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Changes to legislation:

Companies Act 1985, Part VII is up to date with all changes known to be in force on or before 21 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Part VIIU.K. Accounts and Audit

Modifications etc. (not altering text)

C1Pt. VII (ss. 221–262) applied with modifications by S.I. 1985/680, regs. 4–6, Sch.

C2Part VII (ss. 221-262) continued by S.I. 1990/355, arts. 6, 7, Sch. 2 para. 13(1)(a)

C3Part VII (ss. 221-262) amended by S.I. 1990/355, arts. 6, 7, Sch. 2 para. 1(2)(5)

C4Part VII (ss. 221-262) extended by S.I. 1990/355, arts. 6, 7, Sch. 2 para. 1(3)(5)

C5Part VII (ss. 221-262) modified by S.I. 1990/355, arts. 6, 7, Sch. 2 paras. 1(4)(5), 3(2)(3)

C6Part VII (ss. 221-262) excluded by S.I. 1990/355, arts. 6, 7, Sch. 2 para. 3(1)(3)

C7Part VII (ss. 221-262) restricted by S.I. 1990/355, arts. 6, 7, Sch. 2 para. 13(1)(b)

Pt. VII (ss. 221-262) applied (with modifications) (21.7.1993) by S.I. 1993/1820, reg. 4, Sch. paras.1, 2 (as amended (1.10.2005) by S.I. 2005/1987, reg. 3)

Pt. VII (ss. 221-262) applied (with modifications) (6.4.2001) by S.I. 2001/1090, reg. 3, Sch. 1 (as amended (4.3.2004) by S.I. 2004/355, art. 8, (1.10.2005) by S.I. 2005/1989, reg. 2, Sch. 1 and (12.1.2006) by S.I. 2005/3442, reg. 2(2)(b), Sch. 2 para. 3(1))

Chapter IU.K. Provisions Applying to Companies Generally

Accounting recordsU.K.

221 Duty to keep accounting records.E+W+S

F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

222 Where and for how long records to be kept.U.K.

F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

A company’s financial year and accounting reference periodsE+W+S

223 A company’s financial year.E+W+S

F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

224 Accounting reference periods and accounting reference date.E+W+S

F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

225 Alteration of accounting reference date.E+W+S

F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Annual accountsU.K.

226 Duty to prepare individual accounts.E+W+S

F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

226ACompanies Act individual accountsU.K.

F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

226BIAS individual accountsU.K.

F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

227 Duty to prepare group accounts.U.K.

F9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

227ACompanies Act group accountsU.K.

F10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

227BIAS group accountsU.K.

F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

227CConsistency of accountsU.K.

F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

228 Exemption for parent companies included in accounts of larger group.U.K.

F13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

228AExemption for parent companies included in non-EEA group accountsU.K.

F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

229 Subsidiary undertakings included in the consolidation.E+W+S

F15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

230 Treatment of individual profit and loss account where group accounts prepared.E+W+S

F16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

231 Disclosure required in notes to accounts:related undertakings.E+W+S

F17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

231ADisclosure required in notes to annual accounts: particulars of staffU.K.

F18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

232 Disclosure required in notes to accounts: emoluments and other benefits of directors and others.E+W+S

F19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Approval and signing of accountsE+W+S

233 Approval and signing of accountsE+W+S

F20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

[F21Directors' report]U.K.

Textual Amendments

F21Cross-heading and ss. 234, 234ZZA, 234ZZB substituted for s. 234 and preceding cross-heading (22.3.2005) by The Companies Act 1985 (Operating and Financial Review and Directors' Report etc.) Regulations 2005 (S.I. 2005/1011), reg. 2

234 Duty to prepare directors' report.E+W+S

F22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

234ZZADirectors' report: general requirementsU.K.

F23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

234ZZBDirectors' report: business reviewU.K.

F24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

234ZAStatement as to disclosure of information to auditorsU.K.

F25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

234A Approval and signing of directors’ report.E+W+S

F26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S

Textual Amendments

234AADuty to prepare operating and financial reviewE+W+S

F28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

234ABApproval and signing of operating and financial reviewE+W+S

F29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Quoted companies: directors’ remuneration reportU.K.

234BDuty to prepare directors’ remuneration reportU.K.

F30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

234CApproval and signing of directors’ remuneration reportU.K.

F31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Auditors’ reportE+W+S

235 Auditors’ report.E+W+S

F32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

236 Signature of auditors’ report.E+W+S

F33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

237 Duties of auditors.E+W+S

F34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Publication of accounts and reportsE+W+S

238 Persons entitled to receive copies of accounts and reports.E+W+S

F35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

[F36238ATime allowed for sending out copies of accounts and reportsE+W+S

F37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

239 Rights to demand copies of accounts and reports.E+W+S

F38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

240 Requirements in connection with publication of accounts.E+W+S

F39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Laying and delivering of accounts and reportsU.K.

241 Accounts and reports to be laid before company in general meeting.E+W+S

F40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F40S. 241 repealed (1.10.2007 with application to private companies) by Companies Act 2006 (c. 46), ss. 1295, 1300, Sch. 16; S.I. 2007/2194, art. 8, Sch. 2 Pt. 1 (with art. 12)

241AMembers’ approval of directors’ remuneration reportU.K.

F41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

242 Accounts and reports to be delivered to the registrar.E+W+S

F42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

242A Civil penalty for failure to deliver accounts.E+W+S

F43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F43S. 242A repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1295, 1300, Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 1 (with arts. 7, 12, Sch. 4 paras. 9(2), 12(2)); table in s. 242A(2) expressed to be substituted and s. 242A(2A) expressed to be inserted (6.4.2008 with application in accordance with reg. 1 of the amending S.I.) by The Companies (Late Filing Penalties) and Limited Liability Partnerships (Filing Periods and Late Filing Penalties) Regulations 2008 (S.I. 2008/497), reg. 5 and {reg. 3} respectively

242B Delivery and publication of accounts in ECUsE+W+S

F44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

243 Accounts of subsidiary undertakings to be appended in certain cases.U.K.

F45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

244 Period allowed for laying and delivering accounts and reports.E+W+S

F46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Revision of defective accounts and reportsE+W+S

245 Voluntary revision of annual accounts or directors’ report.E+W+S

F47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

245A Secretary of State’s notice in respect of annual accounts.E+W+S

F48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

245B Application to court in respect of defective accounts.E+W+S

F49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

245C Other persons authorised to apply to court.E+W+S

F50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

245DDisclosure of information held by Inland Revenue to persons authorised to apply to courtE+W+S

F51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

245ERestrictions on use and further disclosure of information disclosed under section 245DE+W+S

F52. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

245FPower of authorised persons to require documents, information and explanationsE+W+S

F53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

245GRestrictions on further disclosure of information obtained under section 245FE+W+S

F54. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Chapter IIU.K.Exemptions, Exceptions and Special Provisions

Small and medium-sized companies and groupsE+W+S

246 Special provisions for small companiesE+W+S

F55. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

246A Special provisions for medium-sized companiesE+W+S

F56. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

247 Qualification of company as small or medium-sized.E+W+S

F57. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

247A Cases in which special provisions do not applyE+W+S

F58. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

247B Special auditors’ reportE+W+S

F59. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

248 Exemption for small and medium-sized groups.E+W+S

F60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

248A Group accounts prepared by small companyE+W+S

F61. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

249 Qualification of group as small or medium-sized.E+W+S

F62. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

[F63 Exemptions from audit for certain categories of small company]U.K.

Textual Amendments

F63Ss. 249A-249E and preceding cross-heading inserted (11.8.1994) by S.I. 1994/1935, reg. 2

249A Exemptions from auditE+W+S

F64. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

249AA Dormant companiesE+W+S

F65. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

249B Cases where exemptions not availableE+W+S

F66. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

249C The report required for the purposes of section 249A(2).E+W+S

F67. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

249D The reporting accountantU.K.

F68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

249E Effect of exemptionsE+W+S

F69. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Dormant companiesE+W+S

250. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S

F70. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Listed public companiesE+W+S

251[F71Summary financial statement]E+W+S

F72. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F71S. 251: heading substituted (12.11.2004 with effect as mentioned in reg. 1(2) of the amending S.I.) by The Companies Act 1985 (International Accounting Standards and Other Accounting Amendments) Regulations 2004 (S.I. 2004/2947), reg. 11(1)

Private companiesE+W+S

252 Election to dispense with laying of accounts and reports before general meeting.E+W+S

F73. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

253 Right of shareholder to require laying of accounts.E+W+S

F74. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Unlimited companiesE+W+S

254 Exemption from requirement to deliver accounts and reports.E+W+S

F75. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Banking and insurance companies and groupsE+W+S

255 Special provisions for banking and insurance companies.E+W+S

F76. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

255A Special provisions for banking and insurance groups.E+W+S

F77. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

255B Modification of disclosure requirements in relation to banking company or group.E+W+S

F78. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

255C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S

F79. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

255D Power to apply provisions to banking partnerships.E+W+S

F80. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Welsh private companiesE+W+S

255E Delivery of accounting documents in Welsh only.E+W+S

F81. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Chapter IIIU.K. Supplementary Provisions

Accounting standardsU.K.

256 Accounting standards.E+W+S

F82. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

256AReporting standardsU.K.

F83. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Power to alter accounting requirementsE+W+S

257 Power of Secretary of State to alter accounting requirements.E+W+S

F84. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Parent and subsidiary undertakingsE+W+S

258 Parent and subsidiary undertakings.E+W+S

F85. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Other interpretation provisionsE+W+S

259 Meaning of “undertaking” and related expressions.E+W+S

F86. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

260 Participating interests.E+W+S

F87. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

261 Notes to the accounts.E+W+S

F88. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

262 Minor definitions.E+W+S

F89. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

262AIndex of defined expressions.E+W+S

F90. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

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