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Companies Act 1985, Part VII is up to date with all changes known to be in force on or before 20 July 2019. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Part VIIU.K. Accounts and Audit

Modifications etc. (not altering text)

C1Pt. VII (ss. 221–262) applied with modifications by S.I. 1985/680, regs. 4–6, Sch.

C2Part VII (ss. 221-262) continued by S.I. 1990/355, arts. 6, 7, Sch. 2 para. 13(1)(a)

C3Part VII (ss. 221-262) amended by S.I. 1990/355, arts. 6, 7, Sch. 2 para. 1(2)(5)

C4Part VII (ss. 221-262) extended by S.I. 1990/355, arts. 6, 7, Sch. 2 para. 1(3)(5)

C5Part VII (ss. 221-262) modified by S.I. 1990/355, arts. 6, 7, Sch. 2 paras. 1(4)(5), 3(2)(3)

C6Part VII (ss. 221-262) excluded by S.I. 1990/355, arts. 6, 7, Sch. 2 para. 3(1)(3)

C7Part VII (ss. 221-262) restricted by S.I. 1990/355, arts. 6, 7, Sch. 2 para. 13(1)(b)

Pt. VII (ss. 221-262) applied (with modifications) (21.7.1993) by S.I. 1993/1820, reg. 4, Sch. paras.1, 2 (as amended (1.10.2005) by S.I. 2005/1987, reg. 3)

Pt. VII (ss. 221-262) applied (with modifications) (6.4.2001) by S.I. 2001/1090, reg. 3, Sch. 1 (as amended (4.3.2004) by S.I. 2004/355, art. 8, (1.10.2005) by S.I. 2005/1989, reg. 2, Sch. 1 and (12.1.2006) by S.I. 2005/3442, reg. 2(2)(b), Sch. 2 para. 3(1))

Chapter IU.K. Provisions Applying to Companies Generally

Accounting recordsU.K.

221 Duty to keep accounting records.E+W+S

F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

222 Where and for how long records to be kept.U.K.

F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

A company’s financial year and accounting reference periodsE+W+S

223 A company’s financial year.E+W+S

F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

224 Accounting reference periods and accounting reference date.E+W+S

F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

225 Alteration of accounting reference date.E+W+S

F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annual accountsU.K.

226 Duty to prepare individual accounts.E+W+S

F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

226ACompanies Act individual accountsU.K.

F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

226BIAS individual accountsU.K.

F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

227 Duty to prepare group accounts.U.K.

F9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

227ACompanies Act group accountsU.K.

F10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

227BIAS group accountsU.K.

F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

227CConsistency of accountsU.K.

F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

228 Exemption for parent companies included in accounts of larger group.U.K.

F13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

228AExemption for parent companies included in non-EEA group accountsU.K.

F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

229 Subsidiary undertakings included in the consolidation.E+W+S

F15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

230 Treatment of individual profit and loss account where group accounts prepared.E+W+S

F16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

231 Disclosure required in notes to accounts:related undertakings.E+W+S

F17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

231ADisclosure required in notes to annual accounts: particulars of staffU.K.

F18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

232 Disclosure required in notes to accounts: emoluments and other benefits of directors and others.E+W+S

F19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Approval and signing of accountsE+W+S

233 Approval and signing of accountsE+W+S

F20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F21Directors' report]U.K.

Textual Amendments

F21Cross-heading and ss. 234, 234ZZA, 234ZZB substituted for s. 234 and preceding cross-heading (22.3.2005) by The Companies Act 1985 (Operating and Financial Review and Directors' Report etc.) Regulations 2005 (S.I. 2005/1011), reg. 2

234 Duty to prepare directors' report.E+W+S

F22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

234ZZADirectors' report: general requirementsU.K.

F23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

234ZZBDirectors' report: business reviewU.K.

F24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

234ZAStatement as to disclosure of information to auditorsU.K.

F25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

234A Approval and signing of directors’ report.E+W+S

F26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S

234AADuty to prepare operating and financial reviewE+W+S

F28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

234ABApproval and signing of operating and financial reviewE+W+S

F29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Quoted companies: directors’ remuneration reportU.K.

234BDuty to prepare directors’ remuneration reportU.K.

F30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

234CApproval and signing of directors’ remuneration reportU.K.

F31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Auditors’ reportE+W+S

235 Auditors’ report.E+W+S

F32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

236 Signature of auditors’ report.E+W+S

F33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

237 Duties of auditors.E+W+S

F34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Publication of accounts and reportsE+W+S

238 Persons entitled to receive copies of accounts and reports.E+W+S

F35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F36238ATime allowed for sending out copies of accounts and reportsE+W+S

F37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

239 Rights to demand copies of accounts and reports.E+W+S

F38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

240 Requirements in connection with publication of accounts.E+W+S

F39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Laying and delivering of accounts and reportsU.K.

241 Accounts and reports to be laid before company in general meeting.E+W+S

F40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F40S. 241 repealed (1.10.2007 with application to private companies) by Companies Act 2006 (c. 46), ss. 1295, 1300, Sch. 16; S.I. 2007/2194, art. 8, Sch. 2 Pt. 1 (with art. 12)

241AMembers’ approval of directors’ remuneration reportU.K.

F41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

242 Accounts and reports to be delivered to the registrar.E+W+S

F42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

242A Civil penalty for failure to deliver accounts.E+W+S

F43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F43S. 242A repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1295, 1300, Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 1 (with arts. 7, 12, Sch. 4 paras. 9(2), 12(2)); table in s. 242A(2) expressed to be substituted and s. 242A(2A) expressed to be inserted (6.4.2008 with application in accordance with reg. 1 of the amending S.I.) by The Companies (Late Filing Penalties) and Limited Liability Partnerships (Filing Periods and Late Filing Penalties) Regulations 2008 (S.I. 2008/497), reg. 5 and {reg. 3} respectively

242B Delivery and publication of accounts in ECUsE+W+S

F44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

243 Accounts of subsidiary undertakings to be appended in certain cases.U.K.

F45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

244 Period allowed for laying and delivering accounts and reports.E+W+S

F46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Revision of defective accounts and reportsE+W+S

245 Voluntary revision of annual accounts or directors’ report.E+W+S

F47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

245A Secretary of State’s notice in respect of annual accounts.E+W+S

F48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

245B Application to court in respect of defective accounts.E+W+S

F49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

245C Other persons authorised to apply to court.E+W+S

F50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

245DDisclosure of information held by Inland Revenue to persons authorised to apply to courtE+W+S

F51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

245ERestrictions on use and further disclosure of information disclosed under section 245DE+W+S

F52. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

245FPower of authorised persons to require documents, information and explanationsE+W+S

F53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

245GRestrictions on further disclosure of information obtained under section 245FE+W+S

F54. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Chapter IIU.K.Exemptions, Exceptions and Special Provisions

Small and medium-sized companies and groupsE+W+S

246 Special provisions for small companiesE+W+S

F55. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

246A Special provisions for medium-sized companiesE+W+S

F56. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

247 Qualification of company as small or medium-sized.E+W+S

F57. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

247A Cases in which special provisions do not applyE+W+S

F58. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

247B Special auditors’ reportE+W+S

F59. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

248 Exemption for small and medium-sized groups.E+W+S

F60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

248A Group accounts prepared by small companyE+W+S

F61. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

249 Qualification of group as small or medium-sized.E+W+S

F62. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F63 Exemptions from audit for certain categories of small company]U.K.

Textual Amendments

F63Ss. 249A-249E and preceding cross-heading inserted (11.8.1994) by S.I. 1994/1935, reg. 2

249A Exemptions from auditE+W+S

F64. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

249AA Dormant companiesE+W+S

F65. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

249B Cases where exemptions not availableE+W+S

F66. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

249C The report required for the purposes of section 249A(2).E+W+S

F67. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

249D The reporting accountantU.K.

F68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

249E Effect of exemptionsE+W+S

F69. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Dormant companiesE+W+S

250. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S

F70. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Listed public companiesE+W+S

251[F71Summary financial statement]E+W+S

F72. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Private companiesE+W+S

252 Election to dispense with laying of accounts and reports before general meeting.E+W+S

F73. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

253 Right of shareholder to require laying of accounts.E+W+S

F74. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Unlimited companiesE+W+S

254 Exemption from requirement to deliver accounts and reports.E+W+S

F75. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Banking and insurance companies and groupsE+W+S

255 Special provisions for banking and insurance companies.E+W+S

F76. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

255A Special provisions for banking and insurance groups.E+W+S

F77. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

255B Modification of disclosure requirements in relation to banking company or group.E+W+S

F78. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

255C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S

F79. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

255D Power to apply provisions to banking partnerships.E+W+S

F80. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Welsh private companiesE+W+S

255E Delivery of accounting documents in Welsh only.E+W+S

F81. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Chapter IIIU.K. Supplementary Provisions

Accounting standardsU.K.

256 Accounting standards.E+W+S

F82. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

256AReporting standardsU.K.

F83. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Power to alter accounting requirementsE+W+S

257 Power of Secretary of State to alter accounting requirements.E+W+S

F84. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Parent and subsidiary undertakingsE+W+S

258 Parent and subsidiary undertakings.E+W+S

F85. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other interpretation provisionsE+W+S

259 Meaning of “undertaking” and related expressions.E+W+S

F86. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

260 Participating interests.E+W+S

F87. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

261 Notes to the accounts.E+W+S

F88. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

262 Minor definitions.E+W+S

F89. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

262AIndex of defined expressions.E+W+S

F90. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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