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4.—(1) Where the financial year dealt with in the last statement of accounts prepared by the Authority before the transfer date does not end immediately before that date, the statutory accounts prepared by the directors of the Successor Company in respect of a period which includes or consists of the whole or any part of the residual accounting period as falls within that period as well as, and as one with, the affairs of the Successor Company.
(2) If, in a case where sub-paragraph (1) above applies, the day with which the residual accounting period begins falls before the date of incorporation of the Successor Company, section 224(4) of the Companies Act 1985(1) (which defines a company’s first accounting reference period) shall have effect in relation to the Successor Company as if for the reference to the date of incorporation of the Company there were substituted a reference to the day with which the residual accounting period begins; and references in the Companies Act 1985 to the first accounting reference period shall be construed accordingly.
(3) In this paragraph —
“financial year”, in relation to the Authority, means any period of twelve months ending with 31st December;
“statutory accounts” means—
in relation to the Authority, any statement of accounts prepared by the Authority under section 42 of the Harbours Act 1964(2); and
in relation to the Successor Company,—
any accounts prepared by that company for the purposes of any provision of the Companies Act 1985 including group accounts, and
any statement of accounts prepared by that company under section 42 of the Harbours Act 1964;
and references in this paragraph to a residual accounting period of the Authority are references to any period falling after the end of the financial year of the Authority dealt with in the last statement of accounts prepared by the Authority under section 42 of the Harbours Act 1964 before the transfer date.
Section 224 was inserted by section 3 of the Companies Act 1989 (c. 40).
1964 c. 40; section 42 was substituted by the Transport Act 1981 (c. 56), Schedule 6, paragraph 10, and amended by the Companies Act 1989, Schedule 10, paragraph 26.
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