Re: Filing of Accounts
It really depends on what type of company it is.
Is it private limited company or private unlimited company?
Certain private limited companies that are either classed as "small" or "medium" under the CRO headings may qualify for to lodge Abridged Accounts or an Audit Exemption.
Small company is classified if it meets two out of the three following criteria in that year or financial year preceeding
1. Balance Sheet not exceeding €1.9m
2. Less than €3.81m turnover.
3. Less than 50 employees
If a company is applying for an exemption on the basis of its size, this will need to be certified by its Auditors. .
If they fulfill some additional criteria, the most important ones being ie, turnover less than €317,451.00, assets at end of financial year less than €1.9m, less than 50 employees, then they may qualify for the audit exemption and do not have to lodge accounts.(Audit exemption introduced for financial years after Feb 2000)They will need Auditors certification however.
The exemptions are not granted if the company is either a parent or subsidiary during the financial year or if the Annual Return is late, or if last years annual return is late.
Since May of last year, smaller private unlimited companies, whom previously did not have to file accounts, now have to file an Auditors report, which states that the Auditors have Audited the companies accounts.
There are various different scenarios as to what small, medium company, limited or unlimited or plc have to file as their accounts/abridged accounts and I have just listed some of the basic criteria above (mostly for small companies) as it is too detailed to list all the different situations which may arise. You would really need to have full company details to know what exactly needs to be filed.
Failure to have the correct set of Audited accounts or Auditors Certifications annexed to the annual return will result in the return being rejected by CRO. This will lead to late filing fees and could result in the company and every officer (director) of the company being fined up to €1,900.