Companies Act 1985

258 Special category individual accounts

(1) Where a company's individual accounts are special category, section 228 and Schedule 4 do not apply, but—

(a) the balance sheet shall give a true and fair view of the state of affairs of the company as at the end of the financial year, and

(b) the profit and loss account shall give a true and fair view of the company's profit or loss for the financial year.

(2) The balance sheet and profit and loss account shall comply with the requirements of Schedule 9, so far as applicable.

(3) Except as expressly provided by this section or Part III of Schedule 9, the requirements of subsection (2) and that Schedule are without prejudice to the general requirements of subsection (1) or to any other requirements of this Act.

(4) The Secretary of State may, on the application or with the consent of the company's directors, modify in relation to that company any of the requirements of this Chapter as to the matters to be stated in a company's balance sheet or profit and loss account (except the requirements of subsection (1) above), for the purpose of adapting them to the circumstances of the company.

(5) So much of subsections (1) and (2) as relates to the profit and loss account does not apply if—

(a) the company has subsidiaries, and

(b) the profit and loss account is framed as a consolidated account dealing with all or any of the company's subsidiaries as well as the company and—

(i) complies with the requirements of this Act relating to consolidated profit and loss accounts (as those requirements apply in the case of special category companies), and

(ii) shows how much of the consolidated profit or loss for the financial year is dealt with in the company's accounts.