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.

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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.

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    Although it’s ideal to have a lawyer as a company secretary, it is not compulsory for small private businesses.

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    This is one of the key elements of a contract because is shows the meeting of the minds of both parties

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    SON stands for ‘Standards Organization of Nigeria’

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    Name, photograph, personal health/bio information, account/financial information, phone number, Address, date of birth, place of birth, Email address, etc.

  • Can an industrial design be sold?

    An industrial design is a company asset and the right to sell is in the hands of the registered owner.

  • Is there a penalty for late renewal of registration of products with NAFDAC?

    Yes, there is a late renewal fee, which is dependent on the category of the product.

  • How many shareholders do I need to start a company?

    A minimum of two (2) shareholders is required to form a company.

  • Why do I need a trademark?

    You need to register your trademark because if you don’t register it, someone else can! It helps identify you as the source ad indicates a consistent level of quality of your products and services. Securing a registered trademark protects your brand, and provides you with tools to prevent someone else from using similar signs and riding off the back of your business.

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