(1)This section applies where—
(a)a company prepares group accounts in accordance with this Act, and
(b)the notes to the company’s individual balance sheet show the company’s profit or loss for the financial year determined in accordance with this Act.
(2)The profit and loss account need not contain the information specified in section 411 (information about employee numbers and costs).
(3)The company’s individual profit and loss account must be approved in accordance with section 414(1) (approval by directors) but may be omitted from the company’s annual accounts for the purposes of the other provisions of the Companies Acts.
(4)The exemption conferred by this section is conditional upon its being disclosed in the company’s annual accounts that the exemption applies.