Part VIII Distribution of Profits and Assets
Relevant accounts
C3C4C5272C1 Requirements for interim accounts. C2
1
The following are the statutory requirements in respect of interim accounts prepared for a proposed distribution by a public company.
2
The accounts must have been properly prepared, or have been so prepared subject only to matters which are not material for determining, by reference to items mentioned in section 270(2), whether the proposed distribution would contravene the relevant section.
3
“Properly prepared” means that the accounts must comply with F1section 226 (applying that section and Schedule 4 with such modifications as are necessary because the accounts are prepared otherwise than in respect of an accounting reference period) and any balance sheet comprised in the accounts must have been signed in accordance with F2section 233; and, without prejudice to the foregoing—
a
so much of the accounts as consists of a balance sheet must give a true and fair view of the state of the company’s affairs as at the balance sheet date, and
b
so much of the accounts as consists of a profit and loss account must give a true and fair view of the company’s profit or loss for the period in respect of which the accounts were prepared.
4
A copy of the accounts must have been delivered to the registrar of companies.
5
If the accounts are in a language other than English and F3the second sentence of section 242(1) (translation) does not apply, F4then, subject to section 710B(6) (delivery of certain Welsh documents without a translation), a translation into English of the accounts, certified in the prescribed manner to be a correct translation, must also have been delivered to the registrar.