Companies (1986 Order) (Accounts of Small and Medium-Sized Enterprises and Publication of Accounts in ECUs) Regulations (Northern Ireland) 1992

Modifications of Part VIII of the 1986 Order with respect to small and medium-sized companies and groups

3.—(1) In Article 254 of the 1986 Order (exemptions for small and medium-sized companies(1) the following paragraphs are inserted after paragraph (1)—

“(1A) A company which qualifies as a small company in relation to a financial year is entitled to the exemptions provided by Part I of Schedule 8(2) with respect to the preparation of annual accounts for that year if its balance sheet contains, immediately above the signature required by Article 241(3)—

(a) a statement that advantage has been taken, in the preparation of the accounts, of special exemptions applicable to small companies, and

(b) a statement of the grounds on which, in the directors' opinion, the company is entitled to those exemptions.

(1B) A company which qualifies as a small company in relation to a financial year is entitled to the exemptions provided by Part II of Schedule 8 with respect to the preparation of a directors' report for that year if the report contains, immediately above the signature required by Article 242A(4)—

(a) a statement that advantage has been taken, in the preparation of the report, of special exemptions applicable to small companies, and

(b) where the company’s balance sheet for that year does not contain a statement under paragraph (1)(A)(b), a statement of the grounds on which, in the directors' opinion, the company is entitled to those exemptions.”.

(2) In the same Article—

(a) in paragraph (1)(b) before the words “Schedule 8” there shall be inserted the words “Part III of”,

(b) paragraph (2) is hereby repealed, and

(c) in paragraph (3) for the words “paragraph (1)” there shall be substituted the words “paragraphs (1), (1A) and (1B)”.

(3) Schedule 8 to the 1986 Order is modified in accordance with the provisions of the Schedule.

(1)

Article 254 was inserted into the 1986 Order by Article 15(1) of the Companies (Northern Ireland) Order 1990.

(2)

Schedule 8 was inserted into the 1986 Order by Article 15(2) of, and Schedule 6 to, the Companies (Northern Ireland) Order 1990.

(3)

Article 241 was inserted into the 1986 Order by Article 9 of the Companies (Northern Ireland) Order 1990.

(4)

Article 242A was inserted into the 1986 Order by Article 10(1) of the Companies (Northern Ireland) Order 1990.