Financial Statements Filing Exemption

Exemption from Filing Financial Statements with the CRO
The following companies may claim an exemption from filing Financial Statements with their annual return (a B1 Form will still be required to be filed with the CRO);

  • Designated Activity Companies (DACs) formed for charitable purposes who stand exempt from filing Financial Statements with the CRO by an order made by the relevant authority. (The Charities Regulatory Authority (CRA)).
  • Companies Limited by Guarantee (CLGs) formed for charitable purposes and stand exempt from filing Financial Statements by an order made by the relevant authority (CRA). 
  • Non-designated Unlimited Companies (ULCs) can claim an exemption from filing Financial Statements.

Specific Requirements of Different Types of Companies
Companies Limited by Guarantee (CLGs) and Designated Activity Companies (DACs)

Sections 325(1)(c) and 329 of CA, 2014, do not apply to CLGs as these companies have no share capital they are not required to include in their directors report details in relation to acquisition or disposal of their own shares or interest in share and debentures, please see the relevant section of the Act for more information.
Certain CLGs and DACs that have been formed for charitable purposes, and who are exempted by the relevant authority, can avail of an exemption from filing Financial Statements with the CRO.

Unlimited Company (ULC) requirements
The following Unlimited Companies are subject to the requirements to the preparation and filing of Financial Statements:

(A) ULC where all the members are

  • (1) Companies under the Companies Act 2014 which are limited by shares or guarantee.
  • (2) Bodies not governed by the law of the state but are equivalent to those referred to in (1). 
  • (3) Any combination of the types of bodies referred to in 1 & 2 above.

(B) ULC where the members are

  • (1) Unlimited Companies where the membership of each is comprised of bodies falling within (A) 1, 2 or 3 and are governed by the laws of one or more Member States.
  • (2) Partnerships, all of the partners of which are bodies who fall within (A) 1, 2, or 3 and are governed by the laws of one or more Member States.
  • (3) Any combinations of (A) 1 & 2 or (B) 1 & 2.

Unlimited company, which are not covered by (A) & (B) above, are non-designated Private Unlimited Companies and can claim an exemption from filing Financial Statements.

Private Unlimited Companies (ULCs) can claim audit exemption once they qualify. 

Public Limited Companies (PLCs), Public Unlimited Companies (PUCs) or Public Unlimited Companies with no share capital (PULCs) cannot claim any exemptions and must file full Financial Statements.