PART 2Amendment of the Act
Amendment of Chapter 10 of Part 15 (accounts and reports: filing of accounts and report)8
1
Chapter 10 of Part 15 of the Act is amended as follows.
2
In section 442 (period allowed for filing accounts)—
a
at the beginning of subsection (5), insert “
Subject to subsection (5A),
”
, and
b
insert after subsection (5)—
5A
Any such extension must not have the effect of extending the period for filing to more than twelve months after the end of the relevant accounting reference period.
3
In section 444 (filing obligations of companies subject to small companies regime) M1—
a
in subsection (1)(a), for the words “a balance sheet” substitute “
the balance sheet
”
,
b
at the beginning of subsection (2), insert the words “
Where the directors deliver to the registrar a copy of the company's profit and loss account under subsection (1)(b)(i),
”
c
after subsection (2) insert—
2A
Where the balance sheet or profit and loss account is abridged pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors' Report) Regulations (S.I. 2008/409) M2, the directors must also deliver to the registrar a statement by the company that all the members of the company have consented to the abridgement.
d
in subsection (3), omit the words “Subject to subsection (3A),”,
e
omit subsections (3A), (3B) and (4),
f
in subsection (5), omit the words “deliver to the registrar IAS accounts, or Companies Act accounts that are not abbreviated accounts, and in accordance with this section”, and
g
after subsection (5), insert—
5A
Subject to subsection (5C), where the directors of a company subject to the small companies regime do not deliver to the registrar a copy of the company's profit and loss account—
a
the copy of the balance sheet delivered to the registrar must disclose that fact, and
b
unless the company is exempt from audit and the directors have taken advantage of that exemption, the notes to the balance sheet delivered must satisfy the requirements in subsection (5B).
5B
Those requirements are that the notes to the balance sheet must—
a
state whether the auditor's report was qualified or unqualified,
b
where that report was qualified, disclose the basis of the qualification (reproducing any statement under section 498(2)(a) or (b) or section 498(3), if applicable),
c
where that report was unqualified, include a reference to any matters to which the auditor drew attention by way of emphasis, and
d
state—
i
the name of the auditor and (where the auditor is a firm) the name of the person who signed the auditor's report as senior statutory auditor, or
ii
if the conditions in section 506 (circumstances in which names may be omitted) are met, that a resolution has been passed and notified to the Secretary of State in accordance with that section.
5C
Subsection (5A) does not apply in relation to a company if—
a
the company qualifies as a micro-entity (see sections 384A and 384B) in relation to a financial year, and
b
the company's accounts are prepared for that year in accordance with any of the micro-entity provisions.
4
Omit section 445(3).
5
Omit section 445(4).
6
For sub-paragraph (i) of subsection (2)(c) of section 448A (dormant subsidiaries exempt from obligation to file accounts) M3, substitute—
i
the provisions of Directive 2013/34/EU of the European Parliament and of the Council on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, or
7
In section 448B (companies excluded from the dormant subsidiaries exemption) M4, for paragraph (a) substitute—
a
a traded company,
8
Omit section 449 (special auditor's report where abbreviated accounts delivered).
9
Omit section 450 (approval and signing of abbreviated accounts).