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F1F2Part VIIIN.I.Accounts and Audit

Chapter 1N.I.Provisions Applying to Companies Generally

[F3Accounting recordsN.I.

Annotations:
Duty to keep accounting recordsN.I.

229.  F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Where and for how long records to be keptN.I.

230.  F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Prospective

[F3A company's financial and accounting reference periodsN.I.

A company's financial yearN.I.

231.  F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Accounting reference periods and accounting reference dateN.I.

232.  F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Alteration of accounting reference dateN.I.

233.  F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F9

[F10[F11Annual accountsN.I.

Annotations:

F10SR 2004/496

Duty to prepare individual accountsN.I.

234.  F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Companies Order individual accountsN.I.

234A.  F13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS individual accountsN.I.

234B.  F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Duty to prepare group accountsN.I.

235.  F15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Companies Order group accountsN.I.

235A.  F16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS group accountsN.I.

235B.  F17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consistency of accountsN.I.

235C.  F18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Exemption for parent companies included in accounts of larger groupN.I.

236 .F19  F20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Exemption for parent companies included in non‐EEA group accountsN.I.

236A.  F21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Subsidiary undertakings included in the consolidationN.I.

237.  F22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Treatment of individual profit and loss account where group accounts preparedN.I.

238.  F23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Disclosure required in notes to accounts: related undertakingsN.I.

239.  F24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Disclosure required in notes to annual accounts: particulars of staffN.I.

239A.  F25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Disclosure required in notes to accounts: emoluments and other benefits of directors and othersN.I.

240 .F26  F27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Annotations:

F26mod. SR 1994/133

Prospective

[F28[F29[F30[F31Approval and signing of accountsN.I.

Approval and signing of accountsN.I.

241 .F32  F33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Prospective

[F34DIRECTORS' REPORTN.I.

Annotations:

F34SR 2005/61

Duty to prepare directors' reportN.I.

242.  F35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Directors' report: general requirementsN.I.

242ZZA.  F36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Directors' report: business reviewN.I.

242ZZB.  F37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .N.I.
F38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Approval and signing of directors' reportN.I.

242A.  F39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F3[F40[F41[F42F43. . . N.I.

Duty to prepare operating and financial reviewN.I.

242AA.  F44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Approval and signing of operating and financial reviewN.I.

242AB.  F45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Prospective

[F46Quoted companies: directors' remuneration reportN.I.

Annotations:

F46SR 2005/56

Duty to prepare directors' remuneration reportN.I.

242B.  F47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Approval and signing of directors' remuneration reportN.I.

242C.  F48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Prospective

[F49Auditors' reportN.I.

Annotations:
Auditors' reportN.I.

243.  F50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Signature of auditors' reportN.I.

244.  F51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Duties of auditorsN.I.

245.  F52. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F53[F54[F55[F56Publication of accounts and reportsN.I.

Persons entitled to receive copies of accounts and reportsN.I.

246.  F57. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations:

F57Art. 246 repealed (20.1.2007 for art. 246(4A)-(4E) and 6.4.2008 otherwise) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2006/3428, art. 7(b), Sch. 3 Pt. 2 (with arts. 6, 8, Sch. 5); S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 2 (with arts. 7, 12)

[F58Time allowed for sending out copies of accounts and reportsN.I.

[F58246A.  F59. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

[F58[F60[F61Right to demand copies of accounts and reports]N.I.

[F58[F60[F61247.  F62. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]]

Annotations:

F62Art. 247 repealed (20.1.2007 for art. 247(2A)(2B) and 6.4.2008 otherwise) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2006/3428, art. 7(b), Sch. 3 Pt. 2 (with arts. 6, 8, Sch. 5); S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 2 (with arts. 7, 12)

[F63Requirements in connection with publication of accountsN.I.

[F63248.  F64. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]]]]

[F65Laying and delivering of accounts and reports]N.I.

Annotations:
[F65shell centre redevAccounts and reports to be laid before company in general meetingN.I.

[F65249.  F66. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Annotations:

F66Art. 249 repealed (1.10.2007 for certain purposes and 6.4.2008 otherwise) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/2194, arts. 1(3)(a), 8, Sch. 2 Pt. 2 (with art. 12); S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 2 (with arts. 7, 12)

[F67Members' approval of directors' remuneration reportN.I.

[F67249A.  F68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F65Accounts and reports to be delivered to the registrarN.I.

[F65250.  F69. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F65Civil penalty for failure to deliver accountsN.I.

[F65250A.  F70. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Annotations:

F70Arts. 242ZA-259 repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 2 (with arts. 7, 12) and art. 250A subject to amendments (6.4.2008) by S.R. 2008/133, {regs. 2, 3}

[F71Delivery and publication of accounts in ECUsN.I.

[F71250B.  F72. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Art. 251 rep. by SR 2004/496

[F65Period allowed for laying and delivering accounts and reportsN.I.

[F65252.  F73. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]]]]]]

Prospective

[F74Revision of defective accounts and reportsN.I.

Annotations:
Voluntary revision of annual accounts or directors' reportN.I.

253.  F75. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F76[F77Department's notice in respect of annual accountsN.I.

[F76[F77253A.  F78. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

Application to court in respect of defective accountsN.I.

253B.  F79. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F80[F81Other persons authorised to apply to courtN.I.

[F80[F81253C.  F82. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

Disclosure of information held by Inland Revenue to persons authorised to apply to courtN.I.

253D  F83. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F84Restrictions on use and further disclosure of information disclosed under Article 253DN.I.

[F84253E  F85. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .N.I.

253F  F86. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]]]]]]]]]]]]]]]]]]]]

[F87CHAPTER II]N.I.[F87Exemptions, exceptions and special provisions]

Annotations:

[F88Small and medium‐sized companies and groups]N.I.

Annotations:
[F89Special provisions for small companiesN.I.

[F89254.  F90. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F89Special provisions for medium‐sized companiesN.I.

[F89254A.  F91. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Annotations:

F89SR 1997/436

[F88Qualification of company as small or medium‐sizedN.I.

[F88255.  F92. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F89Cases in which special provisions do not applyN.I.

[F89255A.  F93. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F89Special auditors' reportN.I.

[F89255B.  F94. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F88Exemption for small and medium‐sized groupsN.I.

[F88256.  F95. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F89Group accounts prepared by small companyN.I.

[F89256A.  F96. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F88Qualification of group as small or medium‐sizedN.I.

[F88257.  F97. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]]]]]]]]

[F98Exemptions from audit for certain categories of small company]N.I.

Annotations:

F98SR 1995/128

[F98Exemptions from auditN.I.

[F98257A.  F99. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F100Dormant CompaniesN.I.

[F100257AA.  F101. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F98Cases where exemptions not availableN.I.

[F98257B.  F102. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F98The report required for the purposes of Article 257A(2)N.I.

[F98257C.  F103. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F98The reporting accountantN.I.

[F98257D.  F104. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F98Effect of exemptionsN.I.

[F98257E.  F105. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Art. 258 rep. by SR 2001/153]]]]]]

[F106Listed public companies]N.I.

Annotations:
[F106Summary financial statementN.I.

[F106259.  F107. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

Annotations:

F107Art. 259 repealed (20.1.2007 for art. 259(2A)-(2E) and 6.4.2008 otherwise) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2006/3428, art. 7(b), Sch. 3 Pt. 2 (with arts. 6, 8, Sch. 5); S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 2 (with arts. 7, 12)

[F87Private companiesN.I.

Election to dispense with laying of accounts and reports before general meetingN.I.

260.  F108. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Right of shareholder to require laying of accountsN.I.

261.  F109. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations:

F109Art. 261 repealed (20.1.2007 for art. 261(2A) and 1.10.2007 otherwise) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2006/3428, art. 7(b), Sch. 3 Pt. 2 (with arts. 6, 8, Sch. 5); SI 2007/2194, arts. 1(3)(a), {8}, Sch. 2 Pt. 2 (with art. 12, Sch. 3 para. 49)

[F87Unlimited companiesN.I.

Exemption from requirement to deliver accounts and reportsN.I.

262.  F110. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F111Banking and insurance companies and groups]N.I.

Annotations:

F111SR 1992/258

[F111Special provisions for banking and insurance companiesN.I.

[F111263.  F112. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Special provisions for banking and insurance groupsN.I.

263A.  F113. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Modification of disclosure requirements in relation to banking company or groupN.I.

263B.  F114. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Art. 263C rep. by SR 1994/428

[F115Power to apply provisions to banking partnershipsN.I.

[F115263D.  F116. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]]]]

[F117CHAPTER III]N.I.SUPPLEMENTARY PROVISIONS

Annotations:

[F118Accounting standards]N.I.

Annotations:
[F118Accounting standardsN.I.

[F118264.  F119. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

[F117Power to alter accounting requirementsN.I.

Power of Department to alter accounting requirementsN.I.

265.  F120. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F117Parent and subsidiary undertakingsN.I.

Parent and subsidiary undertakingsN.I.

266.  F121. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F122Other interpretation provisions]N.I.

Annotations:
[F122Meaning of “undertaking” and related expressionsN.I.

[F122267.  F123. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Participating interestsN.I.

268.  F124. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Notes to the accountsN.I.

269.  F125. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Minor definitionsN.I.

270.  F126. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations:

F126Art. 270 repealed (20.1.2007 for the definition of "address" and 6.4.2008 otherwise) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2006/3428, art. 7(b), Sch. 3 Pt. 2 (with arts. 6, 8, Sch. 5); S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 2 (with arts. 7, 12)

Index of defined expressionsN.I.

270A.  F127. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Annotations:

F127Art. 270A repealed (20.1.2007 for the entry "address" and 6.4.2008 otherwise) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2006/3428, art. 7(b), Sch. 3 Pt. 2 (with arts. 6, 8, Sch. 5); S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 2 (with arts. 7, 12)