The Companies (Revision of Defective Accounts and Report) Regulations 1990

Summary financial statements

14.—(1) This Regulation has effect (subject to Regulation 16(3)) where the directors have prepared revised accounts or a revised report under section 245 of the Act and a summary financial statement based upon the original annual accounts or report has been sent to any member of the company under section 251 of the Act.

(2) Where the summary financial statement would, if it had been prepared by reference to the revised accounts or revised report, not comply with the requirements of section 251 or the Companies (Summary Financial Statement) Regulations 1990(1) made thereunder, the directors of the company shall cause the company to prepare a further summary financial statement under section 251 and to send that statement to:

(a) any person who received a copy of the original summary financial statement; and

(b) any person to whom the company would be entitled, as at the date the revised summary financial statement is prepared, to send a summary financial statement for the current financial year;

and section 251(1) to (4) and (7) shall apply mutatis mutandis to a summary financial statement hereunder.

(3) A summary financial statement prepared under the last paragraph shall contain a short statement of the revisions made and their effect.

(4) Where the summary financial statement would, if it had been prepared by reference to the revised accounts or revised report, comply with the requirements of section 251 and the Companies (Summary Financial Statement) Regulations 1990, the directors of the company shall cause the company to send to the persons referred to in paragraph (2) above a note stating that the annual accounts of the company for the relevant financial year (specifying it) or (as the case may be) the directors' report for that year have or has been revised in a respect which has no bearing on the summary financial statement for that year.

If the auditors' report under Regulation 6 or 7 above on the revised accounts or revised report is qualified, a copy of that report shall be attached to the note sent out under this paragraph.

(5) A summary financial statement revised, or a note prepared, under this Regulation shall be sent to the persons referred to in paragraph (2) above within 28 days after the date of revision of the revised accounts or revised report.

(6) Section 251(6) of the Act shall apply with respect to a failure to comply with the requirements of this Regulation as if the provisions of this Regulation were provisions of section 251 and as if the reference therein to “the company and every officer of it who is in default” was a reference to each of the directors of the company who approved the revised accounts under Regulation 4 above or the revised report under Regulation 5 above.

(1)

S.I. 1990/515.