The Companies (Revision of Defective Accounts and Reports) Regulations 2008

PART 6 ABBREVIATED ACCOUNTS AND SUMMARY FINANCIAL STATEMENTS

Small and medium sized companies

15.—(1) This regulation has effect (subject to regulation 19(2)) where the directors have prepared revised accounts under section 454 of the 2006 Act and the company has, prior to the date of revision, delivered to the registrar accounts which are abbreviated accounts within the meaning of section 444(3) and (4) (filing obligations of companies subject to small companies regime) or 445(3) and (4) (filing obligations of medium-sized companies) of that Act.

(2) Where the abbreviated accounts so delivered to the registrar would, if they had been prepared by reference to the revised accounts, not comply with the provisions of the 2006 Act (whether because the company would not have qualified as a small or (as the case may be) medium-sized company in the light of the revised accounts or because the accounts have been revised in a manner which affects the content of the abbreviated accounts), the directors of the company shall cause the company either—

(a) to deliver to the registrar a copy of the revised accounts, together with a copy of the directors’ report and the auditor’s report on the revised accounts, or

(b) (if on the basis of the revised accounts they would be entitled under the 2006 Act to do so) to prepare further abbreviated accounts drawn up in accordance with the provisions of that Act and deliver them to the registrar together with a statement as to the effect of the revisions made.

(3) Where the abbreviated accounts would, if they had been prepared by reference to the revised accounts, comply with the requirements of the 2006 Act, the directors of the company shall cause the company to deliver to the registrar—

(a) a note stating that the annual accounts of the company for the relevant financial year (specifying it) have been revised in a respect which has no bearing on the abbreviated accounts delivered for that year, together with

(b) a copy of any auditor’s report on the revised accounts.

(4) Revised abbreviated accounts or a note under this regulation must be delivered to the registrar within 28 days after the date of revision of the revised accounts.

(5) Sections 451 (default in filing accounts and reports: offences) and 452 (default in filing accounts: court order) of the 2006 Act apply with respect to a failure to comply with the requirements of this regulation as they apply with respect to a failure to comply with the requirements of section 441 of that Act but as if—

(a) the references in section 451(1) and in section 452(1)(a) to “the period for filing those accounts and reports” were references to the period of 28 days referred to in paragraph (4); the references in section 451(1) and (2) to “that period” are to be construed accordingly, and

(b) the references in section 451(3) to “the documents in question” and “this Part” were, respectively, a reference to the documents referred to in paragraph (4) and the provisions of Part 15 of the 2006 Act as applied by these Regulations.

16.—(1) This regulation has effect (subject to regulation 19(2)) where the directors have delivered to the registrar abbreviated accounts which do not comply with the provisions of the 2006 Act for reasons other than those specified in regulation 15(2).

(2) The directors of the company shall cause the company—

(a) to prepare further abbreviated accounts in accordance with the provisions of section 444(3) and (4) or 445(3) and (4) of the 2006 Act (as the case may be), and

(b) to deliver those accounts to the registrar within 28 days after the date of revision together with a statement as to the effect of the revisions made.

(3) Sections 451 and 452 of the 2006 Act apply with respect to a failure to comply with the requirements of this regulation as they apply with respect to a failure to comply with the requirements of section 441 of that Act but as if—

(a) the references in section 451(1) and in section 452(1)(a) to “the period for filing those accounts and reports” were references to the period of 28 days referred to in paragraph (2); the references in section 451(1) and (2) to “that period” are to be construed accordingly, and

(b) the references in section 451(3) to “the documents in question” and “this Part” were, respectively, a reference to the documents referred to in paragraph (2) and the provisions of Part 15 of the 2006 Act as applied by these Regulations.

Summary financial statements

17.—(1) This regulation has effect subject to regulation 19(3) where a summary financial statement has been sent to any person specified in regulation 3 of the Companies (Summary Financial Statement) Regulations 2008(1).

(2) Where the summary financial statement does not comply with the requirements of section 426 of the 2006 Act or the Companies (Summary Financial Statement) Regulations 2008, or if it had been prepared by reference to revised accounts or a revised report would not have complied with those requirements, the directors of the company shall, subject to paragraphs (4) and (5), cause the company to prepare a further summary financial statement under section 426 of that Act and to send that statement to—

(a) any person who received a copy of the original summary financial statement, and

(b) any person to whom the company would be entitled, as at the date the revised summary financial statement is prepared, to send a summary financial statement for the current financial year,

and sections 426(1) to (4), 434(6) and 435(7) of that Act (requirements in connection with the publication of statutory accounts and of non-statutory accounts) respectively apply with necessary modifications to a summary financial statement under this regulation.

(3) A summary financial statement prepared under paragraph (2) must contain a short statement of the revisions made and their effect.

(4) The directors of the company may, instead of causing the company to prepare a further summary financial statement under paragraph (2), cause the company to prepare and send to the persons mentioned in that paragraph a supplementary note indicating the corrections to the original summary financial statement, and sections 426(1) and (2), 434(6) and 435(7) of the 2006 Act apply with necessary modifications to such a supplementary note.

(5) A supplementary note prepared under the last paragraph must contain a statement that it revises the original summary financial statement in certain respects and is to be treated as forming part of that statement.

(6) Where the summary financial statement would, if it had been prepared by reference to the revised accounts or revised report, comply with the requirements of section 426 of the 2006 Act and the Companies (Summary Financial Statement) Regulations 2008, the directors of the company shall cause the company to send to the persons referred to in paragraph (2) a note stating that the annual accounts of the company for the relevant financial year (specifying it) or (as the case may be) the directors’ report or directors’ remuneration report for that year have or has been revised in a respect which has no bearing on the summary financial statement for that year.

If the auditor’s report under regulation 7, 8 or 9 on the revised accounts or revised report is qualified, a copy of that report must be attached to the note sent out under this paragraph.

(7) A summary financial statement revised, or a note prepared, under this regulation must be sent to the persons referred to in paragraph (2) within 28 days after the date of revision of the revised accounts or revised report.

(8) Section 429 of the 2006 Act (summary financial statements: offences) applies with respect to a failure to comply with the requirements of this regulation as if the provisions of this regulation were provisions of that section and as if the reference in that section to “the company”, and “every officer of the company who is in default” were references to each of the directors of the company who approved the revised accounts under regulation 4, the revised directors’ report under regulation 5 or the revised directors’ remuneration report under regulation 6.

(1)

S.I. 2008/374.