C1C2C4C6Part 15Accounts and reports

Annotations:
Modifications etc. (not altering text)
C2

Pt. 15 applied (with modifications) (6.4.2008) by The Partnerships (Accounts) Regulations 2008 (S.I. 2008/569), regs. 4, 7, Sch. Pt. 1

C4

Pt. 15 applied (with modifications) (1.10.2009) by The Unregistered Companies Regulations 2009 (S.I. 2009/2436), regs. 3-5, Sch. 1 para. 16 (with transitional provisions and savings in regs. 7, 9, Sch. 2)

C3Chapter 5Directors' report

Annotations:
Modifications etc. (not altering text)

Directors' report

C5C7415Duty to prepare directors' report

1

The directors of a company must prepare a directors' report for each financial year of the company.

F11A

Subsection (1) does not apply if the company qualifies as a micro-entity (see sections 384A and 384B).

2

For a financial year in which—

a

the company is a parent company, and

b

the directors of the company prepare group accounts,

the directors' report must be a consolidated report (a “group directors' report”) relating to the undertakings included in the consolidation.

3

A group directors' report may, where appropriate, give greater emphasis to the matters that are significant to the undertakings included in the consolidation, taken as a whole.

4

In the case of failure to comply with the requirement to prepare a directors' report, an offence is committed by every person who—

a

was a director of the company immediately before the end of the period for filing accounts and reports for the financial year in question, and

b

failed to take all reasonable steps for securing compliance with that requirement.

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.