Annual return to CRO

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o2o3

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Can someone help please?

I was an IT contractor working under my own company and traded only for 6 months. I'm now fully under PAYE. I have ceased trading but have to file my annual returns with the CRO. This is the 2nd return I'm filing and so have to submit what is called audited accounts along with form B1. I never had any accountant and did the accounts myself but now am not sure as to how to get these accounts audited. Is this something that I can do myself or should I get some acountant check my accounts. if so, would someone know how much they charge??

Thanks.
 
Unless your turnover was more than €1.5m you're probably exempt from the audited accounts requirement. See [broken link removed] and make sure you file on time.

Unless you are very confident in your book-keeping skills and the requirements of the CRO you probably should seek the help of a professional.
 
You can indeed claim the audit exemption, but only if your annual return (B1) and accounts are filed on time. If these are overdue at all, you cannot claim the audit exemption, and must have the accounts audited.

Also, just a minor point for anyone else checking this out, A lot of people are not aware that as a limited company, regardless of whether you are trading or not, you are still obliged to file an annual return and accounts with the Companies Office annually.

Many people assume that if they have a limited company that's not trading, they have no filing obligations with CRO, but this is not true.... i learned the hard way!!
 
Dear 0203

Its very important that you deal with this issue now and have your accounts completed and filed on time. You have 28 days from your Annual Return Date (ARD) to file. After that you will start to incur penalties.

As soon as the company's filings are brought up to date you should then file for the company to be struck off the register.

As stated already even though you are no longer trading you and other Directors and Company Secretary are responsible for the maintenance of the company until it is either struck off or liquidated.

If you have any more questions feel free to ask me.

Larbin
 
Hi,
I am in the same boat as the poster above, I managed to file my first annual return but since I have not been trading at all i have no accounts. Can anyone please give me advice on filing 'dormant accounts'? Or a book or weblink that may help? I cannot afford to pay a company to do it for me and do not want to get struck off!

Thanks!
 
there really isnt anything as dormant account. They would be classed as 'Non-trading accounts' for that particular financial period. They will contain some figures such as share capital and stock, loans, money at bank and so on...

You will need to file accounts and these might include, balance sheet, profit and loss account, auditors report to directors and members, directors statements, notes to accounts and so on... full info can be found on www.cro.ie or here [broken link removed]
 
Thanks, I know I qualify for the audit exemption, so at least thats out of the way. But The banks, capital, assets etc- should I just make out a balance sheet that reads zero for each of these? I dont even have a company bank account, no profit or loss, the company owns nothing.. I want to do it right, but there is no where online that simply gives an example.

All the company is is two authorised shares of €1. Has anyone else had to deal with this? I'm sure a lot of companies out there are not trading, have never traded and have still to file returns.
 
well your capital would be €2 so... wont be ZERO - 2 issued shares @ €1 each.
 
OK, I understand that much, thanks Ronan. Would you know of any book available or online tutorial that might help me in making up the paperwork they ask for? (balance sheet, profit and loss account, directors statements, notes to accounts and so on)
 
It might be as handy for you both to apply for voluntary liquidation - i think it's probably the most cost efficient way of dealing with and ridding yourselves of your cro obligations.
 
Thanks, but i looked into it and you still have to file your annual return if you want to strike the company off! so its even more work!
 
I would apply for a voluntary strike off rather than a voluntary liquidation. Is your annual return due now. If not, it may be possible to have it struck off before the next one is due to avoid the problem with accounts
 
Yeah thats what I meant Mandac, the advantage is that even if you are too late for this year, you won't have to bother with again next year.
On the other hand, if you have to set up a new company at any stage it'll cost a few euro, but if you're not planning to for 3/4 years, it'd be worth getting it struck off.
 
The whole problem is lack of knowledge really, I figure since I have to do it this year anyway no matter what, at least I will learn how to do it myself and wont be so confused next year. Plus there is the cost.
I need to find out how to file a balance sheet and 'abridged accounts' (whatever that is). I don't have any data to put on it apart from the €2 capital that the comany has.
You'd think it would be simple! The CRO make it so difficult to understand the info and provide no examples of anything, it is as if everyone is able to afford employing accountants.
 
Running a limited company is a serious proposition. The CRO website is pretty good IMO. But they're not going to show you how to compile your balance sheet.
 
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