Accounts and Business Advisory Services

We will work closely with you to understand your specific requirements – including your regulatory, stakeholder and business needs, provide a high quality solution that meets your timetable, and give you a senior point of contact who you can rely on to support you.

Our broad technical capability enables us to provide a range of reporting solutions:

Compliance – We prepare your financial statements and ensure they are compliant with the most recent accounting standards, whether this be for Irish GAAP or IFRS.

Tax – We prepare financial statements for Corporation tax, Income Tax and iXBRL purposes, working with your own in-house tax team as needed.

Reporting for other structures – Not only do we prepare financial statements for limited companies, sole traders and partnerships, but we also support trusts and other structures.

The European Union (Adjustments of Size Criteria for Certain Companies and Groups) Regulations 2024 increased the total balance sheet and turnover thresholds for all companies in the Companies Act 2014.

As a result of these changes which came into force on 1 July 2024, it has increased the availability of the audit exemption for companies and groups.

The new audit exemption limits are;

• Balance sheet total does not exceed €7.5m (previously €6m)
• Turnover does not exceed €15m (previously €12m)
• Employees do not exceed 50

To qualify as a small company and avail of this exemption, a company must satisfy TWO or more of the above conditions in the current financial year and in the preceding financial year.

Irish companies that are members of a group and those limited by guarantee can also avail of the audit exemption.

Audit exemption applies to any group company if the group as a whole qualifies as a small group. The entire group and all its subsidiary undertakings must, taken as a whole, satisfy two of the following 3 conditions to claim a group company audit exemption:

• The balance sheet total of holding company and subsidiaries taken as a whole does not exceed €7.5m net (or €9m gross), ( previously €6m net (or €7.2m gross)).
• The amount of turnover of the holding company and subsidiaries taken as a whole does not exceed €15m net (or €18m gross) (previously €12m net (or €14.4m gross)).
• The average number of persons employed by the holding company and its subsidiaries does not exceed 50.

The above conditions must be met in the year (the conditions must also be met in the preceding year unless it is the holding company’s first financial year.) (s359 (5) CA2014).

No member of the group can be an ineligible entity (as per section 275 of the Companies Act 2014). Such ineligible entities include, credit institutions, insurance undertakings and entities that have transferable securities which are traded on a regulated market of any EU Member State.

In relation to the aggregate figures for turnover and balance sheet total, ‘net’ means after set-offs and other adjustments made to eliminate group transactions;

(i) in the case of Companies Act financial statements, in accordance with Schedule 4, and

(ii) in the case of IFRS financial statements, in accordance with international financial reporting standards; ‘gross’ means without those set-offs and other adjustments (section 280a Companies Act 2014)

Azets will prepare full statutory financial statements and abridged financial statements for filing with the CRO, to ensure your company complies with Company Law requirements.