Three months to prepare, six to approve, fifteen days to file with the KRS. The year-end calendar of a company and what the management board is responsible for.
Closing the year in a limited liability company (sp. z o.o.) is not just the CIT-8 return. The Accounting Act and the Commercial Companies Code (KSH) set out a calendar which the management board must keep to — and a delay can cost a fine and cause problems when applying for a loan or a tender.
Calendar for a financial year = calendar year
- by 31 March — preparing the financial statements (balance sheet, profit and loss account, notes) and filing CIT-8 together with JPK_CIT (the Standard Audit File for CIT), if the company is already covered,
- by 30 June — approval of the financial statements by a resolution of the shareholders' meeting and a decision on the distribution of profit or coverage of loss,
- within 15 days of approval — filing the financial statements, the resolution and (where applicable) the management report with the Financial Documents Repository of the KRS (National Court Register).
Who signs
The financial statements are signed by the person entrusted with keeping the books and by every member of the management board — electronically, with a qualified signature, a trusted profile signature or a personal signature. Refusal to sign requires a written justification.
The most common problems
- no shareholders' meeting held on time — even in a single-shareholder company a resolution must be drawn up,
- financial statements filed with the KRS without the resolution on profit distribution,
- a management board that only learns about the deadlines in June.
At JUGOMA we manage this calendar for our clients: we prepare the financial statements and draft resolutions, and we file the documents with the KRS. The management board gets a reminder well in advance, not a summons from the court.
