Part 15Accounts and reports
Chapter 4Annual accounts
Approval and signing of accounts
414Approval and signing of accounts
1
A company’s annual accounts must be approved by the board of directors and signed on behalf of the board by a director of the company.
2
The signature must be on the company’s balance sheet.
3
If the accounts are prepared in accordance with the provisions applicable to companies subject to the small companies regime, the balance sheet must contain a statement to that effect in a prominent position above the signature.
4
If annual accounts are approved that do not comply with the requirements of this Act (and, where applicable, of Article 4 of the IAS Regulation), every director of the company who—
a
knew that they did not comply, or was reckless as to whether they complied, and
b
failed to take reasonable steps to secure compliance with those requirements or, as the case may be, to prevent the accounts from being approved,
commits an offence.
5
A person guilty of an offence under this section is liable—
a
on conviction on indictment, to a fine;
b
on summary conviction, to a fine not exceeding the statutory maximum.