Section 401(2)

Exemption is conditional upon compliance with all of the following conditions— the company and all of its subsidiary undertakings 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; those accounts and, where appropriate, the group’s annual report, must be drawn up— . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . in a manner equivalent to consolidated accounts and consolidated reports drawn up in accordance with the requirements of this Part of this Act, in accordance with UK-adopted international accounting standards, or in accordance with accounting standards which are equivalent to such international accounting standards, as determined pursuant to Commission Regulation (EC) No. 1569/2007 of 21 December 2007 establishing a mechanism for the determination of equivalence of accounting standards applied by third country issuers of securities pursuant to Directives 2003/71/ EC and 2004/109/ EC of the European Parliament and of the Council; the group accounts must be audited by one or more persons authorised to audit accounts under the law under which the parent undertaking which draws them up is established; the company must disclose in its individual accounts that it is exempt from the obligation to prepare and deliver group accounts; the company must state in its individual accounts the name of the parent undertaking which draws up the group accounts referred to above and— the address of the undertaking’s registered office (whether in or outside the United Kingdom), or; if it is unincorporated, the address of its principal place of business; the company must deliver to the registrar, within the period for filing its accounts and reports for the financial year in question, copies of— together with the auditor's report on them; the group accounts, and where appropriate, the consolidated annual report, 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 (f).

← 1 · All articles · 3 →

Source: legislation.gov.uk · retrieved 2026-09-04