[F1247A Cases in which special provisions do not applyE+W+S
[F2(1)If a company is, or was at any time within the financial year to which the accounts relate, an ineligible company, sections 246 and 246A do not apply.
(1A)If a company does not fall within subsection (1) but is, or was at any time within the financial year to which the accounts relate, a member of an ineligible group—
(a)section 246(4) and (5)(b) and section 246A(2A) (provisions relating to directors' report) apply;
(b)the other provisions of sections 246 and 246A do not apply.
(1B)A company is ineligible if—
(a)it is a public company,
(b)it has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on one or more regulated activities, or
(c)it carries on an insurance market activity.]
(2)A group is ineligible if any of its members is—
(a)a public company or a body corporate which (not being a company) has power under its constitution to offer its shares or debentures to the public and may lawfully exercise that power,
[F3(b)a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity, or
(c)a person who carries on an insurance market activity.]
(3)A parent company shall not be treated as qualifying as a small company in relation to a financial year unless the group headed by it qualifies as a small group, and shall not be treated as qualifying as a medium-sized company in relation to a financial year unless that group qualifies as a medium-sized group (see section 249).]
Textual Amendments
F1S. 247A inserted (1.3.1997) by S.I. 1997/220, reg. 4
F2S. 247A(1)-(1B) substituted for s. 247A(1) (22.3.2005) by The Companies Act 1985 (Operating and Financial Review and Directors' Report etc.) Regulations 2005 (S.I. 2005/1011), reg. 6
F3S. 247A(2)(b)(c) substituted (1.12.2001) for s. 247A(2)(b)-(d) by S.I. 2001/3649, arts. 1, 11(1)(3)