FINANCIAL STATEMENTS FILED WITH THE CRO AFTER 1st JUNE 2015

NEW OBLIGATIONS REGARDING FINANCIAL STATEMENTS IN THE 2014 COMPANIES ACT
Under the Commencement Order, the following new obligations in Part 6 of the 2014 Act were commenced in respect of financial years beginning on or after 1 June 2015:

  • section 167: Audit committees
  • section 225: Director's compliance statement and related statement
  • section 305(1)b: Share options disclosure
  • section 306(1): Payments to connected persons
  • section 326(1)a: Director's names
  • section 330: Directors' report: statement on relevant audit information

Fixing of length of financial periods

Under section 288 of the new Act, the financial statements attached to a company’s first full annual return (ie with financial statements) must cover the period from incorporation and must not be for a period longer than 18 months. Each subsequent financial year begins on the date immediately after the last financial year end date and must be for a period of no more than 7 days shorter or longer than 12 months.

A company may, by filing a Form B83 with the Registrar, apply to alter its current or its previous financial year end date by not more than six months, which will then become its financial year end date for the future.

Filing an Annual Return

Since the commencement of the Companies Act 2014 on 1 June 2015, CRO has accepted annual returns which had annexed financial statements in respect of financial years ending before 1 June 2015, which had been prepared under the Companies Acts 1963 to 2013 and signed before 1 June 2015.

All financial statements in respect of financial years ending before 1 June 2015 are required to be filed under section 343 Companies Act 2014 with the CRO by the end of May 2016. Accordingly from 1 June 2016 CRO will only accept financial statements which are prepared in accordance with the Companies Act 2014.