Directors’ Statement

The abridged financial statements annexed to a company’s annual return must include a statement on the face of the abridged balance sheet by the directors of the company that:

  • They have relied on the specific exemption contained in Section 352 of the Act; and
  • They have done so on the grounds that the company is entitled to that exemption as a small or medium company as the case may be; and
  • The abridged financial statements have been properly prepared in accordance with the relevant section.

 

An illustrated example of this is outlined below:

Illustrated disclosure of directors’ statement on the face of abridged balance sheet (for a small company):

We, the directors of ABC Limited state that:
• the company has relied on the specified exemption contained in Section 352 of the Companies Act 2014;
• the company has done so on the grounds that it is entitled to the benefit of that exemption as a small company; and
• confirm that the abridged financial statements have been properly prepared in accordance with Section 353* of the Companies Act 2014.

*Section 354 is the correct reference for a medium company.