The below response relates to companies with periods beginning on or after 1 January 2017. From that date Companies (Accounting) Act 2017 is mandatorily applicable. Even if a company early adopts certain Sections as permitted in Section 14 of Companies (Accounting) Act 2017 the company is not required or permitted to early adopt the change made to the definition of ‘designated unlimited companies in Section 1274 of Companies Act 2014. Where the period is for a period beginning on or after 1 January 2017;
The unlimited company must file its financial statements and the Form B1 annual return (S.1274(1) CA 2014) but may utilise the abridgement option available to small and medium companies if applicable.
If the company is not 100% owned by a company/companies and instead it is part owed by a company/companies and an individual/individuals (natural persons) then the unlimited company is only required to file the Form B1 annual return plus the auditor’s report where the unlimited company requires an audit (S.1274(2) & S.1277 CA 2014).
For periods beginning on or after 1 January 2017, such a company would meet the definition of a designated ULC and therefore the financial statements must be filed with the CRO.