C7C8C9C10Part 15Accounts and reports

Annotations:
Modifications etc. (not altering text)
C8

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

C9

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)

C6Chapter 4Annual accounts

Annotations:
Modifications etc. (not altering text)

Approval and signing of accounts

C1C2C3C4C5414Approval and signing of accounts

1

A company's annual accounts must be approved by the board of directors and signed on behalf of the board by a director of the company.

2

The signature must be on the company's balance sheet.

3

If the accounts are prepared in accordance with the provisions applicable to companies subject to the small companies regime, the balance sheet must contain a statement to that effect in a prominent position above the signature.

4

If annual accounts are approved that do not comply with the requirements of this Act (and, where applicable, of Article 4 of the IAS Regulation), every director of the company who—

a

knew that they did not comply, or was reckless as to whether they complied, and

b

failed to take reasonable steps to secure compliance with those requirements or, as the case may be, to prevent the accounts from being approved,

commits an offence.

5

A person guilty of an offence under this section is liable—

a

on conviction on indictment, to a fine;

b

on summary conviction, to a fine not exceeding the statutory maximum.