Hello,
We have a situation:
A company filed dormant accounts for 13 years (from 2006 till the last period of 2019).
Then suddenly there is a reason for the shareholders to include in the balance: the assets which were purchased by the company in 2009.
We learned, that while the Company never conducted operational activity, it had a bank account and in 2009 has purchased a subsidiary (which is also passive entity itself).
The question is:
IS IT OKAY to just file the next financial report for next period, showing the actual balance as it was in 2019 and 2020?
(Given that the trial balances run for all period from inception have shown that every year in which the company had whatsoever changes in balance or activity on account ended up with net loss, hence, there were no taxable liability in any of those years)
We have a situation:
A company filed dormant accounts for 13 years (from 2006 till the last period of 2019).
Then suddenly there is a reason for the shareholders to include in the balance: the assets which were purchased by the company in 2009.
We learned, that while the Company never conducted operational activity, it had a bank account and in 2009 has purchased a subsidiary (which is also passive entity itself).
The question is:
IS IT OKAY to just file the next financial report for next period, showing the actual balance as it was in 2019 and 2020?
(Given that the trial balances run for all period from inception have shown that every year in which the company had whatsoever changes in balance or activity on account ended up with net loss, hence, there were no taxable liability in any of those years)