2006 Act companies are not legally required to prepare annual financial statements. However, most Registered Agents will insist upon it and the Assessor of Income Tax is increasingly asking for them so these days its pretty unusual not to.
Step 1 – Ask the Accountant to provide draft accounts.
Step 2 – Convene a Directors meeting for the purpose of reviewing and, if thought fit, approving the accounts. See draft minutes – Minutes – approve annual accounts (2006)
Step 3 – Sign the accounts.
Step 4 – File the original board minute together with a copy of the Accounts in the director’s minute book.
Step 5 – Arrange for the Registered Agent to send a copy of the Accounts to each shareholder. (Not legally required but good practice)