Amendment of Part 2 (form and content of individual accounts)U.K.
9.—(1) Part 2 of the 2008 Regulations M1 is amended as follows.
(2) In regulation 3 (Companies Act individual accounts)—
(a)at the beginning of paragraph (1) insert “ Subject to the following provisions of this regulation and regulation 5A, ”; and
(b)after paragraph (1) insert—
“(1A) Sections C (alternative accounting rules) and D (fair value accounting) in Part 2 of Schedule 1 to these Regulations do not apply to a company which qualifies as a micro-entity in relation to a financial year (see sections 384A and 384B of the 2006 Act) and whose accounts for that year are prepared in accordance with the exemption permitted by—
(a)regulation 5A, or
(b)paragraph 1(1A) of Section A in Part 1 of Schedule 1 to these Regulations.”
(3) In regulation 4 (information about related undertakings), at the beginning of paragraph (1) insert “ Subject to regulation 5A, ”.
(4) In regulation 5 (information about directors' benefits: remuneration), at the beginning insert “ Subject to regulation 5A, ”.
(5) After regulation 5 insert—
“Companies Act individual accounts: micro-entities – notes to the accounts
5A. Nothing in Schedule 1, 2 or 3 to these Regulations requires 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 of the 2006 Act) to contain any information by way of notes to the accounts, except that the company is required to disclose by way of notes to the accounts the information required by paragraph 57 in Part 3 of Schedule 1.”
(6) In regulation 6 (accounts for delivery to the registrar of companies), in paragraph (1), for “The directors” substitute “ Except where section 444(3B) of the 2006 Act applies, the directors ”.
Marginal Citations
M1S.I. 2008/409, to which there are amendments not relevant to these Regulations.