Companies Act 2014 section 357

Subsidiary undertakings exempted from annexing their statutory financial statements to annual return

Section 357 sets out the conditions under which a subsidiary undertaking of a parent company established in an EEA state may be exempted from the requirement to annex its own statutory financial statements to its annual return filed with the Registrar.

• A subsidiary of an EEA-established parent may claim exemption from filing its own financial statements with its annual return, provided all shareholders consent and the parent provides an irrevocable guarantee covering all the subsidiary's commitments and liabilities for the entire financial year
• The subsidiary's results must be consolidated into the parent's group accounts, the exemption must be disclosed in a note to those group accounts, and the parent's consolidated accounts must be prepared and audited in accordance with the EU Accounting Directive or international financial reporting standards
• A notice of the exemption, a copy of the parent's guarantee, proof of shareholder notification, a written declaration of shareholder consent, and a copy of the parent's audited consolidated accounts must all be annexed to the subsidiary's annual return
• Any annexed document not in English or Irish must be accompanied by a certified translation into one of those languages