Companies Act 1985

260 Notes to special category accounts

(1) In Schedule 5 (matters to be dealt with in notes to accounts)—

(a) paragraph 8 in Part II (disclosure of shareholdings in other bodies corporate, not being subsidiaries), and

(b) Part III (financial information about subsidiaries),

do not apply in the case of special category accounts.

(2) Where an item is given in a note to special category accounts, to comply with Part V or VI of Schedule 5 (directors' emoluments, pensions etc.; emoluments of higher-paid employees), the corresponding amount for the immediately preceding financial year shall be included in the note.

(3) If a person, being a director of a company preparing special category accounts, fails to take all reasonable steps to secure compliance with subsection (2), he is in respect of each offence liable to a fine; but in proceedings against a person for that offence it is a defence to prove that he had reasonable ground to believe, and did believe, that a competent and reliable person was charged with the duty of seeing that subsection (2) was complied with and was in a position to discharge that duty.