C9C6C1C2C4C5Part 15Accounts and reports

Annotations:
Modifications etc. (not altering text)
C9

Pt. 15 applied (with modifications) (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 162, 163 (with reg. 189)

C6

Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))

C2

Pt. 15 applied (with modifications) (6.4.2008) by The Partnerships (Accounts) Regulations 2008 (S.I. 2008/569), regs. 4, 7, Sch. Pt. 1

C4

Pt. 15 applied (with modifications) (1.10.2009) by The Unregistered Companies Regulations 2009 (S.I. 2009/2436), regs. 3-5, Sch. 1 para. 16 (with transitional provisions and savings in regs. 7, 9, Sch. 2)

C3C11C8C7C6 Chapter 4Annual accounts

Annotations:
Modifications etc. (not altering text)
C11

Pt. 15 Ch. 4 applied (with modifications) (31.7.2015) by The European Grouping of Territorial Cooperation Regulations 2015 (S.I. 2015/1493), regs. 1(2), 7(1) (with reg. 11)

C8

Pt. 15 Ch. 4 applied (with modifications) by S.I. 2008/565, reg. 3 (as substituted (with effect in accordance with reg. 2(4) of the amending S.I.) by The Statutory Auditors Regulations 2017 (S.I. 2017/1164), reg. 1(2)(3), Sch. 2 para. 3 (with reg. 2(6)(7)))

C7

Pt. 16 Ch. 1 applied (with modifications) (E.W.S.) (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations 2018 (S.I. 2018/1030), regs. 1(2), 9(4)-(8)

F11Group accounts ...

Annotations:
Amendments (Textual)
F11

Words in s. 399 cross-heading omitted (with application in accordance with reg. 1(2) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Non-Financial Reporting) Regulations 2016 (S.I. 2016/1245), regs. 1(1), 3(3)

C12C10400Exemption for company included in F5UK group accounts of larger group

1

A company is exempt from the requirement to prepare group accounts if it is itself a subsidiary undertaking and its immediate parent undertaking is established under the law of F3any part of the United Kingdom, in the following cases—

a

where the company is a wholly-owned subsidiary of that parent undertaking;

F4b

where that parent undertaking holds 90% or more of the allotted shares in the company and the remaining shareholders have approved the exemption;

c

where that parent undertaking holds more than 50% (but less than 90%) of the allotted shares in the company and notice requesting the preparation of group accounts has not been served on the company by the shareholders holding in aggregate at least 5% of the allotted shares in the company.

Such notice must be served at least six months before the end of the financial year to which it relates.

2

Exemption is conditional upon compliance with all of the following conditions—

a

the company must be included in consolidated accounts for a larger group drawn up to the same date, or to an earlier date in the same financial year, by a parent undertaking established under the law of F14any part of the United Kingdom;

b

those accounts must be drawn up and audited, and that parent undertaking's annual report must be drawn up F1...—

F6i

if the undertaking is a company, in accordance with the requirements of this Part of this Act, or, if the undertaking is not a company, the legal requirements which apply to the drawing up of consolidated accounts for that undertaking, or

ii

in accordance with F13UK-adopted international accounting standards;

c

the company must disclose in F9the notes to its individual accounts that it is exempt from the obligation to prepare and deliver group accounts;

d

the company must state in its individual accounts the name of the parent undertaking that draws up the group accounts referred to above and—

F10i

the address of the undertaking’s registered officeF2..., or

ii

if it is unincorporated, the address of its principal place of business;

e

the company must deliver to the registrar, within the period for filing its accounts and reports for the financial year in question, copies of—

i

those group accounts, and

ii

the parent undertaking's annual report,

together with the auditor's report on them;

f

any requirement of Part 35 of this Act as to the delivery to the registrar of a certified translation into English must be met in relation to any document comprised in the accounts and reports delivered in accordance with paragraph (e).

3

For the purposes of subsection (1)(b) F12and (c) shares held by a wholly-owned subsidiary of the parent undertaking, or held on behalf of the parent undertaking or a wholly-owned subsidiary, shall be attributed to the parent undertaking.

4

The exemption does not apply to a company F7which is a traded company.

5

Shares held by directors of a company for the purpose of complying with any share qualification requirement shall be disregarded in determining for the purposes of this section whether the company is a wholly-owned subsidiary.

F86

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .