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The Companies Act 1985 (Accounts of Small and Medium-Sized Enterprises and Publication of Accounts in ECUs) Regulations 1992

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Modifications of Part VII of the 1985 Act with respect to small and medium-sized companies and groups

4.—(1) In section 246 of the 1985 Act (exemptions for small and medium-sized com-panies)(1), the following subsections are inserted after subsection (1)—

“(1A) A company which qualifies as a small company in relation to a financial year is entitled to the exemptions provided by Part I of Schedule 8 with respect to the preparation of annual accounts for that year if its balance sheet contains, immediately above the signature required by section 233—

(a)a statement that advantage has been taken, in the preparation of the accounts, of special exemptions applicable to small companies, and

(b)a statement of the grounds on which, in the directors' opinion, the company is entitled to those exemptions.

(1B) A company which qualifies as a small company in relation to a financial year is entitled to the exemptions provided by Part II of Schedule 8 with respect to the preparation of a directors' report for that year if the report contains, immediately above the signature required by section 234A—

(a)a statement that advantage has been taken, in the preparation of the report, of special exemptions applicable to small companies, and

(b)where the company’s balance sheet for that year does not contain a statement under subsection (1A) (b), a statement of the grounds on which, in the directors' opinion, the company is entitled to those exemptions.”.

(2) In the same section—

(a)in subsection (1)(b) before the words “Schedule 8” there shall be inserted the words “Part III of”,

(b)subsection (2) is hereby repealed, and

(c)in subsection (3) for the words “subsection (1)” there shall be substituted the words “subsections (1), (1A) and (1B)”.

(3) Schedule 8 to the 1985 Act(2) is modified in accordance with the provisions of the Schedule to these Regulations.

(1)

Section 246 was inserted into the 1985 Act by section 13(1) of the Companies Act 1989.

(2)

Schedule 8 was inserted into the 1985 Act by section 13(2) of the Companies Act 1989.

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