+44 1372 750800

Gibraltar Companies Accounts Act 1999

Accounting and Disclosure Requirements

The Companies (Accounts) Ordinance 1999 implemented the EU 4th and 7th Directives which require public disclosure of certain corporate financial information on an annual basis.

The manner in which the law has been adopted in Gibraltar takes advantage of all exemptions available to smaller companies, both in the amount of details that need to be shown, and in the requirements for an annual audit as set out below. In addition there are transitional provisions in place which mean that no accounts have to be filed until a company reaches a trading period commencing on or after 1st April 2000. Hence, as an example, if a company has a 31st March year end, the first accounts that will need to be filed will be those ending on 31st March 2002. These accounts must be delivered to the Gibraltar Companies Registry not later than 13 months after the end of the relevant financial year (in our example not later than 30 April 2003).

It is important to note that these rules relate to the filing of corporate accounts at the Gibraltar Companies Registry only, and have no bearing whatsoever with any fiscal obligation to file accounts with the Gibraltar Income Tax Office.

Information Required

Medium Sized Companies

The definition of this type of company is one that fulfils 2 of the following criteria:

a) A turnover less than or equal to GBP £19.2 Million.

b) A Balance Sheet total less than or equal to GBP £9.6 Million.

c) An average number of employees less than or equal to 250.

These companies may provide abridged Profit and Loss Accounts. More details may be provided on request.

Small Sized Companies

The definition of this type of company is one that fulfils 2 of the following criteria:

a) A turnover less than or equal to GBP £4.8 Million.

b) A Balance Sheet total less than or equal to GBP £2.4 Million.

c) An average number of employees less than or equal to 50.

Most companies incorporated in Gibraltar will fall into this category. These companies need only file a Balance Sheet which will be required to be signed by a maximum of 2 Directors or, in the case of companies with only 1 Director, by the Sole Director.

No audit of this type of company is required unless there is trading with Gibraltar customers (i.e. the selling of local goods and services to local residents), and there is no need for the preparation of a Directors Report.

The minimum contents of the Balance Sheet are as follows for companies qualifying as small.

  • Called up Capital not paid
  • Fixed Assets (separating Intangible, Tangible and Investments)
  • Current Assets (disclosing figures for Stock, Debtors, Short Term Investments and Bank Balances)
  • Prepayments and accrued income
  • Creditors due within one year
  • Creditors due after more than one year
  • Provisions and Charges
  • Accruals and deferred income
  • Capital and Reserves