Profit and Loss Account:
with s.148(1) the directors of every company shall, at some date not soon than eighteen months later than the incorporation of the company and subsequently once at least in every calendar year, thus lay just before the company in common meeting a profit and loss account for the period, then in the case of the first account, because the incorporation of the company there, and, in any other case, hence the preceding account. The account shall be made up to a date not earlier than the date of the meeting by more than nine months or, further in the case of a company carrying on business or having interests abroad then through more than twelve months.
A company which does not trade for profit is required to lay an income and expenditure account instead of a profit and loss of account. So hence the period during such that the accounts are to be laid before the general meeting may be extended by the registrar for any special reasons.