The Companies Act 1985 (Operating and Financial Review and Directors' Report etc. ) Regulations 2005

Cases in which special provisions for small and medium-sized companies do not apply U.K.

6.  In section 247A of the 1985 Act (cases in which special provisions in sections 246 and 246A do not apply)(1), for subsection (1) substitute—

“(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.”

Modifications etc. (not altering text)

C1 Reg. 6 applied (with application in accordance with reg. 1(2) of the amending S.I.) by The Companies Act 1985 (Investment Companies and Accounting and Audit Amendments) Regulations 2005 (S.I. 2005/2280), regs. 1(2), 14

Commencement Information

I1 Reg. 6 in force at 22.3.2005 (with effect in accordance with reg. 1(3)), see reg. 1(2)

(1)

Section 247A was inserted by regulation 4 of S.I. 1997/220, and amended by article 11 of S.I. 2001/3649.