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Changes over time for: Section 474
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Version Superseded: 30/01/2024
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Companies Act 2006, Section 474 is up to date with all changes known to be in force on or before 04 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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474Minor definitionsU.K.
This section has no associated Explanatory Notes
(1)In this Part—
“e-money issuer” [means—
(a)
an electronic money institution, within the meaning of the Electronic Money Regulations 2011 (S.I. 2011/99), or]
(b)
a person who has permission under [Part 4A] of the Financial Services and Markets Act 2000 (c. 8) to carry on the activity of issuing electronic money within the meaning of article 9B of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544);
“group” means a parent undertaking and its subsidiary undertakings;
...
“included in the consolidation”, in relation to group accounts, or “included in consolidated group accounts”, means that the undertaking is included in the accounts by the method of full (and not proportional) consolidation, and references to an undertaking excluded from consolidation shall be construed accordingly;
“international accounting standards” means the international accounting standards, within the meaning of [Article 2 of Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards];
[“micro-entity minimum accounting item” means an item of information required by this Part or by regulations under this Part to be contained in the Companies Act individual accounts of a company for a financial year in relation to which it qualifies as a micro-entity (see sections 384A and 384B);
“micro-entity provisions” means any provisions of this Part, Part 16 or regulations under this Part relating specifically to the individual accounts of a company which qualifies as a micro-entity;]
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[ “MiFID investment firm” means an investment firm within the meaning of [Article 2.1A of Regulation (EU) No. 600/2014] [of the European Parliament and of the Council of 15 May 2014] on markets in financial instruments, other than—
(a)
a company [which is exempted from the definition of “investment firm” by Schedule 3 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544),] [and]
(b)
[a company which is an exempt investment firm as defined by regulation 8 (meaning of “exempt investment firm”) of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017(S.I. 2017/701);]
“profit and loss account”, in relation to a company that prepares IAS accounts, includes an income statement or other equivalent financial statement required to be prepared by [UK-adopted international accounting standards];
[“qualified”, in relation to an auditor’s report, means that the report does not state the auditor’s unqualified opinion that the accounts have been properly prepared in accordance with this Act;]
“regulated activity” has the meaning given in section 22 of the Financial Services and Markets Act 2000, except that it does not include activities of the kind specified in any of the following provisions of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544)—
(a)
article 25A (arranging regulated mortgage contracts),
(b)
article 25B (arranging regulated home reversion plans),
(c)
article 25C (arranging regulated home purchase plans),
(ca)
[article 25E (arranging regulated sale and rent back agreements),]
(d)
article 39A (assisting administration and performance of a contract of insurance),
(e)
article 53A (advising on regulated mortgage contracts),
(f)
article 53B (advising on regulated home reversion plans),
(g)
article 53C (advising on regulated home purchase plans),
(ga)
[article 53D (advising on regulated sale and rent back agreements),]
(h)
article 21 (dealing as agent), article 25 (arranging deals in investments) or article 53 (advising on investments) where the activity concerns relevant investments that are not contractually based investments (within the meaning of article 3 of that Order), or
(i)
article 64 (agreeing to carry on a regulated activity of the kind mentioned in paragraphs (a) to (h));
[“traded company” [, unless the context otherwise requires,] means a company any of whose transferable securities are admitted to trading on a [UK] regulated market;]
“turnover”, in relation to a company, means the amounts derived from the provision of goods and services ..., after deduction of—
(c)
any other taxes based on the amounts so derived;
“UCITS management company” has the meaning given by the Glossary forming part of the Handbook made by the [Financial Conduct Authority] under the Financial Services and Markets Act 2000 (c. 8);
[“UK-adopted international accounting standards” means the international accounting standards which are adopted for use within the United Kingdom by virtue of Chapter 2 or 3 of Part 2 of the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019.]
(2)In the case of an undertaking not trading for profit, any reference in this Part to a profit and loss account is to an income and expenditure account.
References to profit and loss and, in relation to group accounts, to a consolidated profit and loss account shall be construed accordingly.]
Textual Amendments
Modifications etc. (not altering text)
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