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Companies (1986 Order) (Accounts of Small and Medium-sized Companies and Minor Accounting Amendments) Regulations (Northern Ireland) 1997

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Cases in which special provisions do not apply

4.  After Article 255 of the 1986 Order(1) there shall be inserted the following Article—

Cases in which special provisions do not apply

255A.(1) Nothing in Article 254 or 254A shall apply where—

(a)the company is, or was at any time within the financial year to which the accounts relate—

(i)a public company,

(ii)a banking or insurance company, or

(iii)an authorised person under the Financial Services Act 1986; or

(b)the company is, or was at any time during that year, a member of an ineligible group.

(2) A group is ineligible if any of its members is—

(a)a public company or a body corporate which (not being a company) has power under its constitution to offer its shares or debentures to the public and may lawfully exercise that power,

(b)an authorised institution under the Banking Act 1987,

(c)an insurance company to which Part II of the Insurance Companies Act 1982 applies, or

(d)an authorised person under the Financial Services Act 1986.

(3) A parent company shall not be treated as qualifying as a small company in relation to a financial year unless the group headed by it qualifies as a small group, and shall not be treated as qualifying as a medium-sized company in relation to a financial year unless that group qualifies as a medium-sized group (see Article 257)..

(1)

Article 255 was inserted into the 1986 Order in place of an existing Article of that number by Article 15(1) of the Companies (Northern Ireland) Order 1990 and was amended by regulation 4 of S.R. 1992 No. 503 and by regulation 7 of S.R. 1997 No. 314

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