C.A.C Annual Returns: Get Your Business Statement of Affairs Here – This is a major document for filling your annual returns with C.A.C. in Nigeria. This accounting document is usually required for businesses that re yet to commence business or those liquidating.
As a matter of fact, this post is to bring to your notice that you can always get your business statement of affairs prepared for you by us at any time. So, are you a business person who wants to file the business annual returns with C.A.C.? Or, are you a consultant who needs this document to attach to your annual return processes? If you are one of these, this post is for you.
The Statement of Affairs:
The Statement of Affair is a summary of a business or company’s assets and liabilities at a time. It states the net book value and amount expected to realize at the date of Insolvency of the business, for those liquidating. In this case, it provides a useful source of information for both the Administrator and the creditors. In fact, it is often referred to by lenders. This is when directors get involved in new ventures before lending to the new company to understand how serious the previous insolvency was. A Statement of Affairs in this instance, is a financial document prepared by the company liquidator which summarizes company assets and liabilities.
For those businesses that are yet to commence operation but need this document for their annual returns, it also summarizes the affairs of the business up-to-date. Therefore, it highlights the value of the business assets and liabilities at the tie in question.
Generally, what’s it used for: C.A.C Annual Returns: Get Your Business Statement of Affairs Here
For a liquidating business, it is,
- The likely return to creditors
- The extent of the insolvency
- Whether the directors have concealed assets from the administrator
- Whether there are indications of wrongful trading
- Once the administration is complete the actual performance of the administrator.
But for yet to commence businesses; it’s used for;
- C.A.C annual returns
- As a list of business asset and liabilities
- And for other administrative purpose.
C.A.C Annual Returns: Get Your Business Statement of Affairs Here
Filing of Statement of Affairs for CAC Applications:
Here the requirements include:
- Audited Financial Statements or Statement of Affairs for “Small Companies” signed by 2 directors. This must also have been duly certified by a chartered accountant.
Small companies include:
- Company with authorized share capital of less than N2million
- Company with annual turnover of less than N2million
- And, Company with no alien or foreign national member or government agent or nominee.
- Where the directors among them hold more than 51% of the allotted share capital.
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YOU CAN APPLY NOW: C.A.C Annual Returns: Get Your Business Statement of Affairs Here
The Statement of Affairs can be used for multipurpose application or requirement.
Furthermore, to make an application for the preparation of Statement of Affairs by certified chartered accountant using our service, you can contact us now.
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Founder/Managing Partner of Complete Full Marks Consultants Ltd. An Economist turned Chattered Accountant and Tax Practitioner with over 37 years of industrial experience.