(ii) Report of the auditors under section 356(2) Companies Act 2014Auditor's Report to the directors of Example Limited pursuant to section 356(2) Companies Act 2014. In section 347, for sub-section (1), Section 347.063 Transfer of property--instrument of transfer--claims, effect. Application of Schedule VIII to certain managing agents. (s.363 CA 2014). Section 347 Companies Act 2014 states that "a copy of a document is a reference to a copy that satisfies the following conditions: The new version Form B1 includes the certification for the financial statements attached to the document as well as the form itself. — 1. 05 Sep 2019. whether, in their opinion, the accounting records of the company were sufficient to permit the financial statements to be readily and properly audited. Section 347 Documents to be annexed to annual return: all cases Source Companies Act 2014 section 347. Format of certification which is acceptable(i) Report of the auditors under section 356(1) Companies Act 2014. Section 347 in The Companies Act, 1956. AMENDING LEGISLATION 2019-33. Small company “size/ abridgement exemption” statements:A company claiming the “size/ abridgement exemption” must file the Auditor’s Report to the directors and must state the following on their Balance Sheet: I/We, as director(s) of (company name), state that -The company has relied on the specified exemption contained in section 352 Companies Act 2014;the company has done so on the grounds that it is entitled to the benefit of that exemption as a small company and confirm that the abridged Financial Statements have been properly prepared in accordance with section 353 Companies Act 2014. [Repealed by Act 40 of 2018 wef 30/07/2020] 349. Section 347 shall come into force on 15th December, 2016 vide Notification No. COMPANIES ACT 1963 – SECT 347 Power of court to stay or restrain proceedings. Failure to comply with registration requirements, penalty — no maintenance of action — validity of contracts — liability for debts — causes of action — activities not constituting transaction of business — foreign corporations and partnerships — construction. (b) in any other case — since the end of the period covered by the statutory financial statements annexed to the preceding annual return. 19), section 47 of the Finance Companies Act (Cap. We would recommend that you seek professional advice, or contact your professional association / accountancy body, if you have any queries on the format of financial statements. Amendment. Size Exemption The size exemption does not apply to Public Limited or Public Unlimited companies.Small sized companies may be exempted from the full extent of the requirements relating to annual Financial Statements in respect of any financial year if in respect of that year and the financial year immediately preceding that year the company satisfies two of the three following conditions: (Section 280A Companies Act 2014 as inserted by Companies (Accounting) Act 2017). (2) The reference in subsection (1) to a copy of a document is a reference to a copy that satisfies the following conditions: (a) it is a true copy of the original save for the difference that the signature or signatures on the original, and any date or dates thereon, shall appear in typeset form on the copy; and. DISPOSAL OF BOOKS AND PAPERS OF COMPANY. However, it is arguable that Section 582 (4) of Act 777 (in parimateria with Section 355(4) of the Companies Act 1965) can be relied on to abridge the statutory notice period of 30 days. (iii) Report of the auditors under section 336 Companies Act 2014The auditor’s report to the members is required to state: The statutory auditors report will also state whether, in their opinion, the information given in the director’s report for the financial year is consistent with the statutory financial statements.Also the report shall in relation to each matter referred to in the points above contain a statement or opinion, as the case may be, which shall be either - unqualified or qualified and include a reference to any matters to which the statutory auditors wish to draw attention without qualifying the report. Section 347 Companies Act 2014 states that "a copy of a document is a reference to a copy that satisfies the following conditions: (a) it is a true copy of the original save for the difference that the signature or signatures on the original, and any date or dates thereon, shall appear in typeset form on the copy; and SECTION 347. • The company must qualify as a “small company". (1) When the affairs of a company have been completely wound up and it is about to be dissolved, the books and papers of such company and those of the Company Liquidator may be disposed of in such manner … Companies Act 2014. the abridged financial statements for the year ended 31 December 20** on pages ...... to ...... which the directors of Example Limited propose to annex to the annual return of the company; and. The first phase was implemented on 1 July 2015. 2017/196. note three in full Company number Nomination of a new Annual Return Date for holding and/or subsidiary There are changes that may be brought into force at a future date. (1) Where a company is a subsidiary undertaking of a holding undertaking that is established under the laws of an EEA state, the company shall, as respects any particular financial year of the company, stand exempted from the provisions of sections 347 and 348 if, but only if, the following conditions are satisfied: Section 347 of Companies Act 2013: Disposal of books and papers of company. (1) When the affairs of a company have been completely wound up and it is about to be dissolved, its books and papers and those of the Company Liquidator may be disposed of as follows:—. S.O. (1) The directors of a company shall, in respect of each financial year, lay before the company in general meeting copies of— (a) the statutory financial statements of the company for the financial year, (b) the directors' report, including any group directors' report, for the financial year, in the case of entity financial statements, whether the company’s balance sheet and except where the exemption under section 304 is availed of, the profit and loss account are in agreement with the accounting records and returns. CORPORATIONS ACT 2001 - SECT 347A Directors must pass a solvency resolution after each review date (1) The directors of a company must pass a solvency resolution within 2 months after each review date for the company. (1) The exemption in subsection (2) is available for a company that — (a) qualifies for the small companies regime (or the micro companies regime), and (b) has not elected to prepare group financial statements in accordance with section 293. Section 121 came into effect on 20 Apr 2018. (6) In subsection (5) “officer” includes any shadow director and de facto director. Small companies who claim both the audit and abridgement exemptions are required to file: Sample Statement to be included on Balance Sheet when claiming BOTH audit exemption and the small company (abridgement) exemption: I/We, as director(s) of (company name), state that:(a) the company is availing itself of the exemption provided for by Chapter 15 of Part 6 of the Companies Act 2014,(b) the company is availing itself of the exemption on the grounds that the conditions specified in s.358 are satisfied,(c) the shareholders of the company have not served a notice on the company under s.334(1) in accordance with s.334(2),(d) we acknowledge the company’s obligations under the Companies Act 2014, to keep adequate accounting records and prepare Financial Statements which give a true and fair view of the assets, liabilities and financial position of the company at the end of its financial year and of its profit or loss for such a year and to otherwise comply with the provisions of Companies Act 2014 relating to Financial Statements so far as they are applicable to the company,*(e) the company has relied on the specified exemption contained in s.352 Companies Act 2014; has done so on the grounds that the company is entitled to the benefit of that exemption as a small company and the abridged Financial Statements have been properly prepared in accordance with s.353 Companies Act 2014. 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