Submitting Private Limited Co Accounts to SECP

[aminkapadia]

Dear All,

Please advise under which section of companies ordinance, a private limited company has to submit its account. I have seen so many private limited companies who do not submit their account with SECP.

Thanks

Amin

[kamranACA]

Please see section 242 of the Companies Ordinnace 1984. As per sub-section 3 of this section only those private companies are exempted from submitting their accounts to registrar(SECP) which have a paid up capital of lesser than Rs. 7.5 million.

All private companies having a greater amount of paid up capital than this limit are obliged to submit their accounts.


Regards,

[bilalfca]

kamran bhai

does those pvt co. having share capital greater than 7.5m prepare their books of accounts acc. to IASs and acc. to the requirement of CO 1984?

[venatic]

Well buddy it depends upon its (Private Company's) Paid-Capital,No. of Employees & other factors that requires it to prepare & follow IASs . . . A pvt co. having annual turnover not more than 20million along with number of employees in a year not more than 250 is called a SSE & it does not have to follow all IASs (only those mentioned by ICAP) & likewise if a pvt co. falls in a category of MSE then it has to follow the prescribed IASs by ICAP

( Kamran bhai & others plz correct me if i'm wrong at some point . . Thanks)

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by bilalfca</i>
<br />kamran bhai

does those pvt co. having share capital greater than 7.5m prepare their books of accounts acc. to IASs and acc. to the requirement of CO 1984?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

[skhkhurram]

aoa

some body tell that whn directors are changed in pvt ltd company thn we file form 29 with covering letter.now Q IS WHAT OTHER DOCUMENTS WE HAVE TO ATTACHED WITH FORM 29 WHILE SUBMITTING THE FORM IN SECP.

[sohail kashif]

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by venatic</i>
<br />Well buddy it depends upon its (Private Company's) Paid-Capital,No. of Employees & other factors that requires it to prepare & follow IASs . . . A pvt co. having annual turnover not more than 20million along with number of employees in a year not more than 250 is called a SSE & it does not have to follow all IASs (only those mentioned by ICAP) & likewise if a pvt co. falls in a category of MSE then it has to follow the prescribed IASs by ICAP

( Kamran bhai & others plz correct me if i'm wrong at some point . . Thanks)

[quote]<i>Originally posted by bilalfca</i>
<br />kamran bhai

does those pvt co. having share capital greater than 7.5m prepare their books of accounts acc. to IASs and acc. to the requirement of CO 1984?
[/quote
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">


Your are right dear criteria / condition to classify a company as Economically significant entity, medium sized entity and small sized entity has been given in the fifth schedule of the companies ordinance, 1984.
you only miss the aspect is that a pvt could also be an economically significant entity if it met the criterion mentioned in the above mentioned reference. Then a pvt co is required to follow a full IASs and IFRs an d fifth schedule of CO 1984 if co is not a subsidiary of a listed company