How to read accounts lodged with CRO?

I

Icarus

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I've pulled a competitors accountants lodged with the CRO but can't work out which bit tells me their annual income for the year in question. Can anyone help me with this?
 
There is usually a note to explain what shareholders funds is made up of.
Withing this it should show the profit for the year.

Or if the share capital hasn't changed since last year the difference between last years and this years shareholders funds will give the profit for the year.
 
It's not actually profit I'm after but overall income.
Is it perhaps the "creditors amounts falling within one year"? If so what about the "creditors amounts falling due after more than one year"?
 
What is the difference between 'profit' and 'overall income'-are you talking about cash flow, or movements in shareholders funds/unrealised profits?
 
Not all companies are obliged to present this information-if they are below certain thresholds I think they only need to file an abridged balance sheet.
 
CCOVICH said:
Not all companies are obliged to present this information-if they are below certain thresholds I think they only need to file an abridged balance sheet.
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That would explain why it says "abridged balance sheet" so! Would the "creditor amounts falling in one year" be any kind of a guideline?
 
Munsterman said:
What information is shown in the Income Statement?
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Are all companies required to file an income statement? I didn't think they were?
 
Munsterman said:
What information is shown in the Income Statement?
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The abridged balance sheet gives:
Fixed assets
Current assets
Creditors (within 1 year)
Net current liabilities
Total asset less current liabilities
Creditors (due after more than 1 year)
Deficiency of assets
Capital & reserves
Equity shareholders fund
 
If the company is a small company as defined it does not have to file a profit and loss account just an abridged balance sheet and notes

the figure making up creditors amounts within one year is what the company owes at the end of the year such as trade creditors, accruals, tax liabilities, future lease payments due within 12 months etc...It will not tell you income or turnover
 
CCOVICH said:
Are all companies required to file an income statement? I didn't think they were?
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NO! Unless they are large companies
Medium companies only have to file a amended P&L showing gross profit downwards
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Small companies are exempt
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"Income statement" is the new word for "profit and loss account" since International financial reporting standards came in - IFRS's.
 
Icarus i don't think the accounts from the cro will be of much use to you if you are trying to establish how well that company has traded in the past year.
 
There is an offchance you might be able to impute a small bit of information about turnover based on that fact that it must meet 3 criteria to meet the small company exemption. If you know it either employs more than 50 people or its balance sheet total exceeds E1.9m then to qualify for the small company exemption its turnover must not exceed E3.81m

 
Icarus said:
That would explain why it says "abridged balance sheet" so! Would the "creditor amounts falling in one year" be any kind of a guideline?
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A company's creditors are the people they owe money to.
 
you may be able to have some idea of profit for year if you look at the profit & Loss reserve in the prior years accounts and the current years, it will be limited as they may have paid dividends, You really dont stand a chance of getting much useful information from abridged accounts unless you know something about accounts
 
Deem i agree with you
But most small companies will usually see what pre tax profits there are and then declare enough of a bonus to ensure no corporation tax is payable therefore any increase in reserves will be nil
 
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