C1C2C3C4C5C6C7C8Part VII Accounts and Audit
Part VII (ss. 221-262) continued by S.I. 1990/355, arts. 6, 7, Sch. 2 para. 13(1)(a)
Part VII (ss. 221-262) amended by S.I. 1990/355, arts. 6, 7, Sch. 2 para. 1(2)(5)
Part VII (ss. 221-262) extended by S.I. 1990/355, arts. 6, 7, Sch. 2 para. 1(3)(5)
Part VII (ss. 221-262) modified by S.I. 1990/355, arts. 6, 7, Sch. 2 paras. 1(4)(5), 3(2)(3)
Part VII (ss. 221-262) excluded by S.I. 1990/355, arts. 6, 7, Sch. 2 para. 3(1)(3)
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))
Pt. 7 (ss. 221-262) modified (1.8.2007) by The European Grouping of Territorial Cooperation Regulations 2007 (S.I. 2007/1949), regs. 6, 7, Sch. Pt. 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
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Heading before s. 234AA omitted (12.1.2006) by virtue of The Companies Act 1985 (Operating and Financial Review) (Repeal) Regulations 2005 (S.I. 2005/3442), reg. 2(2)(a), Sch. 1 para. 2
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
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pt. VII (ss. 221–262) applied with modifications by S.I. 1985/680, regs. 4–6, Sch.