Guarantee
These companies are governed by section 128 Companies Act 1963 as they are a type of public company. (If a company does not have a share capital, it cannot be a private company).
They must annex to their annual return the following:
- balance sheet,
- profit and loss account (or income and expenditure account),
- directors' report,
- auditor's report.
There must be a general certification certifying the accounts and reports in total to be a true copy of the accounts and reports as laid before all members at the AGM and this must be signed by a director and the secretary.
It should be noted that a guarantee company not having a share capital (form of public company) cannot avail of the audit exemption, as that exemption is limited to private companies.
A public guarantee company which is not-for-profit is required to prepare and file accounts pursuant to the Companies Act 1963. All other public guarantee companies are obliged to prepare and file accounts with their annual return pursuant to the Companies Amendment Act 1986.
Private Guarantee
Guarantee companies with a share capital (a form of private company) are not subject to the requirements of section 128 of the 1963 Act but are required to annex accounts to their annual return pursuant to section 7 Companies (Amendment) Act 1986, as amended. A guarantee company with a share capital which is trading not for the acquisition of gain by the members is not subject to the 1986 Act or to section 128 of the 1963 Act, and so is not required to file any accounts with its annual return.
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