Company Statement of Affairs - Financial Statements

Statement of Affairs (S.O.A)

The Statement of Affair is a summary of a business or company’s assets and liabilities. It states the net book value and amount expected to realize at the date of Insolvency of the business. It provides a useful source of information for both the Administrator and the creditors. And It is often referred to by lenders should directors get involved in new ventures before lending to the new company to understand how serious the previous insolvency was. The S.O.A. may also be considered when determining whether a director should be disqualified.

Its analysis can be used to establish:

  • 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.

Financial Statements

Financial statements are written records that convey the business and company activities and the financial performance of a business/company, often audited by government agencies, chartered accountants, firms, etc. to ensure accuracy and for tax, financing, or investing purposes.

  • The balance sheet provides an overview of assets, liabilities, and shareholders' equity.
  • The income statement focuses on a company’s income/ revenues and expenses during a particular period.
  • The cash flow statement (CFS) measures how well a company generates cash to pay its debt obligations, fund its operating expenses, and fund investments.

Filing of Statement of Affairs and Financial Statements for CAC and FIRS Applications

For CAC Filing of Annual Returns, requirement include:

  • Audited Financial Statements except if qualify as a "Small Company" under CAMA  2020 regulations and should be signed by 2 directors and duly certified by a chartered accountant where applicable.

 

Small companies in accordance with CAMA 2020 include:

  1. Company with authorised share capital of not more than N2 million
  2. Company with annual turnover of less than N120 million and Net Asset less not more than N60 million
  3. Company with no allien or foreign national member or government agent or nominee.
  4. Where the directors among them hold more than 51% of the allotted share capital.

 

For FIRS Filling of annual return, requirement include:

  • Statement of Affairs whereby the business or company is yet to commence trading or otherwise an Audited Financial Statements is required signed by business proprietor(s) or company directors and duly certified by a chartered accountant where applicable and Payment of appropriate fees

Contact us for detail information if you need company Financial Statement or any pre/post incorporation service(s).

PROCESSING PERIOD

Allow 2 - 5 working days

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The Statement of Affairs and Financial Statements can be use for multipurpose application or requirement.

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