All Irish Limited Liability companies must prepare annual accounts. The Annual accounts should be used as a major part of the ongoing expansion of a business.
At William Halpin & Co we guarantee that ALL accounts are completed within 3 months of the respective year end. Annual Accounts prepared just to comply with the Tax filing deadline (ie 8 months and 21 days) after year end do not help with business planning as they are almost 6 months too late in our opinion.
If the Companies are limited by Guarantee, a Statutory Audit must be done annually by a Statutory Auditor. For example most charities are Companies limited by guarantee and need to get a statutory audit done.
Most small companies can avail of Audit exemption if in the respective financial year concerned they comply with the following criteria :
The company must be a company to which the Companies (Amendment) Act 1986 applies i.e. a Private Limited Company;
- The amount of turnover of the company must not exceed €8.8 million;
- The Balance Sheet total of the company is less than €4.4 million
- The average number of employees must not exceed 50;
- The company must not be a parent company or a subsidiary company;
During the course of the Audit we will be working closely with the company directors.
At the end of the audit we will be issuing recommendations to rectify any issues that arose during the course of the audit.
Similarly, we aim to get the company accounts completed as close to the year end as possible. This means that the results as shown on the accounts are timely and accurate and will be more meaningful to the directors.
If you are a Director of a Community organisation whose legal format is a Company Limited by guarantee and you are looking for advice we will be glad to meet you or your committee at a suitable time.