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Companies (1986 Order) (Miscellaneous Accounting Amendments) Regulations (Northern Ireland) 1997

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Regulation 13(3)

SCHEDULE 3Disclosure of Information: Related Undertakings

1.  Schedule 5 to the 1986 Order (disclosure of information: related undertakings)(1) is amended as follows.

2.  In paragraph 3 (financial information about subsidiary undertakings) after sub-paragraph (2) insert—

(2A) That information need not be given if the company’s investment in the subsidiary undertaking is included in the company’s accounts by way of the equity method of valuation..

3.  For paragraph 4 (financial years of subsidiary undertakings) substitute—

4.  Where—

(a)disclosure is made under paragraph 3(1) with respect to a subsidiary undertaking, and

(b)that undertaking’s financial year does not end with that of the company,

there shall be stated in relation to that undertaking the date on which its last financial year ended (last before the end of the company’s financial year)..

4.  Paragraph 5 (further information about subsidiary undertakings) is hereby repealed.

5.—(1) Paragraph 6 (shares and debentures of company held by subsidiary undertakings) is amended as follows.

(2) In sub-paragraph (1), omit “and debentures of”.

(3) In sub-paragraphs (2) and (3) omit “or debentures”.

6.  In paragraph 7(2) (definition of when a holding is significant for purposes of paragraphs 8 and 9) for “10 per cent.” substitute “20 per cent.” and for “one-tenth” substitute “one-fifth”.

7.  In paragraph 9(1) omit from the beginning to “shares in the undertaking”.

8.  Paragraph 10 (arrangements attracting merger relief) is hereby repealed.

9.  In paragraph 13(2) (constructions of references to shares held by company), for “paragraphs 2 to 5” substitute “paragraphs 2 to 4”.

10.  Paragraph 18 (further information about subsidiary undertakings excluded from consolidation) is hereby repealed.

11.  Paragraph 19 (financial years of subsidiary undertakings) is hereby repealed.

12.—(1) Paragraph 20 (shares and debentures of company held by subsidiary undertakings) is amended as follows.

(2) In sub-paragraph (1), omit “and debentures of”.

(3) In sub-paragraphs (2) and (3) omit “or debentures”.

13.  In paragraphs 23(2) and 26(2) (definition of when a holding is significant for the purposes of paragraphs 24, 25, 27 and 28) for “10 per cent.” substitute “20 per cent.” and for “one-tenth” substitute “one fifth”.

14.  In paragraphs 25(1) and 28(1) omit from the beginning to “shares in the undertaking,”.

15.  Paragraph 29 (arrangements attracting merger relief) is hereby repealed.

(1)

Schedule 5 was substituted by Article 8(2) of, and Schedule 3 to, the Companies (Northern Ireland) Order 1990

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