One Person Companies(OPC) Financial Statement Format
Introduction
If you own a One Person Company (OPC), preparing and filing financial statements is a key compliance under the Companies Act, 2013. These statements give a clear picture of your company’s financial health and must follow a specific format. In this blog, we’ll break down the OPC financial statement format, what documents are needed, and how to file them correctly. Understanding this process will help you avoid penalties and stay compliant.
What are Financial Statements?
Financial statements are formal records that show the financial activities and position of a company. For an OPC (One Person Company), these statements help track income, expenses, assets, and liabilities. They are essential for understanding how the business is performing and are used by directors, auditors, and regulatory authorities. The main components of financial statements include the Balance Sheet, Profit and Loss Statement, Notes to Accounts, and sometimes a Cash Flow Statement.
Is Financial Statement Filing Mandatory for OPC?
Yes, a One Person Company (OPC) must file financial statements under the Companies Act, 2013. Even with only one director and shareholder, an OPC must prepare its financial statements at the end of every financial year. The company must file these statements with the Registrar of Companies (ROC) in Form AOC-4 within 180 days of the financial year’s end. Failing to file can result in penalties and legal consequences.
Format of Financial Statements for OPC
A One Person Company (OPC) needs to prepare its financial statements in a proper format as per the rules under the Companies Act, 2013. These documents show how the business is doing financially and are used to file returns with the Registrar of Companies (ROC). Here’s what’s included:
- Balance Sheet: This shows what the company owns and owes at the end of the financial year. It lists assets (like cash, equipment, or inventory), liabilities (like loans or outstanding payments), and the owner’s capital.
- Profit and Loss Statement: Also called the income statement, this report shows the company’s earnings and expenses. It tells you whether the business made a profit or loss during the year.
- Notes to Accounts: These are additional details that help explain the numbers in the balance sheet and profit & loss statement. It also includes the accounting methods the company has followed.
- Cash Flow Statement (optional for OPC): Most OPCs don’t need to file this unless their turnover is more than ₹2 crore or paid-up capital is over ₹50 lakh. If required, this statement shows how money moves in and out of the business.
- Auditor’s Report (if audit is applicable): If an OPC meets audit criteria, a Chartered Accountant must audit the financials and give a report, which becomes part of the statements.
Key Points to Consider While Preparing OPC Financial Statements
Preparing financial statements for an OPC might seem straightforward, but there are a few important things to keep in mind:
- Only One Director Signs the Statements: In an OPC, there’s no board of directors. So, the sole director is responsible for approving and signing the financial statements.
- Auditor’s Report is Needed (if applicable):Audit Report is mandatory to get while preparing OPC Financial Statements.
- Filing Must Be Done in Form AOC-4: File the prepared financials with the ROC using Form AOC-4 within 180 days from the end of the financial year.
- Follow Schedule III Format: The format of the statements should align with Schedule III of the Companies Act, 2013, which provides the standard layout for presenting financial information.
- Financial Year is from April to March: Like other companies, OPCs must follow the standard financial year; starting from April 1st to March 31st.
Due Date for Filing OPC Financial Statements
A One Person Company (OPC) must file its financial statements with the Registrar of Companies (ROC) within 180 days from the end of the financial year. Since the financial year ends on 31st March, the company usually files Form AOC-4 by 27th September of the same year.
It’s important to meet this deadline to avoid late fees and penalties. Even if there is no business activity, the OPC must still file its financial statements on time.
How to File Financial Statements for OPC?
Filing financial statements for a One Person Company (OPC) may sound technical, but the process is quite manageable if you follow the right steps. Here’s how it’s done:
- Step 1 – Prepare the financial documents: Start by getting your Balance Sheet, Profit & Loss Statement, and Notes to Accounts ready. If your OPC needs to be audited (based on turnover or capital), make sure you have the Auditor’s Report as well.
- Step 2 – Get them signed: The sole director of the OPC must prepare and then sign the financial statements. If an audit is required, the Chartered Accountant will also sign their portion.
- Step 3 – Fill out Form AOC-4: You must use this main form to submit your financials to the Registrar of Companies (ROC). You can download it from the Ministry of Corporate Affairs (MCA) website.
- Step 4 – Attach the documents: Upload the signed financials, auditor’s report (if applicable), and any other required documents with the form.
- Step 5 – Pay the fees and submit: Pay the filing fee online based on your OPC’s capital. Then, use your digital signature (DSC) to submit the form on the MCA portal.
Conclusion
Filing financial statements is not just a legal formality for a One Person Company (OPC); it’s a key step in staying compliant and maintaining transparency. By following the correct format and meeting the due dates, you can avoid penalties and ensure smooth annual filing. Whether you’re a new business owner or managing an existing OPC, understanding the financial statement format helps you stay on top of your company’s financial health.
Suggested Read :
OPC Compliance After Incorporation
Role of Nominee in OPC
AGM Provisions for OPC
Form MGT 7A for OPC
Mandatory Compliance List for OPC
FAQ
1. What documents are included in the OPC financial statements?
OPC financial statements typically include the Balance Sheet, Profit and Loss Statement, Notes to Accounts, and if applicable, the Auditor’s Report and Cash Flow Statement.
2. Who signs the financial statements of an OPC?
The sole director of the OPC signs the financial statements. If the company undergoes an audit, the Chartered Accountant also signs the auditor’s report.
3. Is it mandatory for an OPC to get its financial statements audited?
Audit is mandatory to get while preparing OPC Financial Statements.
4. By when should an OPC file its financial statements?
File financial statements within 180 days from the end of the financial year, usually by 27th September for the year ending 31st March.
5. What is the penalty for late filing of OPC financial statements?
Late filing can attract a penalty of Rs. 100 each day.
May 27, 2025 By Team Ebizfiling
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