and do we have to re-register with Ofsted which could possibly mean losing our past two outstanding ratings, interviews, medicals etc

Any advice would be most appreciated.

  

 

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I would recommend becoming a Community Interest Company as opposed to LTD Co.  but it depends on why you are doing it.  If you have  a strong committee I would stay as you are assuming you are a registered charity. To change would mean new Ofsted - you old outcomes still show but when I took over our pre-school as our committee folded I had to go through re-registration, medical, interview etc which was expensive and stressful bearing in mind I had been the manager for 8 years.  As a CIC you are still able to access grants etc which a LTD co can often no access and although you have to submit accounts to Companies House they are not as complicated as LTD Co accounts. We owned our building as a committee led and it wasn't a problem.

 

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if you are moving buildings you will need to reregister anyway ...unless you are in exactly the same postcode! The reason for becoming a company (either CIC or LTD) is to lessen the liability on your directors to a very small amout (About £5!!)  this is quite normal if you are taking on a lease. 

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