Audited accounts

[xiong]

Hi, I opened a limited company with 2 friends, we have no trading record and no business account in any bank. when ARD is dued, we submitted annual return with B1 form and a balance sheet, then few days later, we received a post from CRO requesting audited account must be filed or or if we are wishing to avail of audit exemption.

Our company has no assets, no bank account, no trading record. shall we file audited account? if we are wishing to avail of audit exemption, what shall we do? thanks a mil.

 

[MOB]

The filing requirements are set out on the CRO website and are in the mid-range of complexity. Basically, you need to file a Directors' statement in a prescribed format in order to avail of audit exemption. Many people can manage these filing requirements without professional help. Many can not. If you feel that the requirements are too complex for you, you should get an accountant quickly. If you meet the necessary deadline, you can then file returns without audited accounts; If there is no trading of any sort, audit cost should be small enough anyway, but if at all possible you should avail of the audit exemption.

 

[hhhhhhhhhh]

submitted annual return with B1 form and a balance sheet

Our company has no assets, no bank account, no trading record. shall we file audited account? if we are wishing to avail of audit exemption, what shall we do? thanks a mil.

If you have the balance sheet you just send that in stating you are availing of the audit exemption.
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All explained here with a sample return you can copy verbatem,
you also need to read the notes section and add a few notes ref share capital, provesion for taxation and indeptinesses
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[simplyjoe]

Hi, I opened a limited company with 2 friends, we have no trading record and no business account in any bank. when ARD is dued, we submitted annual return with B1 form and a balance sheet, then few days later, we received a post from CRO requesting audited account must be filed or or if we are wishing to avail of audit exemption.

Our company has no assets, no bank account, no trading record. shall we file audited account? if we are wishing to avail of audit exemption, what shall we do? thanks a mil.

Did you tick the box on the first page of the annual return to state that you are submitting non audited accounts?

I think you should go to an accountant. Ring them first and tell them what you are doing and get them to quote you for the work. At most it should cost you as little as €150. If in Dublin ring a provincial small firm and bargain with them. If you do lose the audit exemption the audit fee will not be too bad for the non trading year but you also lose it for the following year. If you then trade in the second year you have put a huge unnecessary cost on the business.

If you still insist on doing the return yourself you should see if you can get the name of a dormant non audited company already submitted. Get a copy of the return and accounts from CRO and copy them. Time is against you though. Do not miss the deadline €100 + €3 each day plus audit fees for two years. It is not worth it.

 

[xiong]

If you have the balance sheet you just send that in stating you are availing of the audit exemption.
[broken link removed]

All explained here with a sample return you can copy verbatem,
you also need to read the notes section and add a few notes ref share capital, provesion for taxation and indeptinesses
[broken link removed]

Thank you very much,

your links are very helpful to me, I have re-submitted the AR again, erverything went alright.

Thank you all guys again.