The Companies Act 1985 (Miscellaneous Accounting Amendments) Regulations 1996

Regulation 14(3)

SCHEDULE 3 DISCLOSURE OF INFORMATION: RELATED UNDERTAKINGS

1.  Schedule 5 to the 1985 Act (disclosure of information: related undertakings)(1) is amended as follows.

2.  Paragraph 1(3)(b) (information in notes to accounts of company not required to prepare group accounts about whether GB subsidiary undertaking registered in England and Wales or in Scotland) is hereby repealed.

3.  In paragraph 3 (financial information about subsidiary undertakings) after sub-paragraph (2) insert—

“(2A) That information need not be given if the company’s investment in the subsidiary undertaking is included in the company’s accounts by way of the equity method of valuation.”.

4.  For paragraph 4 (financial years of subsidiary undertakings) substitute—

“4.   Where—

(a) disclosure is made under paragraph 3(1) with respect to a subsidiary undertaking, and

(b) that undertaking’s financial year does not end with that of the company,

there shall be stated in relation to that undertaking the date on which its last financial year ended (last before the end of the company’s financial year).”

5.  Paragraph 5 (further information about subsidiary undertakings) is hereby repealed.

6.—(1) Paragraph 6 (shares and debentures of company held by subsidiary undertakings) is amended as follows.

(2) In sub-paragraph (1), omit the words “and debentures of”.

(3) In sub-paragraphs (2) and (3) omit “or debentures”.

7.  In paragraph 7(2) (definition of when a holding is significant for purposes of paragraphs 8 and 9) for “10 per cent.” substitute “20 per cent.” and for “one-tenth” substitute “one-fifth”.

8.  Paragraph 8(2)(b) (information in notes to accounts of company not required to prepare group accounts about whether GB undertaking in which company has significant holding is registered in England and Wales or in Scotland) is hereby repealed.

9.  In paragraph 9(1) omit from the beginning to “shares in the undertaking,”.

10.  Paragraph 10 (arrangements attracting merger relief) is hereby repealed.

11.  Paragraph 11(3)(b) (information in notes to accounts of company not required to prepare group accounts about whether GB parent undertaking is registered in England and Wales or in Scotland) is hereby repealed.

12.  Paragraph 12(3)(b) (information in notes to accounts of company not required to prepare group accounts about whether GB ultimate parent company is registered in England and Wales or in Scotland) is hereby repealed.

13.  In paragraph 13(2) (constructions of references to shares held by company), for “paragraphs 2 to 5” substitute “paragraphs 2 to 4”.

14.  Paragraph 15(3)(b) (information in notes to accounts of company required to prepare group accounts about whether GB subsidiary undertaking registered in England and Wales or in Scotland) is hereby repealed.

15.  Paragraph 18 (further information about subsidiary undertakings excluded from consolidation) is hereby repealed.

16.  Paragraph 19 (financial years of subsidiary undertakings) is hereby repealed.

17.—(1) Paragraph 20 (shares and debentures of company held by subsidiary undertakings) is amended as follows.

(2) In sub-paragraph (1), omit the words “and debentures of”.

(3) In sub-paragraphs (2) and (3) omit “or debentures”.

18.  Paragraph 22(3)(b) (information in notes to accounts of company required to prepare group accounts about whether GB associated undertaking is registered in England and Wales or in Scotland) is hereby repealed.

19.  In paragraphs 23(2) and 26(2) (definition of when a holding is significant for the purposes of paragraphs 24, 25, 27 and 28) for “10 per cent.” substitute “20 per cent.” and for “one-tenth” substitute “one-fifth”.

20.  Paragraph 24(2)(b) (information in notes to accounts of company required to prepare group accounts about whether GB incorporated undertaking in which parent company has significant holding is registered in England and Wales or in Scotland) is hereby repealed.

21.  In paragraphs 25(1) and 28(1) omit from the beginning to “shares in the undertaking,”.

22.  Paragraph 27(2)(b) (information in notes to accounts of company required to prepare group accounts about whether GB incorporated undertaking in which the group has significant holding is registered in England and Wales or in Scotland) is hereby repealed.

23.  Paragraph 29 (arrangements attracting merger relief) is hereby repealed.

24.  Paragraph 30(3)(b) (information in notes to accounts of company required to prepare group accounts about whether GB parent undertaking is registered in England and Wales or in Scotland) is hereby repealed.

25.  Paragraph 31(3)(b) (information in notes to accounts of company required to prepare group accounts about whether GB ultimate parent company is registered in England and Wales or in Scotland) is hereby repealed.

(1)

Schedule 5 was substituted by section 6 of, and Schedule 4 to, the Companies Act 1989.