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
F1Chapter IIExemptions, Exceptions and Special Provisions
New ss. 246, 247 inserted as the beginning of Chapter II (subject to the saving and transitional provisions in S.I. 1990/355, arts. 6–9, Sch. 2) by Companies Act 1989 (c. 40, SIF 27), ss. 1, 13(1), 213(2), as part of the text inserted in place of ss. 221–262 (as mentioned in s. 1(a) of the 1989 Act)
Listed public companies
C10251 Provision of summary financial statement to shareholders. C9
C111
A public company whose shares F2or debentures, or any class of whose shares F2or debentures, are listed need not, in such cases as may be specified by regulations made by the Secretary of State, and provided any conditions so specified are complied with, send copies of the documents referred to in section 238(1) to F3entitled persons, but may instead send them a summary financial statement.
F4In this section—
“entitled persons", in relation to a company, means such of the persons specified in paragraphs (a) to (c) of subsection (1) of section 238 as are or would apart from this section be entitled to be sent copies of those documents relating to the company which are referred to in that subsection; and
“listed" means admitted to the Official List of The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited.
C11C122
Copies of the documents referred to in section 238(1) shall, however, be sent to F5any entitled person who wishes to receive them; and the Secretary of State may by regulations make provision as to the manner in which it is to be ascertained F6(whether before or after he becomes an entitled person) whether F5an entitled person wishes to receive them.
C113
The summary financial statement shall be derived from the company’s annual accounts and the directors’ report and shall be in such form and contain such information as may be specified by regulations made by the Secretary of State.
C114
Every summary financial statement shall—
a
state that it is only a summary of information in the company’s annual accounts and the directors’ report;
b
contain a statement by the company’s auditors of their opinion as to whether the summary financial statement is consistent with those accounts and that report and complies with the requirements of this section and regulations made under it;
c
state whether the auditors’ report on the annual accounts was unqualified or qualified, and if it was qualified set out the report in full together with any further material needed to understand the qualification;
d
state whether the auditors’ report on the annual accounts contained a statement under—
i
section 237(2) (accounting records or returns inadequate or accounts not agreeing with records and returns), or
ii
section 237(3) (failure to obtain necessary information and explanations),
and if so, set out the statement in full.
5
Regulations under this section shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.
C136
If default is made in complying with this section or regulations made under it, the company and every officer of it who is in default is guilty of an offence and liable to a fine.
C137
Section 240 (requirements in connection with publication of accounts) does not apply in relation to the provision to F7entitled persons of a summary financial statement in accordance with this section.
Pt. VII (ss. 221–262) applied with modifications by S.I. 1985/680, regs. 4–6, Sch.