7.—(1) Chapter 12 of Part 15 of the 2006 Act is amended as follows.
(2) In section 469 (preparation and filing of accounts in euros), after subsection (3) insert—
“(3A) Subsection (3)(b) does not apply to the Companies Act individual accounts of a company for a financial year in which the company qualifies as a micro-entity (see sections 384A and 384B).”
(3) In section 471 M1 (meaning of “annual accounts” and related expressions), in the full out words in subsection (1) for “group accounts” substitute “ notes to the individual balance sheet ”.
(4) In section 472 (notes to the accounts), after subsection (1) insert—
“(1A) But in the case of a company which qualifies as a micro-entity in relation to a financial year (see sections 384A and 384B), the notes to the accounts for that year required by section 413 of this Act and regulation 5A of, and paragraph 57 of Part 3 of Schedule 1 to, the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008 (S.I. 2008/409) must be included at the foot of the balance sheet.”
(5) In section 474(1) M2 (minor definitions), after the definition of “international accounting standards” insert—
““micro-entity minimum accounting item” means an item of information required by this Part or by regulations under this Part to be contained in the Companies Act individual accounts of a company for a financial year in relation to which it qualifies as a micro-entity (see sections 384A and 384B);
“micro-entity provisions” means any provisions of this Part, Part 16 or regulations under this Part relating specifically to the individual accounts of a company which qualifies as a micro-entity;”.
Marginal Citations
M1Section 471(1) was amended by the Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012 (S.I. 2012/2301), regulation 18.
M2Section 474(1) was amended by the Markets in Financial Instruments Directive (Consequential Amendments) Regulations 2007 (S.I. 2007/2932), regulation 3(4)(a) and (b), the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), article 26(a) and (b), the Financial Services Act 2012 (c.21), Schedule 18, paragraph 115 and the Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.1. 2013/636), Schedule 1, paragraph 9(3).