§ 198 — Financial year of company

198.—(1) Where a company is incorporated on or after 31 August 2018 —(a)

the company’s first financial year starts on the company’s date of incorporation and, subject to subsection (4), ends on the last day of the company’s first financial year as furnished under section 19(1)(b); and

(b)

each of the company’s subsequent financial years starts immediately after the end of the previous financial year and ends on the last day of a period of 12 months (or such other regular interval as the Registrar may allow).[15/2017]

(2) A company’s first financial year must not be longer than 18 months unless the Registrar on the application of the company otherwise approves.[15/2017]

(3) Where a company was incorporated before 31 August 2018 —(a)

the last day of the financial year for the company’s first financial year ending on or after 31 August 2018 is —(i)

where the company had, before 31 August 2018, lodged an annual return, or lodged a notification with the Registrar informing the Registrar of the end of the company’s financial year — the anniversary of the last day of the financial year as indicated by the company in the last annual return or last such notification with the Registrar; or

(ii)

where the company had not, before 31 August 2018, lodged an annual return, or lodged a notification with the Registrar informing the Registrar of the end of the company’s financial year — the anniversary of the date of incorporation of the company; and

(b)

each of the company’s subsequent financial years starts immediately after the end of the previous financial year and ends on the last day of a period of 12 months (or such other regular interval as the Registrar may allow).[15/2017]

(4) Despite subsections (1) and (3), but subject to subsections (5) and (6), a company may by notice lodged with the Registrar in the prescribed form specify a new date as the last day of the company’s financial year to apply to its previous or current financial year.[15/2017]

(5) The Registrar’s approval must be obtained if the notice mentioned in subsection (4) —(a)

results in a financial year being longer than 18 months; or

(b)

is lodged less than 5 years after the end of an earlier financial year that ended on a date on or after 31 August 2018, if the end of that earlier financial year was changed under this section.[15/2017]

(6) The notice under subsection (4) cannot specify a new date as the last day of the company’s financial year —(a)

after the expiry of the period under section 175 within which an annual general meeting of the company must be held after that financial year;

(b)

after the expiry of the period under section 197 within which an annual return of the company must be lodged with the Registrar after that financial year; or

(c)

after the expiry of the period under section 203 within which a copy of the financial statements, or consolidated financial statements, balance sheet, and documents mentioned in section 203(1) are required to be sent to all persons entitled to receive notice of general meetings of the company.[15/2017]

(7) For the purposes of —(a)

subsection (3)(a)(i), where the last day of the financial year of a company as indicated in the last annual return or in the last notification with the Registrar informing the Registrar of the last day of the company’s financial year falls on 29 February, the anniversary of that date in a year that is not a leap year is to be taken as 28 February; and

(b)

subsection (3)(a)(ii), where the date of incorporation of a company falls on 29 February, the anniversary of that date in a year that is not a leap year is to be taken as 28 February.[15/2017]

—(1) Where a company is incorporated on or after 31 August 2018 —(a)

the company’s first financial year starts on the company’s date of incorporation and, subject to subsection (4), ends on the last day of the company’s first financial year as furnished under section 19(1)(b); and

(b)

each of the company’s subsequent financial years starts immediately after the end of the previous financial year and ends on the last day of a period of 12 months (or such other regular interval as the Registrar may allow).[15/2017]

(2) A company’s first financial year must not be longer than 18 months unless the Registrar on the application of the company otherwise approves.[15/2017]

(3) Where a company was incorporated before 31 August 2018 —(a)

the last day of the financial year for the company’s first financial year ending on or after 31 August 2018 is —(i)

where the company had, before 31 August 2018, lodged an annual return, or lodged a notification with the Registrar informing the Registrar of the end of the company’s financial year — the anniversary of the last day of the financial year as indicated by the company in the last annual return or last such notification with the Registrar; or

(ii)

where the company had not, before 31 August 2018, lodged an annual return, or lodged a notification with the Registrar informing the Registrar of the end of the company’s financial year — the anniversary of the date of incorporation of the company; and

(b)

each of the company’s subsequent financial years starts immediately after the end of the previous financial year and ends on the last day of a period of 12 months (or such other regular interval as the Registrar may allow).[15/2017]

(4) Despite subsections (1) and (3), but subject to subsections (5) and (6), a company may by notice lodged with the Registrar in the prescribed form specify a new date as the last day of the company’s financial year to apply to its previous or current financial year.[15/2017]

(5) The Registrar’s approval must be obtained if the notice mentioned in subsection (4) —(a)

results in a financial year being longer than 18 months; or

(b)

is lodged less than 5 years after the end of an earlier financial year that ended on a date on or after 31 August 2018, if the end of that earlier financial year was changed under this section.[15/2017]

(6) The notice under subsection (4) cannot specify a new date as the last day of the company’s financial year —(a)

after the expiry of the period under section 175 within which an annual general meeting of the company must be held after that financial year;

(b)

after the expiry of the period under section 197 within which an annual return of the company must be lodged with the Registrar after that financial year; or

(c)

after the expiry of the period under section 203 within which a copy of the financial statements, or consolidated financial statements, balance sheet, and documents mentioned in section 203(1) are required to be sent to all persons entitled to receive notice of general meetings of the company.[15/2017]

(7) For the purposes of —(a)

subsection (3)(a)(i), where the last day of the financial year of a company as indicated in the last annual return or in the last notification with the Registrar informing the Registrar of the last day of the company’s financial year falls on 29 February, the anniversary of that date in a year that is not a leap year is to be taken as 28 February; and

(b)

subsection (3)(a)(ii), where the date of incorporation of a company falls on 29 February, the anniversary of that date in a year that is not a leap year is to be taken as 28 February.[15/2017]