Search Legislation

The Overseas Companies Regulations 2009

Draft Legislation:

This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Overseas Companies Regulations 2009 No. 1801

A company’s financial year

This sectionnoteType=Explanatory Memorandum has no associated

37.  Sections 390 to 392 of the Companies Act 2006 apply in relation to a company to which this Chapter applies, modified so that they read as follows—

390A company’s financial year
(1)A company’s financial year is determined as follows.
(2)Its first financial year—
(a)begins with the first day of its first accounting reference period, and
(b)ends with the last day of that period or such other date, not more than seven days before or after the end of that period, as the directors may determine.
(3)Subsequent financial years—
(a)begin with the day immediately following the end of the company’s previous financial year, and
(b)end with the last day of its next accounting reference period or such other date, not more than seven days before or after the end of that period, as the directors may determine.
391Accounting reference periods and accounting reference date
(1)A company’s accounting reference periods are determined according to its accounting reference date in each calendar year.
(2)The accounting reference date of a company is the last day of the month in which the anniversary of its becoming a relevant overseas company falls.
(3)A company’s first accounting reference period is the period of more than six months, but not more than eighteen months, beginning with the date of its becoming a relevant overseas company and ending with its accounting reference date.
(4)Its subsequent accounting reference periods are successive periods of twelve months beginning immediately after the end of the previous accounting reference period and ending with its accounting reference date.
(5)This section has effect subject to the provisions of section 392.
392Alteration of accounting reference date
(1)A company may by notice given to the registrar specify a new accounting reference date having effect in relation to—
(a)the company’s current accounting reference period and subsequent periods, or
(b)the company’s previous accounting reference period and subsequent periods.
A company’s “previous accounting reference period” means the one immediately preceding its current accounting reference period.
(2)The notice must state whether the current or previous accounting reference period—
(a)is to be shortened, so as to come to an end on the first occasion on which the new accounting reference date falls or fell after the beginning of the period, or
(b)is to be extended, so as to come to an end on the second occasion on which that date falls or fell after the beginning of the period.
(3)A notice under this section may not be given in respect of a previous accounting reference period if the period for filing accounts for the financial year determined by reference to that accounting reference period has already expired.
(4)An accounting reference period may not be extended so as to exceed eighteen months and a notice under this section is ineffective if the current or previous accounting reference period as extended in accordance with the notice would exceed that limit.
This does not apply where the company is in administration under Part 2 of the Insolvency Act 1986 (c.45) or Part 3 of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19))..

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Draft Explanatory Memorandum

Draft Explanatory Memorandum sets out a brief statement of the purpose of a Draft Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Draft Statutory Instrument accessible to readers who are not legally qualified accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enactedversion that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources