Management Company for Development - Annual Return

vicwatson

Anyone tell me what is required to create an annual return for a private managed development, as a residents association that have control of the management company?

Can we do it via ROS? or can we creat the accounts and have an accountant certify them? If so, what costs might be involved? There really isn't that much involved, grass cutting etc etc

vicwatson

Maybe this is in the wrong area Mod?

Alan Shore

Is it a company limited by shares or guarantee. What is the year end? Who are the directors. When was the AGM?

When is the Annual Return Date? Was the previous return filed on time.

Each year you have to file a B1 within 28 days of the Annual Return Date. You can do this on core.ie and attach accounts.

This is a CRO matter rather a taxation issue.

Mr. Incognito

Get an accountant to do it

As directors you need proper accounts

CIARAN_BOYLE

A owners managment companys accounts have to be audited this means that you need to engage a registered auditor.

dbran

CIARAN_BOYLE wrote: »

A owners managment companys accounts have to be audited this means that you need to engage a registered auditor.

This has changed since the new Companies Act 2014 came in 1 June 2015. They no longer need to be audited accounts. Though in certain circumstances it may still be advisable.

dbran

Mr. Incognito

Management companies are companies limited by guarantee. (predominantly)

The are converted, like all companies to DACs for 18 months at which stage the Directors have to elect to become a Ltd.

https://www.cro.ie/Annual-Return/Accounts-Requirements

You still have to return audited accounts until, and if, you convert to a Ltd.

dbran

Mr. Incognito wrote: »

Management companies are companies limited by guarantee. (predominantly)

The are converted, like all companies to DACs for 18 months at which stage the Directors have to elect to become a Ltd.

https://www.cro.ie/Annual-Return/Accounts-Requirements

You still have to return audited accounts until, and if, you convert to a Ltd.

No. If they are limited by guarantee they are converted to a CLG.

A CLG can avail of the audit exemption provided it qualifies as a small company (as can a DAC) provided that it has filed its return with the CRO on time and they fulfil all the relevant criteria.

You don't have to undergo any conversion process. The accounts must simply be signed off after 1 June 2015 in order for the new companies act to apply.

https://www.cro.ie/Annual-Return/Financial-Statements-Requirements/Audit-Exemption

Regards


dbran

vicwatson

Thanks all, this is for a small private managed development with very little incomings/outgoings, we keep a balance sheet.

Can this be done via ROS or is there someone or a specific department I can contact in Revenue/CRO to pose the questions? Thanks for the help thus far.

vicwatson

dbran wrote: »

No. If they are limited by guarantee they are converted to a CLG.

A CLG can avail of the audit exemption provided it qualifies as a small company (as can a DAC) provided that it has filed its return with the CRO on time and they fulfil all the relevant criteria.

You don't have to undergo any conversion process. The accounts must simply be signed off after 1 June 2015 in order for the new companies act to apply.

https://www.cro.ie/Annual-Return/Financial-Statements-Requirements/Audit-Exemption

Regards


dbran

Hi dbran,

Can I do this return on Core so? I'm an amateur but have a good brain for it so am capable but just need to know if its possible to do on core?

Thanks for all the help y'all

dbran

No

You need to go see an accountant and get them to prepare the accounts for you. Do not go about doing them yourself. If you have to ask if it can be done on CORE then it is likely that you do not know what you are doing.

The directors of the company are responsible for preparing proper financial statements of the company that show a true and fair view. By doing them yourself without the necessary knowledge and skills you are not acting in the best interests of the company. This itself is a breach of company law.

If you make a mess, then the question that will be asked is why you decided to take on the task and not go to an accountant.

You may find your fellow apartment owners are not as forgiving if they are faced with CRO fines, unexpected bills, company law issues etc that you may have caused by not getting the appropriate professional accounting help and guidance.

Leave it to an independent accountant to do.

Best of luck

dbran

vicwatson

Whats involved in preparing the accounts, I already have a balance sheet completed, as I keep the records so can anyone tell me what else should I have to provide? As I already said the balance sheet is a 1 page job, not complicated in itself so cannot understand why we would need to employ an accountant, unless its a legal requirement or a requirement by the cro/revenue

vicwatson

And sorry, we have legal advice and are fine on that front..a "mess" wont be made as its almost impossible to mess up what are very simple accounts.

dbran

Right ye be..........That explains why you are here so.:D

Alan Shore

vicwatson wrote: »

And sorry, we have legal advice and are fine on that front..a "mess" wont be made as its almost impossible to mess up what are very simple accounts.

Famous last words.

Have you presented a full set of accounts including the MUD act disclosures at AGM.

Do you require approval of the sinking fund contributions or management fees.

Have you ensured that the company is entited to claim the audit exemption.

Are you aware that a CGL can't just file a Balance Sheet https://www.cro.ie/Annual-Return/Financial-Statements-Requirements/Guarantee-Company

vicwatson

dbran wrote: »

Right ye be..........That explains why you are here so.:D

Alan Shore wrote: »

Famous last words.

Have you presented a full set of accounts including the MUD act disclosures at AGM.

Do you require approval of the sinking fund contributions or management fees.

Have you ensured that the company is entited to claim the audit exemption.

Are you aware that a CGL can't just file a Balance Sheet https://www.cro.ie/Annual-Return/Financial-Statements-Requirements/Guarantee-Company

I'm here for HELP ! so can anyone help me if I have some questions? Thanks in advance.

Quite frankly we cant afford or want to pay for an accountant unless we are legally obliged to go to him so they can do something for us that we cannot do ourselves.

Alan Shore

If the company can claim the audit exemption then the company does not need an accountant.

But the directors are responsible for preparing financial statements that comply with the Companies Act 2014 and the MUD Act 2009.

They are also responsible for ensuring that the provisions of the MUD act are compiled with regarding sinking funds and votes on annual management charges.