Part VII Accounts and Audit
Chapter I Provisions Applying to Companies Generally
A company’s financial year and accounting reference periods
F1224 Accounting reference periods and accounting reference date.
(1)
A company’s accounting reference periods are determined according to its accounting reference date.
(2)
A company F2incorporated before 1st April 1996 may, at any time before the end of the period of nine months beginning with the date of its incorporation, by notice in the prescribed form given to the registrar specify its accounting reference date, that is, the date on which its accounting reference period ends in each calendar year.
(3)
Failing such notice, F3the accounting reference date of such a company is—
(a)
in the case of a company incorporated before F41st April 1990, 31st March;
(b)
in the case of a company incorporated after F51st April 1990, the last day of the month in which the anniversary of its incorporation falls.
F6(3A)
The accounting reference date of a company incorporated on or after 1st April 1996 is the last day of the month in which the anniversary of its incorporation falls.
(4)
A company’s first accounting reference period is the period of more than six months, but not more than 18 months, beginning with the date of its incorporation and ending with its accounting reference date.
(5)
Its subsequent accounting reference periods are successiveperiods of twelve months beginning immediately after the end of the previous accounting reference period and ending with its accounting reference date.
(6)
This section has effect subject to the provisions of section 225 relating to the alteration of accounting reference dates and the consequences of such alteration.