Companies Act 1985

249 Modified individual accounts

(1) This section specifies the cases in which a company's directors may (subject to section 250, where the company has subsidiaries) deliver individual accounts modified as for a small or a medium-sized company; and Part I of Schedule 8 applies with respect to the deliver)' of accounts so modified.

(2) In respect of the company's first financial year the directors may—

(a) deliver accounts modified as for a small company, if in that year it qualifies as small,

(b) deliver accounts modified as for a medium-sized company, if in that year it qualifies as medium-sized.

(3) The next three subsections are concerned only with a company's financial year subsequent to the first.

(4) The directors may in respect of a financial year—

(a) deliver accounts modified as for a small company if in that year the company qualifies as small and it also so qualified in the preceding year,

(b) deliver accounts modified as for a medium-sized company if in that year the company qualifies as medium-sized and it also so qualified in the preceding year.

(5) The directors may in respect of a financial year—

(a) deliver accounts modified as for a small company (al though not qualifying in that year as small), if in the preceding year it so qualified and the directors were entitled to deliver accounts so modified in respect of that year, and

(b) deliver accounts modified as for a medium-sized company (although not qualifying in that year as medium-sized), if in the preceding year it so qualified and the directors were entitled to deliver accounts so modified in respect of that year.

(6) The directors may in respect of a financial year—

(a) deliver accounts modified as for a small company, if in that year the company qualifies as small and the directors were entitled under subsection (5)(a) to deliver accounts so modified for the preceding year (although the company did not in that year qualify as small), and

(b) deliver accounts modified as for a medium-sized company if in that year the company qualifies as medium-sized and the directors were entitled under subsection (5)(b) to deliver accounts so modified for the preceding year (although the company did not in that year qualify as medium-sized).