Contents of a company’s Financial Statement

Contents of a company’s Financial Statement

July 23, 2019

The financial statement of a company is a document that contains information about the company’s activities and financial performance in a particular year and a copy of this statement is required by a company to file its Annual Returns. Note that a company is mandated by the Corporate Affairs Commission (CAC) to file its Annual Returns within the first 18 months of its incorporation and subsequently every year, A standard Financial Statement should contain the following information;

  1. The chairman’s speech
  2. Director’s report
  3. Auditor’s report
  4. Balance sheet
  5. Profit and Loss account
  6. Cash flow statement
  7. Accounts of subsidiary (if any)
  8. Corporate governance
  9. Accounting policies

Note that a company’s failure to file its Annual Returns in a year attracts penalty from the Corporate Affairs Commission (C.A.C) and continuous default may result in the Company being delisted from the register of members by the C.A.C

Do you wish to know how to file your annual report? Or you have any question or clarification regarding its filing and/or content? Log on to our website – www.618bees.com or call us on 23412803791 to speak to any of our consultants to provide answers to such questions.

Best regards,

Team 618 Bees

 

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.

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • What additional documents do I require to file my Annual Returns?
  • What’s the difference between a business name and an LLC?

    • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

    • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 
  • What is an execution clause in a contract?

    This is the section in which the parties sign the contract or agreement.
  • What are the penalties for not registering my products with the SON?
      1. Seizure of goods by the Inspectorate and Compliance Directorate
      2. Payment of a fine.
      3. Prosecution

     
  • What is data protection?

    Data protection is a legal process of protecting sensitive data.
  • What is the difference between licensing and assigning a patent?

    Licensing a patent means granting permission to another individual or organisation to make, use as well as sell the creation that has been protected by patent.

    A patent assignment on the other hand, is a finished exchange of patent rights starting with one individual then onto another person.
  • Do I have to physically drop off my product sample at NAFDAC office?

    No, you can choose to have it sent to NAFDAC office
  • What is share capital?

    The share capital in a private limited company is the amount of money invested by its owners in exchange for shares of ownership.
  • What is a trademark?

    A trademark can be any word, sign, symbol or graphic that you apply to your company, goods or services to distinguish them from those of your competitors; for example, a brand, product or company name, or logo. The trademark serves as a badge of origin for your business and its brands and products, and can consist of words, logos, slogans, colours and shapes, or a combination of all of these.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp