When is the best year end for my limited company?

Hi,

Just preparing my first year of accounts for my new Limited Company. I am trying to determine the best year end date, all suggestions welcome. I was also wondering what are the number of months in one financial year?

Cheers.
MM.

Max Million said:

Hi,

Just preparing my first year of accounts for my new Limited Company. I am trying to determine the best year end date, all suggestions welcome.

Click to expand...

In my view, 31 December is almost always the best year-end date as it coincides with the annual calendar tax year end and reporting dates for annual Revenue returns such as P35 etc.

Max Million said:

Hi,

I was also wondering what are the number of months in one financial year?

Click to expand...

Sorry I don't really understand what you are trying to establish here. A financial year generally means the period covered by a set of accounts. It can be as short as 1 month or part-month. On the other hand it can sometimes cover a period of up to several years, although this is not recommended!

T McGibney said:

On the other hand it can sometimes cover a period of up to several years, although this is not recommended!

Click to expand...

It is also illegal , AGM requirements, Annual Return requirements, amalgamated accounts are not permitted under company law too.


Max Million, what is your next ARD with the CRO?

RonanC said:

It is also illegal , AGM requirements, Annual Return requirements, amalgamated accounts are not permitted under company law too.

Click to expand...

Indeed, although the CRO do accept amalagamated accounts in certain limited circumstances.

"Since 1st February 2007 the CRO has not accepted amalgamated accounts covering more than one financial year, where more than one annual return is being filed. The only exception to that rule is where more than 3 annual returns and associated accounts are being filed. In that instance, the most recent three annual returns or combination thereof must be accompanied by an individual set of accounts covering the relevant financial year in each case, but where the number of annual returns being submitted exceeds three, each return in excess of the most recent three may be accompanied, without limit, by one set of amalgamated accounts. Each set of accounts must be filed and signed in compliance with the Companies Acts."

[broken link removed]

As I said earlier, this sort of situation is certainly not recommended

Thank you for your replies.

The next ARD is the 31/07/10. The company was incorporated 11/11/08. I am trying to figure out from what period should I send in the accounts.

Cheers.

I'd go with the 31st Dec financial year end, and your first set of financial statements will cover the period 11/11/08 - 31/12/09, file these with a B1(annual return) dated 31/07/2010 within 28 days of this date - ie; 28/08/2010, or file B1 online on the 28/08/2010 and then have another 28 days to submit B1 signature page and accounts.

You could also push out your exsiting ARD using a B1 & B73 giving you the maximum time allowed for filing with the CRO. You will elect the 30/09/2010 as your next ARD and then on that date or within 28 days you must file another B1 and the above mentioned accounts with the CRO.You can file this B1 & B73 online using CORE.ie and its only €20, get the signature pages signed and send them off to the CRO.