C1C2C3C4C5C6C7C8Part VII Accounts and Audit

Annotations:
Modifications etc. (not altering text)
C1

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

C2

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

C3

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

C4

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

C5

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

C6

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

C7

Part 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 I Provisions Applying to Companies Generally

Accounting records

221 Duty to keep accounting records.

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

222 Where and for how long records to be kept.

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

A company’s financial year and accounting reference periods

223 A company’s financial year.

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

224 Accounting reference periods and accounting reference date.

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

225 Alteration of accounting reference date.

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

Annual accounts

226 Duty to prepare individual accounts.

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

226ACompanies Act individual accounts

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

226BIAS individual accounts

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

227 Duty to prepare group accounts.

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

227ACompanies Act group accounts

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

227BIAS group accounts

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

227CConsistency of accounts

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

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

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

228AExemption for parent companies included in non-EEA group accounts

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

229 Subsidiary undertakings included in the consolidation.

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

230 Treatment of individual profit and loss account where group accounts prepared.

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

231 Disclosure required in notes to accounts:related undertakings.

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

231ADisclosure required in notes to annual accounts: particulars of staff

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

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

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

Approval and signing of accounts

233 Approval and signing of accounts

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

F26Directors' report

Annotations:
Amendments (Textual)
F26

Cross-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.

F21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

234ZZADirectors' report: general requirements

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

234ZZBDirectors' report: business review

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

234ZAStatement as to disclosure of information to auditors

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

234A Approval and signing of directors’ report.

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

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

Annotations:
Amendments (Textual)

234AADuty to prepare operating and financial review

F27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

234ABApproval and signing of operating and financial review

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

Quoted companies: directors’ remuneration report

234BDuty to prepare directors’ remuneration report

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

234CApproval and signing of directors’ remuneration report

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

Auditors’ report

235 Auditors’ report.

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

236 Signature of auditors’ report.

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

237 Duties of auditors.

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

Publication of accounts and reports

238 Persons entitled to receive copies of accounts and reports.

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

238AF39Time allowed for sending out copies of accounts and reports

F36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

239 Rights to demand copies of accounts and reports.

F37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

240 Requirements in connection with publication of accounts.

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

Laying and delivering of accounts and reports

241 Accounts and reports to be laid before company in general meeting.

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

241AMembers’ approval of directors’ remuneration report

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

242 Accounts and reports to be delivered to the registrar.

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

242A Civil penalty for failure to deliver accounts.

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

242B Delivery and publication of accounts in ECUs

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

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

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

244 Period allowed for laying and delivering accounts and reports.

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

Revision of defective accounts and reports

245 Voluntary revision of annual accounts or directors’ report.

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

245A Secretary of State’s notice in respect of annual accounts.

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

245B Application to court in respect of defective accounts.

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

245C Other persons authorised to apply to court.

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

245DDisclosure of information held by Inland Revenue to persons authorised to apply to court

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

245ERestrictions on use and further disclosure of information disclosed under section 245D

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

245FPower of authorised persons to require documents, information and explanations

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

245GRestrictions on further disclosure of information obtained under section 245F

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

Chapter IIExemptions, Exceptions and Special Provisions

Small and medium-sized companies and groups

246 Special provisions for small companies

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

246A Special provisions for medium-sized companies

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

247 Qualification of company as small or medium-sized.

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

247A Cases in which special provisions do not apply

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

247B Special auditors’ report

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

248 Exemption for small and medium-sized groups.

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

248A Group accounts prepared by small company

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

249 Qualification of group as small or medium-sized.

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

F68 Exemptions from audit for certain categories of small company

Annotations:
Amendments (Textual)
F68

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

249A Exemptions from audit

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

249AA Dormant companies

F63. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

249B Cases where exemptions not available

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

249C The report required for the purposes of section 249A(2).

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

249D The reporting accountant

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

249E Effect of exemptions

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

Dormant companies

250. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

Listed public companies

251F70Summary financial statement

F71. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Private companies

252 Election to dispense with laying of accounts and reports before general meeting.

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

253 Right of shareholder to require laying of accounts.

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

Unlimited companies

254 Exemption from requirement to deliver accounts and reports.

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

Banking and insurance companies and groups

255 Special provisions for banking and insurance companies.

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

255A Special provisions for banking and insurance groups.

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

255B Modification of disclosure requirements in relation to banking company or group.

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

255C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

255D Power to apply provisions to banking partnerships.

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

Welsh private companies

255E Delivery of accounting documents in Welsh only.

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

Chapter III Supplementary Provisions

Accounting standards

256 Accounting standards.

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

256AReporting standards

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

Power to alter accounting requirements

257 Power of Secretary of State to alter accounting requirements.

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

Parent and subsidiary undertakings

258 Parent and subsidiary undertakings.

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

Other interpretation provisions

259 Meaning of “undertaking” and related expressions.

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

260 Participating interests.

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

261 Notes to the accounts.

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

262 Minor definitions.

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

262AIndex of defined expressions.

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