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The Companies (Summary Financial Statement) (Amendment) Regulations (Northern Ireland) 2006

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Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Companies (Summary Financial Statement) (Amendment) Regulations (Northern Ireland) 2006, and shall come into operation on 1st April 2006.

(2) In these Regulations, “the 1996 Regulations” means the Companies (Summary Financial Statement) Regulations (Northern Ireland) 1996(1).

Interpretation

2.  In regulation 2 of the 1996 Regulations (interpretation)(2) omit the definition of “listed public company”.

Cases in which sending of summary financial statement prohibited

3.—(1) Regulation 3 of the 1996 Regulations (cases in which sending of summary financial statement prohibited) is amended as follows.

(2) In paragraph (1) omit “listed public”.

(3) After paragraph (1) insert—

(1A) A company may not send a summary financial statement to an entitled person instead of copies of its full accounts and reports in respect of any financial year for which no auditors' report has been prepared in accordance with Article 243 of the 1986 Order(3).

Ascertainment of entitled person’s wishes

4.  In regulation 4(1) of the 1996 Regulations (ascertainment of entitled person’s wishes)(4) omit “listed public”.

Consultation by notice

5.—(1) Regulation 5 of the 1996 Regulations (consultation by notice)(5) is amended as follows.

(2) In paragraph (1)—

(a)omit “ listed public”,

(b)in sub-paragraph (b), for “directors' report for that year” substitute “, in the case of a quoted company, directors' remuneration report for that year, and may contain additional information derived from the directors' report”, and

(c)for sub-paragraph (e) substitute—

(e)state that the summary financial statement will contain a statement by the company’s auditors as to whether—

(i)the summary financial statement is consistent with the company’s annual accounts and, in the case of a quoted company, directors' remuneration report, and where information derived from the directors' report is included in the statement, with that report,

(ii)the summary financial statement complies with the requirements of Article 259 of the 1986 Order(6) and of these Regulations, and

(iii)the auditors' report on the company’s annual accounts was qualified or unqualified.

Relevant consultation

6.  In regulation 6(1) (relevant consultation)(7) omit “listed public”.

Provisions applying to all companies and groups

7.  In regulation 7(1) of the 1996 Regulations (provisions applying to all companies and groups)(8) omit “listed public”.

Companies and groups other than banking and insurance companies and groups

8.—(1) Regulation 8 of the 1996 Regulations (companies and groups other than banking and insurance companies and groups) is amended as follows.

(2) In paragraphs (1) and (2)—

(a)at the beginning insert “Subject to regulation 10A,”, and

(b)omit “listed public”.

Banking companies and groups

9.—(1) Regulation 9 of the 1996 Regulations (banking companies and groups) is amended as follows.

(2) In paragraphs (1) and (2)—

(a)at the beginning insert “Subject to regulation 10A,”, and

(b)omit “listed public”.

Insurance companies and groups

10.—(1) Regulation 10 of the 1996 Regulations (insurance companies and groups) is amended as follows.

(2) In paragraphs (1) and (2)—

(a)at the beginning insert “Subject to regulation 10A,”, and

(b)omit “listed public”.

Companies and groups preparing accounts in accordance with the IAS Regulation

11.  After regulation 10 of the 1996 regulations insert—

10A.  The summary financial statement of a company that is required to prepare group accounts and prepares IAS group accounts or, in the case of a company that is not required to prepare group accounts, prepares IAS individual accounts, must be in the form and contain the information required by Schedule 3A to these Regulations, so far as applicable to such a company..

Form and content of summary financial statement of non-banking or insurance companies and groups

12.—(1) Schedule 1 to the 1996 Regulations (form and content of summary financial statement of non-banking or insurance companies and groups)(9) is amended as follows.

(2) Omit paragraph 2 (summary directors' report).

(3) In paragraph 3(3), omit item (i) (dividends).

(4) After paragraph 3 insert—

Dividends

3A.  The summary financial statement shall also contain the information concerning recognised and proposed dividends included in the full accounts and reports..

(5) At the end of paragraph 4(1) insert “, and shall also contain the information required by paragraph 3A above”.

(6) In paragraph 7, for “after any adjustments” to the end substitute “taking account of any adjustments to corresponding amounts made in the full accounts and report”.

Form and content of summary financial statement of banking companies and groups

13.—(1) Schedule 2 to the 1996 Regulations (form and content of summary financial statement of banking companies and groups)(10) is amended as follows.

(2) In paragraph 1(2), after “annual accounts” insert “, the directors' remuneration report (if any)”.

(3) Omit paragraph 2 (summary directors' report).

(4) In paragraph 3(3), omit item (k) (dividends).

(5) After paragraph 3 insert—

Dividends

3A.  The summary financial statement shall also contain the information concerning recognised and proposed dividends included in the full accounts and reports..

(6) At the end of paragraph 4(1) insert, “, and shall also contain the information required by paragraph 3A above”.

(7) In paragraph 7, for “after any adjustments” to the end substitute “taking account of any adjustments to corresponding amounts made in the full accounts and reports”.

Form and content of summary financial statement of insurance companies and groups

14.—(1) Schedule 3 to the 1996 Regulations (form and content of summary financial statement of insurance companies and groups)(11) is amended as follows.

(2) In paragraph 2(2), after “annual accounts” insert “, the directors' remuneration report (if any)”.

(3) Omit paragraph 3 (summary directors' report).

(4) In paragraph 4(3), omit item (l) (dividends).

(5) After paragraph 4 insert—

Dividends

4A.  The summary financial statement shall also contain the information concerning recognised and proposed dividends included in the full accounts and reports..

(6) At the end of paragraph 5(1) insert, “, and shall also contain the information required by paragraph 4A above”.

(7) In paragraph 8, for “after any adjustments” to the end substitute “taking account of any adjustments to corresponding amounts made in the full accounts and reports”.

Form and content of summary financial statement for companies and groups preparing IAS accounts

15.  The Schedule to these Regulations (form and content of summary financial statement of companies and group preparing accounts in accordance with international accounting standards) is inserted after Schedule 3 to the 1996 Regulations as Schedule 3A.

Transitional provision

16.—(1) Where a company (whether or not a listed company) has, before 1st April 2006, ascertained in accordance with regulation 4 of the unamended 1996 Regulations that an entitled person does not wish to receive copies of the full accounts and reports, it may send a summary financial statement to such an entitled person in place of the full accounts and reports.

(2) In paragraph (1)—

(a)“unamended 1996 Regulations” means the 1996 Regulations without the amendments contained in these Regulations, and disregarding any references to the company being a listed public company, and

(b)“full accounts and reports” is construed in accordance with regulation 2 of the unamended 1996 Regulations.

Repeal of spent provisions

17.  Omit the following provisions of the 1996 Regulations—

(a)Regulation 11(2) (saving in respect of financial years beginning before 10th June 1996), and

(b)Paragraphs 1 and 9 to 11 of Schedule 3 (spent transitional provisions concerning insurance companies and groups).

Sealed with the Official Seal of the Department of Enterprise, Trade and Investment on 16th March 2006

L.S.

M Bohill

A senior officer of the

Department of Enterprise, Trade and Investment

Yn ôl i’r brig

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