Filing Financial Statements under the Companies & Allied Matters Act in Nigeria (CAMA)

Filing Financial Statements under the Companies & Allied Matters Act in Nigeria (CAMA)

November 02, 2021

Financial statements are records of the financial activities of a company over a period of time.

At the end of every financial year, the director of a company is required by the Companies and Allied Matters Act (CAMA) to prepare a financial statement for the company. The financial statement must show the following.

  1. The balance sheet of the accounting year
  2. Profit and loss or Income and expenditure (for companies not trading for profit)
  3. Notes on the account
  4. The directors report
  5. The auditor’s report
  6. Financial summary
  7. For a holding company, the group financial statement is required.
  8. A private company need not include the listed information below;

i. Statement of accounting policies .

ii. State of source and application of fund.

iii. Changes in equity

iv. Value-added statement for the year.

Additional requirement may be included to the above as required by applicable accounting standards.

Not every company is required by CAMA to file their financial statement along with their Annual returns. Small companies are not required to file their financial statements when filing Annual returns. The CAMA defines a small company as a company where its Annual turnover does not exceed N120, 000, 000 (One hundred and Twenty Million) and where the Net asset does not exceed N60,000, 000 (Sixty Million). Every other company that the turnover exceeds that of a small company would file as a company other than a small company and is required to file Annual returns with their Financial statement attached.

Team 618 Bees

 

 

618 Bees can quickly and easily help you file your Financial Statements as required by the Company and Allied Matters Act 2020 in Nigeria. Log on to our website www.618bees.com or email hello@618bees.com, or give us a call on +2349017190079. 618 Bees will complete your application with the Corporate Affairs Commission (CAC).

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached

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Frequently Asked

  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.
  • Do I need a Company Secretary?

    A limited liability company (LLC) must not have a company secretary.
  • What is an execution clause in a contract?

    This is the section in which the parties sign the contract or agreement.
  • When can I start renewal of the registration of my product(s) with NAFDAC?

    You can start renewal 6 months to the date of expiry.
  • Can I use the data collected legally for one purpose for another purpose?

    No, you can’t use the data collected for one purpose for a different purpose.
  • What is the basic criteria for registering a Design?

    The design must be new and original. This means that it must be a unique design not similar to an already existing design.
  • What are the product categories available when registering with NAFDAC?

    The product categories include: Food, Cosmetics, Drug, Medical Device, Agro-Chemicals & Pesticide, Veterinary Products, Vaccines & Biologicals, Herbal and Nutraceuticals and Water
  • Can a minor be a company director?

    No, a minor cannot be a director. A minor under Nigerian Law is anyone who is below 18 years of age.
  • Can I trademark my logo and name separately? Why is this a good idea?

    Yes you can. The advantage is that it gives you the opportunity to have more than one logo or the opportunity to change your logo easily as opposed to registering the name and the logo as one trademark.
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