Nominal values of share classes
Does Kudocs allow shares with very small nominal values? Yes. There is no restriction in Kudocs on very small or very large numbers. All our systems are designed to handle the full range of integers. So far we have been tested with a nominal value of 12 decimal places and over 100billion issued shares and there is no problem. But we always like to be challenged!
Does Companies House allow shares with very small nominal values? Yes, there is no legal issue with your company having a very small nominal value for its share classes. Companies House does not prevent it.
HOWEVER, Companies House do not currently allow electronic filings of any documents that contain a number with more than 6 decimal places (e.g. 0.00000001). They allow the company to have such a small number, it is just the filing that is is the issue! Therefore Kudocs cannot submit certain electronic filings (e.g. confirmation statement, SH01, SH02, SH03…) for companies that have more than 6 decimal places in their statements of capital. Instead, the company – it will need to submit a paper filing directly to Companies House. Don’t worry, Kudocs is designed to handle this – the system will detect if this problem is about to arise, and will provide you with guidance and a completed document to download at the end of the process.
My company has share classes with a nominal value of 0. Why & how do I fix it? This is almost certainly because when the company was onboarded to Kudocs, it had a share class(es) with a nominal value with more than 6 decimal places. While Companies House allows such small nominal values, it is not able to store such small numbers in its database: so when such a number is entered into the Companies House system, it is converted it to 0. Kudocs uses this data pulled from Companies House when onboarding, so Kudocs is told the nominal value is 0. There is guidance and some warnings when onboarding to cover this.
To fix it in Kudocs is easy: please contact Kudocs with the correct nominal value (we have no restrictions on the number of decimal places) and we’ll update the data at our end.
Can I use Kudocs to file a confirmation statement if I have share class(es) with very small nominal value? Companies House do not currently allow electronic filings of any documents that contain a number with more than 6 decimal places (e.g. 0.00000001). They allow the company to have such a small number, it is just the filing that is is the issue!
Therefore Kudocs cannot submit a full confirmation statement via electronic filing (as it contains a statement of capital). Kudocs can however submit a no updates confirmation statement for – i.e. if there have been no notifiable changes – as it does not contain a statement of capital.
If there have been notifiable changes, the company will need to submit a paper form confirmation statement (CS01). Don’t worry, Kudocs is designed to handle this – the system will detect if this problem is about to arise, and will provide you with guidance and a completed document to download at the end of the process.
Can I use Kudocs to file a statement of capital (e.g. confirmation statement, SH01, SH02, SH03, etc) at Companies House if I have share class(es) with very small nominal value? Companies House do not currently allow electronic filings of any documents that contain a number with more than 6 decimal places (e.g. 0.00000001). They allow the company to have such a small number, it is just the filing that is is the issue!
Therefore Kudocs cannot submit certain electronic filings (e.g. confirmation statement, SH01, SH02, SH03…) for companies that have more than 6 decimal places in their statements of capital. Instead, the company – it will need to submit a paper filing directly to Companies House. Don’t worry, Kudocs is designed to handle this – the system will detect if this problem is about to arise, and will provide you with guidance and a completed document to download at the end of the process.