The Companies (Revision of Defective Accounts and Reports) Regulations 2008

Summary financial statements

17.—(1) This regulation has effect subject to regulation 19(3) where a summary financial statement has been sent to any person specified in regulation 3 of the Companies (Summary Financial Statement) Regulations 2008(1).

(2) Where the summary financial statement does not comply with the requirements of section 426 of the 2006 Act or the Companies (Summary Financial Statement) Regulations 2008, or if it had been prepared by reference to revised accounts or a revised report would not have complied with those requirements, the directors of the company shall, subject to paragraphs (4) and (5), cause the company to prepare a further summary financial statement under section 426 of that Act and to send that statement to—

(a) any person who received a copy of the original summary financial statement, and

(b) any person to whom the company would be entitled, as at the date the revised summary financial statement is prepared, to send a summary financial statement for the current financial year,

and sections 426(1) to (4), 434(6) and 435(7) of that Act (requirements in connection with the publication of statutory accounts and of non-statutory accounts) respectively apply with necessary modifications to a summary financial statement under this regulation.

(3) A summary financial statement prepared under paragraph (2) must contain a short statement of the revisions made and their effect.

(4) The directors of the company may, instead of causing the company to prepare a further summary financial statement under paragraph (2), cause the company to prepare and send to the persons mentioned in that paragraph a supplementary note indicating the corrections to the original summary financial statement, and sections 426(1) and (2), 434(6) and 435(7) of the 2006 Act apply with necessary modifications to such a supplementary note.

(5) A supplementary note prepared under the last paragraph must contain a statement that it revises the original summary financial statement in certain respects and is to be treated as forming part of that statement.

(6) Where the summary financial statement would, if it had been prepared by reference to the revised accounts or revised report, comply with the requirements of section 426 of the 2006 Act and the Companies (Summary Financial Statement) Regulations 2008, the directors of the company shall cause the company to send to the persons referred to in paragraph (2) a note stating that the annual accounts of the company for the relevant financial year (specifying it) or (as the case may be) the directors’ report or directors’ remuneration report for that year have or has been revised in a respect which has no bearing on the summary financial statement for that year.

If the auditor’s report under regulation 7, 8 or 9 on the revised accounts or revised report is qualified, a copy of that report must be attached to the note sent out under this paragraph.

(7) A summary financial statement revised, or a note prepared, under this regulation must be sent to the persons referred to in paragraph (2) within 28 days after the date of revision of the revised accounts or revised report.

(8) Section 429 of the 2006 Act (summary financial statements: offences) applies with respect to a failure to comply with the requirements of this regulation as if the provisions of this regulation were provisions of that section and as if the reference in that section to “the company”, and “every officer of the company who is in default” were references to each of the directors of the company who approved the revised accounts under regulation 4, the revised directors’ report under regulation 5 or the revised directors’ remuneration report under regulation 6.

(1)

S.I. 2008/374.