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Public Limited Companies and Public Unlimited Companies are not eligible for audit exemption.Subsidiary undertakings A private company that is a subsidiary of another undertaking which is established in another EEA Member State is exempted from the requirement to annex financial statements and reports to the annual return if certain conditions are fulfilled.The Group has prepared its Consolidated Financial Statements in accordance with IAS and IFRS (International Financial Reporting Standards) and the related SIC and IFRIC interpretations, issued by the IASB (International Accounting Standards Board).
These policies have been consistently applied to all the years presented, unless otherwise stated.
Kemira is an international chemicals group that consists of four segments: Paper, Municipal & Industrial, Oil & Mining and Chem Solutions.
Holding undertakings In addition to preparing their own Financial statements, holding undertakings are required to prepare consolidated group financial statements and to lay them before the AGM at the same time as their own annual financial statements.
The requirement to prepare group financial statements is contained in section 293 Companies Act 2014, and states that: "Where at the end of its financial year a company is a holding company, the directors of the company, as well as preparing entity financial statements for the financial year, shall prepare group financial statements for the holding company and all its subsidiary undertakings for that financial year." A Small Group may also be eligible for audit exemption under section 359 Companies Act 2014.
The Group’s main clients are industries that use a lot of water.
Kemira offers solutions for water quality and volume management that help improve customers’ energy, water and raw material efficiency.
The average number of persons employed by the holding company and its subsidiaries does not exceed 50.
Section 280B(11) states: For the purposes of this section, 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 Exemption from requirement to prepare group financial statements For years previous to financial years beginning 1 January 2017 : An exemption from this requirement is contained in section 297 Companies Act 2014 (now repealed by Companies Accounting Act 2017) which states that: A holding company shall, in respect of a particular financial year, be exempt from the requirement to prepare group financial statements if, at the financial year end date of the holding company— (a) for that financial year; and (b) for the financial year of that company immediately preceding that financial year, the holding company and all of its subsidiary undertakings taken as a whole satisfy at least 2 of the following 3 qualifying conditions.
Those qualifying conditions are— “Balance sheet total”, in relation to a company or undertaking, means the aggregate of the amounts shown as assets in the company’s or undertaking’s balance sheet.
“amount of the turnover”, in relation to a company or undertaking, means the amount of the turnover shown in the company’s or undertaking’s profit and loss account.
There is a further exemption under section 300 Companies Act 2014, being an exemption from the requirement to prepare group financial statements for a holding undertaking which is a fully or 50 per cent owned subsidiary undertaking of an EEA undertaking. This may be availed of by a holding undertaking which is itself a subsidiary undertaking of another undertaking established under the law of a non EEA Member State whose shareholders or members holding an aggregate of 50 per cent of the shares in the holding undertaking and notice requesting the preparation of group financial statements has not served on the company, at least 6 months before the end of the financial year of that undertaking.Tags: Adult Dating, affair dating, sex dating