The Companies (Summary Financial Statement) (Amendment) Regulations 2005

Regulation 15

SCHEDULE [Schedule 3A to the 1995 Regulations]

Regulation 10A

“SCHEDULE 3A FORM AND CONTENT OF SUMMARY FINANCIAL STATEMENT OF COMPANIES AND GROUPS PREPARING ACCOUNTS IN ACCORDANCE WITH INTERNATIONAL ACCOUNTING STANDARDS

Form of summary financial statement

1.— (1) The summary financial statement shall contain the information prescribed by the following paragraphs of this Schedule in such order, and under such headings, as the directors consider appropriate.

(2) The summary financial statement shall contain any other information necessary to ensure that the statement is consistent with the full accounts and reports for the year in question.

(3) Nothing in this Schedule shall be construed as prohibiting the inclusion in the summary financial statement of any additional information derived from the company’s annual accounts, directors' report, directors' remuneration report (if any) or operating and financial review (if any).

Summary of paragraph 1(1) of Schedule 6 to the 1985 Act and of the directors' remuneration report

2.   The summary financial statement shall contain the whole of, or a summary of—

(a) that portion of the notes to the accounts for the year in question which set out the information required by paragraph 1(1) of Part I of Schedule 6 to the 1985 Act (aggregate amount of directors' emoluments etc); and

(b) to the extent that the company is required to produce a directors' remuneration report, those portions of the directors' remuneration report for the year in question which set out the matters required by paragraphs 3 (statement of company’s policy on directors' remuneration) and 4 (performance graph) of Schedule 7A to the 1985 Act.

Summary profit loss and account: companies not required to prepare group accounts

3.— (1) The summary financial statement shall contain, in the case of a company the directors of which are not required to prepare group accounts for the financial year, a summary profit and loss account showing either—

(a) each of the headings and sub-totals included in the full profit and loss account in accordance with international accounting standards, or

(b) where the directors consider it appropriate, a combination of such headings and sub-totals where they are of a similar nature.

(2) The summary financial statement shall also contain the information concerning recognised and proposed dividends included in the full accounts and reports.

(3) In this paragraph, and in paragraphs 4 to 6 below, the expressions “headings and “subtotals” have the same meaning as in international accounting standard 1 on the presentation of financial statements.

Summary profit and loss account: companies required to prepare group accounts

4.— (1) The summary financial statement shall contain, in the case of a company the directors of which are required to prepare group accounts for the financial year, a summary consolidated profit and loss account showing either—

(a) each of the headings and sub-totals included in the full consolidated profit and loss account in accordance with international accounting standards, or

(b) where the directors consider it appropriate, a combination of such headings and sub-totals where they are of a similar nature.

(2) The summary financial statement shall also contain the information concerning recognised and proposed dividends included in the full accounts and reports.

Summary balance sheet: companies not required to prepare group accounts

5.   The summary financial statement shall contain, in the case of a company the directors of which are not required to prepare group accounts for the financial year, a summary balance sheet showing either—

(a) each of the headings and sub-totals included in the full balance sheet in accordance with international accounting standards, or

(b) where the directors consider it appropriate, a combination of such headings and sub-totals where they are of a similar nature.

Summary balance sheet: companies required to prepare group accounts

6.   The summary financial statement shall contain, in the case of a company the directors of which are required to prepare group accounts for the financial year, a summary consolidated balance sheet showing either—

(a) each of the headings and sub-totals included in the full consolidated balance sheet in accordance with international accounting standards, or

(b) where the directors consider it appropriate, a combination of such headings and sub-totals where they are of a similar nature.

Corresponding amounts

7.— (1) In respect of every item shown in the summary profit and loss account or summary consolidated profit and loss account (as the case may be), or in the summary balance sheet or summary consolidated balance sheet (as the case may be),the corresponding amount must be shown for the immediately preceding financial year.

(2) For the purposes of sub-paragraph (1), “the corresponding amount” is the amount shown in the summary financial statement for that year or which would have been so shown had such a statement been prepared for that year, taking account of any adjustments to corresponding amounts made in the full accounts and reports.”