Companies Act 1985

[F1 255C Directors’ report where accounts prepared in accordance with special provisions [F2 relating to insurance companies or groups.] E+W+S

(1) The following provisions apply in relation to the directors’ report of a company for a financial year in respect of which it prepares accounts in accordance with the special provisions of this Part relating to F3 . . . insurance companies or groups.

(2) The information required to be given by paragraph 6, 8 or 13 of Part I of [F4 Schedule 9A] (which is allowed to be given in a statement or report annexed to the accounts), may be given in the directors’ report instead.

Information so given shall be treated for the purposes of audit as forming part of the accounts .

(3) The reference in section 234(1)(b) to the amount proposed to be carried to reserves shall be construed as a reference to the amount proposed to be carried to reserves within the meaning of Part I of [F4 Schedule 9A].

(4) If the company takes advantage, in relation to its individual or group accounts, of the exemptions conferred by paragraph F5 . . . 28 of Part I of [F4 Schedule 9A], paragraph 1 of Schedule 7 (disclosure of asset values) does not apply.

(5) The directors’ report shall, in addition to complying with Schedule 7, also comply with Schedule 10 (which specified additional matters to be disclosed).]

Textual Amendments

F1 New ss. 255–255C inserted (subject to the saving and transitional provisions in S.I. 1990/355, arts. 6–9, Sch. 2) by Companies Act 1989 (c. 40, SIF 27), ss. 1, 18(1) as part of the text inserted in place of ss. 221–262 (as mentioned in s. 1(a) of the 1989 Act)

F2 Words in sidenote to s. 255C inserted (2.12.1991) by S.I. 1991/2705, regs. 4(a), 9.

F3 Words in s. 255C(1) repealed (2.12.1991) by S.I. 1991/2705, regs. 4(b), 9.

F4 Words in s. 255C substituted (2.12.1991) by S.I. 1991/2705, regs. 4(c), 9.

F5 Words in s. 255C(4) repealed (2.12.1991) by S.I. 1991/2705, regs. 4(d), 9.