Missed ARD, need to resubmit with audited accounts - very small ltd company

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podgey

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Hello, I need some advice on the best way for me to proceed. I filed my ARD on time, but unfortunately didn't send the cheque in on time. I now have to resubmit form B1 with audited accounts. The company has been running since 2005, but in recent years has become a part-time business, and is now almost dormant.

I have been doing my own accounts using Sage software, and while they are complete and honest accounts, i have never studied accountancy and have figured it out as i went along, with some help. I expect there to be some small items logged incorrectly.

I had already been thinking of closing the company, but i now understand that this is not a straight-forward process.

I am now thinking of doing the following:

1. Get in touch with an accountant, ask him / her to review / tidy up my accounts for 2010. What would this cost?
2. Get in touch with an auditor, ask him / her to sign off accounts for 2010, and i will resubmit along with form B1. What would this cost?
3. As i don't have the time to do part-time work any more - ( new infant and toddler now at home), i would like to close the company. Should i go for voluntary strike off, as soon as the audited 2010 accounts are submitted. Would the 2011 accounts still need to be filed, and audited?

Is there a better approach?

Can someone recommend and accountant and auditor for a very small dublin based company, with 2010 turnover about3,400?

Thanks for any advice
 
podgey said:
1. Get in touch with an accountant, ask him / her to review / tidy up my accounts for 2010. What would this cost?
2. Get in touch with an auditor, ask him / her to sign off accounts for 2010, and i will resubmit along with form B1. What would this cost?
3. As i don't have the time to do part-time work any more - ( new infant and toddler now at home), i would like to close the company. Should i go for voluntary strike off, as soon as the audited 2010 accounts are submitted. Would the 2011 accounts still need to be filed, and audited?

Is there a better approach?

Can someone recommend and accountant and auditor for a very small dublin based company, with 2010 turnover about3,400?
Click to expand...

You will need to find someone who is both accountant and auditor, as there will undoubtedly be formatting and some accounting changes needed to your accounts before they can be presented for audit.

I suggest that you should aim to get the separate accounts for 2010 and 2011 (to date if necessary) completed and audited at the same time (CRO forbid the submission of 'amalgamated accounts' which prevents you from having one set of accounts prepared for the 2 years) and proceed with voluntary strikeoff after that process is complete.

Fwiw, there is a lot more to auditing than 'signing off accounts' especially in terms of risk to the auditor, so don't be surprised if the auditor looks for a lot more detail and documentation from you than you expect.

The best way to source an accountant/auditor is to get recommendations from trusted friends or colleagues. Recommendations and quotes via PM are in my opinion .
 
Hi

Usually if it is just a cheque that was missing the CRO return everything and ask that you resubmit within 14 days with the cheque and they accept it. Are you sure they now want audited accounts?

If so as mentioned above you will need the accounts audited for two years. There is just so much extra work when it comes to auditing a set of accounts that it is going to work out relatively expensive for a company of your size. You should shop around and see if you can find a small firm who will give you the best price.

Kind Regards


capnhand
 
Thanks for the advice and replies, yes it was a late cheque, my son was born the day after I submitted AR online, and it was weeks later only after I received a letter from cro that I remembered the cheque had not been sent.

They have now requested that I pay the fine and resubmit audited accounts within 14 days. I'll start looking around see if I can find someone to do it at a reasonable rate.

I'm kicking myself over this, but I suppose it's done now, I just need to get it sorted and out of the way quickly.
 
Ring Cro and put your case to them. Explain about the baby and tell them you had been ill aferwards and that this was a once off and all future returns would be submitted on time. I have known cro to waive late filling fees when in certain circumstances. A good sob story. If you get the wrong person hang up and try again.
 
Normally they return the documentation to you giving you 14 days to send in the signed accounts, signed B1 and cheque before your return is deemed late.

Read the letter carefully
 
user name said:
Ring Cro and put your case to them. Explain about the baby and tell them you had been ill aferwards and that this was a once off and all future returns would be submitted on time. I have known cro to waive late filling fees when in certain circumstances. A good sob story. If you get the wrong person hang up and try again.
Click to expand...

Grounds for penalty waivers:

http://www.cro.ie/ena/annual-return-penalty-waiver.aspx
 
The CRO cannot waive the audit requirement though, which is arguably more punitive than the late fees
 
True, I spoke with a cro agent yesterday, while they were understanding, there was simply nothing that can be done re. Audit requirement. If they don't receive the coversheet in time, it is deemed late. Simple as that unfortunately. It doesn't matter if all accounts have been uploaded, and B1 digitally signed, the cover sheet at least must be sent in in time
 
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