The Companies (1986 Order) (Operating and Financial Review and Directors' Report etc.) Regulations (Northern Ireland) 2005

Amendments to Schedule 7

7.—(1) Schedule 7 to the 1986 Order (matters to be dealt with in directors' report) is amended as follows.

(2) In paragraph 1 (asset values)(1) –

(a) in sub-paragraph (2) omit “or of any of its subsidiary undertakings”, and

(b) after that sub-paragraph insert –

“(3) In relation to a group directors' report sub-paragraph (2) has effect as if the reference to the fixed assets of the company was a reference to the fixed assets of the company and its subsidiary undertakings included in the consolidation.”.

(3) In paragraph 5A (use of financial instruments)(2) –

(a) in sub-paragraph (1) omit –

(i) “and by its subsidiary undertakings”, and

(ii) “and its subsidiary undertakings included in the consolidation” in each place where it occurs, and

(b) after that sub-paragraph insert –

“(1A) In relation to a group directors' report sub-paragraph (1) has effect as if the references to the company were references to the company and its subsidiary undertakings included in the consolidation.”.

(4) In paragraph 6 (miscellaneous matters)(3) –

(a) make the existing provision sub-paragraph (1),

(b) in that sub-paragraph, omit –

(i) in head (a), “or any of its subsidiary undertakings”,

(ii) in head (b), “and of its subsidiary undertakings”, and

(iii) in head (c), “and its subsidiary undertakings”, and

(c) after that sub-paragraph insert –

“(2) In relation to a group directors' report heads (a), (b) and (c) of sub-paragraph (1) have effect as if the references to the company were references to the company and its subsidiary undertakings included in the consolidation.”.

(1)

Paragraph 1 of Schedule 7 was amended by S.R. 1997 No. 314

(2)

Paragraph 5A was inserted by S.R. 2004 No. 496

(3)

Paragraph 6 was amended by Article 10(2) of, and paragraph 2(2) of Schedule 5 to, the Companies (Northern Ireland) Order 1990 and by S.R. 1993 No. 199