3.—(1) [F1Subject to the following provisions of this regulation and regulation 5A, ] Companies Act individual accounts under section 396 of the 2006 Act (Companies Act: individual accounts) must comply with the provisions of Schedule 1 to these Regulations as to the form and content of the balance sheet and profit and loss account, and additional information to be provided by way of notes to the accounts.
[F2(1A) Sections C (alternative accounting rules) and D (fair value accounting) in Part 2 of Schedule 1 to these Regulations do not apply to a company which qualifies as a micro-entity in relation to a financial year (see sections 384A and 384B of the 2006 Act) and whose accounts for that year are prepared in accordance with the exemption permitted by—
(a)regulation 5A, or
(b)paragraph 1(1A) of Section A in Part 1 of Schedule 1 to these Regulations.]
F3(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) Accounts are treated as having complied with any provision of Schedule 1 to these Regulations if they comply instead with the corresponding provision of Schedule 1 to the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008 M1.
Textual Amendments
F1Words in reg. 3(1) inserted (with effect in accordance with reg. 2(2) of the amending S.I.) by The Small Companies (Micro-Entities Accounts) Regulations 2013 (S.I. 2013/3008), regs. 2(1), 9(2)(a) (with reg. 3)
F2Reg. 3(1A) inserted (with effect in accordance with reg. 2(2) of the amending S.I.) by The Small Companies (Micro-Entities Accounts) Regulations 2013 (S.I. 2013/3008), regs. 2(1), 9(2)(b) (with reg. 3)
F3Reg. 3(2) omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 14(2) (with reg. 3)
Modifications etc. (not altering text)
C1Reg. 3 applied (with modifications) (E.W.S.) (with application in accordance with reg. 2(2) of the amending S.I.) by The Small Limited Liability Partnerships (Accounts) Regulations 2008 (S.I. 2008/1912), regs. 2(1), 3(1) (with reg. 2(3)) (as amended (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 29)
Marginal Citations
F44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F4Reg. 4 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 14(3) (with reg. 3)
F55. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F5Reg. 5 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 14(4) (with reg. 3)
5A. Nothing in Schedule 1, 2 or 3 to these Regulations requires the Companies Act individual accounts of a company for a financial year in which the company qualifies as a micro-entity (see sections 384A and 384B of the 2006 Act) to contain any information by way of notes to the accounts, except that the company is required to disclose by way of notes to the accounts the information required by paragraph 57 in Part 3 of Schedule 1.]
Textual Amendments
F6Reg. 5A inserted (with effect in accordance with reg. 2(2) of the amending S.I.) by The Small Companies (Micro-Entities Accounts) Regulations 2013 (S.I. 2013/3008), regs. 2(1), 9(5) (with reg. 3)
F76. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F7Reg. 6 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 14(5) (with reg. 3)