C1C2C3C4C5C6C7C8Part VII Accounts and Audit

Annotations:
Modifications etc. (not altering text)
C1

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

C2

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

C3

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

C4

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

C5

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

C6

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

C7

Part 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 I Provisions Applying to Companies Generally

A company’s financial year and accounting reference periods

225F1 Alteration of accounting reference date.

1

A company may by notice in the prescribed form given to the registrar specify a new accounting reference date F2having effect in relation to -

a

the company’s current accounting reference period and subsequent periods; or

b

the company’s previous accounting reference period and subsequent periods.

A company’s “previous accounting reference period” means that immediately preceding its current accounting reference period.

2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3

The notice shall state whether the current or previous accounting reference period—

a

is to be shortened, so as to come to an end on the first occasion on which the new accounting reference date falls or fell after the beginning of the period, or

b

is to be extended, so as to come to an end on the second occasion on which that date falls or fell after the beginning of the period.

4

A notice under subsection (1) stating that the current F3or previous accounting reference period is to be extended is ineffective, except as mentioned below, if given less than five years after the end of an earlier accounting reference period of the company which was extended by virtue of this section.

This subsection does not apply—

  1. a

    F4to a notice given by a company which is a subsidiary undertaking or parent undertaking of another EEA undertaking if the new accounting reference date coincides with that of the other EEA undertaking or, where that undertaking is not a company, with the last day of its financial year, or

  2. b

    where F9the company is in administration under Part II of the Insolvency Act 1986,

or where the Secretary of State directs that it should not apply, which he may do with respect to a notice which has been given or which may be given.

5

A notice under F5subsection (1)may not be given F6in respect of a previous accounting reference periodif the period allowed for laying and delivering accounts and reports in relation to F7that period has already expired.

6

F10A company’s accounting reference period may not in any case, unless the company is in administration under Part II of the Insolvency Act 1986, be extended so as to exceed 18 months and a notice under this section is ineffective if the current or previous accounting reference period as extended in accordance with the notice would exceed that limit.

F87

In this section “EEA undertaking” means an undertaking established under the law of any part of the United Kingdom or the law of any other EEA State.