Meaning of last year profit and loss account (small company)

Dear All,

The question is with regard to applicability of Cash Flow Statement (CFS),

The company was incorporated in the year 2014-2015 (Financial year) this company has done a turnover of Rs. 4.75 Cr.

Paid up capital of the company is below Rs. 50 Laks

Sec 2 (85) of defines small companies as below:

"Under section 2 (85) of the Companies Act, 2013 a Small Company means a company other than a Public Company that satisfies either of the following conditions:

• Paid-up share capital which does not exceed 50 lac rupees or such higher amount as may be prescribed which shall not be more than 5 crore rupees                                                        

  Or

• Turnover of which as per its last profit and loss account does not exceed 2 crore rupees or such higher amount as may be prescribed which shall not be more than 20 crore rupees.

Provided that nothing in this clause shall apply to

(A) A Holding Company or a Subsidiary Company;

(B) A company registered under section 8; or

(C) A company or body corporate governed by any special Act.

Question : what do you mean by last year profit & loss account ?

whether it means financial year  (2014-2015 - year of incorporation) or previous year 2013-2015.

Can sombody help me to understand the what is Last year. If this has been defined please, let me know where we should refer.

Thank you,

CA. Viru.