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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  • 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.
  • Must my Company Secretary be a Lawyer?

    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 the part of the agreement where the witness attests to have witnessed the execution of the agreement.
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    SON Product Registration scheme is mandatory for all SON’s regulated products as mandated by SON Act 56 of 1971, 20 of 1984, 18 of 1990 as amended.

    This is irrespective of the registration done by NAFDAC
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    A minimum number of one (1) adult director is required to form a company.
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