Section 359 of the Companies Act defines group companies as either holding companies or subsidiary companies (quoted below). 359. (1) In this section— (a) “group company” means a company that is a holding company or a subsidiary undertaking; and The 40% shareholder in your example is neither a holding company or a subsidiary, thus is […]
Long Question I have a CLG that is funded by Pobal. Can they hold a valid AGM with everyone attending via phone and/or video conference? The constitution does not specifically allow AGM’s by tele conference. The Law society have a document on this and state “Where provided for in a company’s constitution, shareholders may participate […]
Question: Can a company can give a loan to another company in the group structure and under what circumstances would a SAP be required ? Answer: The following extracts from Companies Act 2014 are relevant: 243. (1) Section 239 does not prohibit a company from— (a) making a loan or quasi-loan to any body corporate […]
Question: Can a company declare a dividend if it has positive distributable reserves per the last financial statements but expects to make a loss in the current year? Answer: Section 121 CA 2014 then goes on to state when assessing whether a distribution may be made by a company without contravening section 117 then […]
Question I have a group of companies – one company has prepared accounts under FRS 102 and lodged them with the CRO for the financial year. Other companies in the group are much smaller and could report under FRS 105. Is it possible to report some companies in a group under FRS 102 and others […]
It depends. If the subsidiary including all other group companies around the world meet the requirements of a small group then this subsidiary can claim the audit exemption. If it does not then it cannot claim audit exemption regardless of whether the subsidiary itself meets the requirements of a small company. If the subsidiary is […]
Question: For private unlimited companies can they apply for audit exemptions and if so do they need to file financial statements if the UBO are individuals and not held directly or indirectly by a limited liability undertaking? Does Section 78 of the Companies Accounting Act 2017 apply? Is my understanding correct that if an entity is […]
Question: For private unlimited companies can they apply for audit exemptions and if so do they need to file financial statements if the UBO are individuals and not held directly or indirectly by a limited liability undertaking? Does Section 78 of the Companies Accounting Act 2017 apply? Is my understanding correct that if an entity is […]
No a property management company which is a company limited by guarantee must have at least two directors.
Question: We have been engaged to prepare financials for a number of companies trading in Ireland which are 100% owned by an Australian Entity. They would have very little turnover and assets however the holding company would have turnover and assets exceeding €50m. Can you confirm that the Irish companies must be audited? Answer: In […]
Question: Can a small subsidiary file abridged accounts with the CRO if the holding co consolidates due to another medium company? Answer: Yes both X and Y can file abridged accounts with the CRO as long as they meet the definition of a small company under Section 280A Companies Act 2014 and are not […]
Question: Can a company who is a subsidiary of a PLC (Listed company) claim the dormant company audit exemption if it meets all other criteria? I am aware that a a PLC itself cannot but am unsure if its subsidiary can. The subsidiary is a LTD company. Answer: Assuming the subsidiary is not a PLC […]
An insurance broker can convert to a model limited company. There is no requirement to convert to a DAC.
Question: I have a query to do with establishing a UK subsidiary for an Irish company What the client wants is: Costs involved in establishing a UK subsidiary and the shareholder will be Irish company? Can Irish company lend to UK company? Do consolidated accounts come in to equation and reporting responsibilities (turnover of Irish […]
Yes where the company, regardless of the company’s size, meets the conditions of a dormant company as detailed in 1 and 2 below in THAT particular year AND the directors have elected to avail of this exemption in THAT year (this election should be minute-ed in the minutes of a meeting of the directors in that year) that company can avail of audit […]