[F1222 Where and for how long records to be kept. U.K.
(1)A company’s accounting records shall be kept at its registered office or such other place as the directors think fit, and shall at all times be open to inspection by the company’s officers.
(2)If accounting records are kept at a place outside Great Britain, accounts and returns with respect to the business dealt with in the accounting records so kept shall be sent to, and kept at, a place in Great Britain, and shall at all times be open to such inspection.
(3)The accounts and returns to be sent to Great Britain shall be such as to—
(a)disclose with reasonable accuracy the financial position of the business in question at intervals of not more than six months, and
(b)enable the directors to ensure that [F2the accounts required to be prepared under this Part] comply with the requirements of this Act [F3(and, where applicable, Article 4 of the IAS Regulation)].
(4)If a company fails to comply with any provision of subsections (1) to (3), every officer of the company who is in default is guilty of an offence, and liable to imprisonment or a fine or both, unless he shows that he acted honestly and that in the circumstances in which the company’s business was carried on the default was excusable.
(5)Accounting records which a company is required by section 221 to keep shall be preserved by it—
(a)in the case of a private company, for three years from the date on which they are made, and
(b)in the case of a public company, for six years from the date on which they are made.
This is subject to any provision contained in rules made under section 411 of the Insolvency Act 1986 (company insolvency rules).
(6)An officer of a company is guilty of an offence, and liable to imprisonment or a fine or both, if he fails to take all reasonable steps for securing compliance by the company with subsection (5) or intentionally causes any default by the company under that subsection.]
Textual Amendments
F1New ss. 221, 222 inserted (subject to the saving and transitional provisions in S.I. 1990/355, arts. 6–9, Sch. 2), by Companies Act 1989 (c. 40, SIF 27), ss. 1, 2, 213(2) as part of the text inserted in place of ss. 221–262 (as mentioned in s. 1(a) of the 1989 Act)
F2Words in s. 222(3)(b) substituted (12.11.2004 with effect as mentioned in reg. 1(2) of the amending S.I.) by The Companies Act 1985 (International Accounting Standards and Other Accounting Amendments) Regulations 2004 (S.I. 2004/2947), reg. 3, Sch. 1 para. 5(a)
F3Words in s. 222(3)(b) inserted (12.11.2004 with effect as mentioned in reg. 1(2) of the amending S.I.) by The Companies Act 1985 (International Accounting Standards and Other Accounting Amendments) Regulations 2004 (S.I. 2004/2947), reg. 3, Sch. 1 para. 5(b)
Modifications etc. (not altering text)
C1S. 222 extended by S.I. 1986/304, rule 6
C2S. 222 applied by S.I. 1986/385, rule 6
C3S. 222(2) modified by S.I. 1985/724, reg. 6(5)