Small Size Group of Companies

In accordance with the provisions of the Companies Law, Cap. 113, small size group of Companies exempt from preparation of consolidated Financial Statements if the following criteria are satisfied:

1. The companies subject to consolidation are not public.

2. The preparation of consolidated Financial Statements is not required by other legislation and

3. Two out of the three criteria are satisfied:

(i). The total consolidated turnover does not exceed Eur 35.000.000.

(ii). The total consolidated assets do not exceed Eur 17.500.00.

(iii). The average number of staff employed during the year does not exceed 250 persons.

The figures in (i) and (ii) above are after possible consolidation adjustments.

Please feel free to contact us should you need any additional clarifications.

Olesya Rybkina Chrysanthou ACCA
Managing Director
CPV Corporate Services Limited