The Companies Act 1985 (Miscellaneous Accounting Amendments) Regulations 1996
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COMPANIES The Companies Act 1985 (Miscellaneous Accounting Amendments) Regulations 1996
1.—(1) These Regulations may be cited as the Companies Act 1985 (Miscellaneous Accounting Amendments) Regulations 1996 and, subject to paragraph (2) below, shall come into force on the day after the day on which they are made. (2) Regulations 2 and 3 shall come into force on 1st April 1996. (3) In these Regulations, "the 1985 Act" means the Companies Act 1985.
2.—(1) Section 224 of the 1985 Act (accounting reference periods and accounting reference date)[2] is amended as follows. (2) In subsection (2), after "company" insert "incorporated before 1st April 1996". (3) In subsection (3), for "a company's accounting reference date" substitute "the accounting reference date of such a company". (4) After that subsection insert—
3.—(1) Section 225 of the 1985 Act (alteration of accounting reference date)[3] is amended as follows. (2) In subsection (1), for the words from "having effect" to the end substitute—
A company's "previous accounting reference period" means that immediately preceding its current accounting reference period." (3) Subsection (2) is hereby repealed. (4) In subsection (4)—
(5) In subsection (5)—
(6) After subsection (6) insert—
4. Section 228(2)(d)(ii) of the 1985 Act (statement in accounts of company claiming exemption from preparation of group accounts of whether GB parent undertaking registered in England and Wales or in Scotland)[4] is hereby repealed.
5.—(1) Section 234 of the 1985 Act (duty to prepare directors' report)[5] is amended as follows. (2) In subsection (l)(b), the words from "and the" to the end are hereby repealed. (3) In subsection (4)—
6. In section 237 of the 1985 Act (duties of auditors)[6] after subsection (4) insert—
7.—(1) Section 246 of the 1985 Act (exemptions for small and medium-sized companies)[7] is amended as follows. (2) In subsections (1A) and (1B)—
8. In section 247(6) of the 1985 Act (calculation of number of employees to determine whether company small or medium-sized)[8] for "weekly" substitute "monthly".
9. Subsections (3) and (4) of section 248 of the 1985 Act (auditors' report on entitlement to claim exemption from preparation of group accounts)[9] are hereby repealed.
10.—(1) Section 249B of the 1985 Act (cases where exemptions from audit not available)[10] is amended as follows. (2) In subsection (1), at the beginning insert "Subject to subsection (1A),". (3) Insert the following subsection after subsection (1)—
(4) In subsection (4), at the beginning of each of paragraphs (a) to (c) insert "to the effect". (5) In subsection (5), for the words from "immediately above the signature" to the end substitute "above the signature required by section 233".
11.—(1) Section 250 of the 1985 Act (resolution not to appoint auditors)[11] is amended as follows. (2) Paragraph (a) of subsection (2) is hereby repealed. (3) In paragraph (c) of subsection (4)—
12.—(1) The following definition shall be inserted at the appropriate place in section 262(1) of the 1985 Act (minor definitions)[12]—
(2) The following entry shall be inserted at the appropriate place in the index of defined expressions set out in section 262A[13]—
13.—(1) Section 268 (realised profits of insurance company with long term business)[14] is amended as follows. (2) In subsection (1), for paragraph (a) substitute—
(3) In subsection (2), before paragraph (a) insert—
14.—(1) Schedule 4 to the 1985 Act (form and content of company accounts)[15] is amended in accordance with Schedule 1 to these Regulations. (2) Schedule 4A to the 1985 Act (form and content of group accounts)[16] is amended in accordance with Schedule 2 to these Regulations. (3) Schedule 5 to the 1985 Act (disclosure of information: related undertakings)[17] is amended in accordance with Schedule 3 to these Regulations. (4) The following provisions of Schedule 7 to the 1985 Act (matters to be dealt with in the directors' report) are hereby repealed—
(5) At the end of that Schedule insert the following Part—
(2) The report shall, with respect to the financial year immediately following that covered by the report, state—
(3) If the company's policy is different for different suppliers or classes of suppliers, the report shall identify the suppliers or classes of suppliers to which the different policies apply. (4) For the purposes of this Part of this Schedule a supplier is any person whose claim on the reporting company in respect of goods or services supplied would be included under "trade creditors" within "Creditors; amounts falling due within one year" in a balance sheet drawn up in accordance with balance sheet format 1 in Schedule 4. (6) Schedule 9 to the 1985 Act (form and content of accounts of banking companies and groups)[20] is amended in accordance with Schedule 4 to these Regulations. (7) Schedule 9A to the 1985 Act (form and content of accounts of insurance companies and groups)[21] is amended in accordance with Schedule 5 to these Regulations. (8) Schedule 11 to the 1985 Act (modifications of Part VIII where company's accounts prepared in accordance with special provisions for banking or insurance companies)[22] is amended in accordance with Schedule 6 to these Regulations.
15.—(1) In section 231 of the 1985 Act (disclosure required in notes to accounts: related undertakings)[23] the words "5(2)" in subsection (3), and the words from "This subsection" to the end in subsection (5), are hereby repealed. (2) In section 255A(6) (b) (modifications of references in section 230(2) to Schedule 4 where Schedule 9 or 9A apply)[24] for "paragraphs 74 to 77" substitute "75 to 77". (3) In paragraph 1(2) of Schedule 7 to the 1985 Act (statement of market value of fixed assets where substantially different from balance sheet amount) for "such of those assets" substitute "such of the fixed assets of the company or of any of its subsidiary undertakings". (4) In Schedule 8 to the 1985 Act (exemptions for small and medium-sized companies)[25]—
16.—(1) Subject to the following provisions of this regulation, these Regulations apply to the annual accounts and annual report of any company (including any body corporate to which Part VII of the 1985 Act is applied by any enactment) for any financial year ending on or after the date of coming into force of the Regulations in accordance with regulation 1(1). (2) Subject to paragraphs (3) to (6) below, a company may, with respect to a financial year of the company ending on or before 24th March 1996, prepare and deliver to the registrar of companies such annual accounts and annual report as it would have been required to prepare and deliver had the amendments to the 1985 Act effected by these Regulations not been made. (3) The amendments effected by regulations 2 and 3 come into force in accordance with regulation 1(2). (4) A public company may pass a special resolution in accordance with section 250 of the 1985 Act as amended by regulation 11(2) at any time after the coming into force of these Regulations. (5) The amendments to the 1985 Act effected by regulations 6, 8 and 10(1) to (3), and by paragraphs 3, 4, 6, 10 and 18 of Schedule 5 to these Regulations apply to any annual accounts of a company which are approved by the board of directors on or after the day on which these Regulations come into force. (6) The amendments to the 1985 Act effected by regulations 13 and 14(8) apply in respect of any distribution made on or after the day on which these Regulations come into force.
Notes: [1] 1985 c. 6; section 257 was substituted by section 20 of the Companies Act 1989 (c. 40). back [2] Section 224 was substituted by section 3 of the Companies Act 1989. back [3] Section 225 was substituted by section 3 of the Companies Act 1989. back [4] Section 228 was substituted by section 5(3) of the Companies Act 1989 and amended by regulation 4 of S.I. 1992/3178, regulation 5(1) of, and paragraph 1 of Schedule 2 to, S.I. 1993/3246 and by section 30 of the Welsh Language Act 1993 (c. 38). back [5] Section 234 was substituted by section 8(1) of the Companies Act 1989. back [6] Section 237 was substituted by section 9 of the Companies Act 1989. back [7] Section 246 was substituted by section 13(1) of the Companies Act 1989 and amended by regulation 4 of S.I. 1992/2452. back [8] Section 247 was substituted by section 13(1) of the Companies Act 1989 and amended by regulation 5 of S.I. 1992/2452. back [9] Section 248 was substituted by section 13(3) of the Companies Act 1989. back [10] Section 249B was inserted by regulation 2 of S.I. 1994/1935. S.I. 1994/1935 was amended by S.I.s 1994/2879 and 1995/589 in a manner not relevant to these Regulations. back [11] Section 250 was substituted by section 14 of the Companies Act 1989 and amended by regulation 2 of S.I. 1992/3003. back [12] Section 262 was substituted by section 22 of the Companies Act 1989 and was amended by regulation 7 of S.I. 1992/3178. back [13] Section 262A was inserted by section 22 of the Companies Act 1989 and was amended by regulation 6 of, and paragraph 3 of Schedule 2 to, S.I. 1991/2705, by regulation 5 of, and paragraph 5 of Schedule 2 to, S.I. 1993/3246, by regulation 4(2) of S.I. 1994/233 and by regulation 4 of, and paragraph 3 of Schedule 1 to, S.I. 1994/1935. back [14] Section 268(1)(a) was amended by regulation 5 of, and paragraph 6 in Schedule 2 to, S.I. 1993/3246. back [15] Schedule 4 was amended by section 4(2) of, and Schedule 1 to, the Companies Act 1989. back [16] Schedule 4A was inserted by section 5(2) of, and Schedule 2 to, the Companies Act 1989. back [17] Schedule 5 was substituted by section 6 of, and Schedule 4 to, the Companies Act 1989. back [18] Paragraph 1 of Schedule 7 was amended by section 8(2) of, and paragraph 2 of Schedule 5 to, the Companies Act 1989. back [19] Paragraph 5A of Schedule 7 was inserted by section 137(2) of the Companies Act 1989. back [20] Parts I to III of Schedule 9 were inserted before a re-numbered Schedule 9A by regulation 5 of, and Schedule 1 to, S.I. 1991/2705. Part IV of Schedule 9 was substituted by section 18(3) and (4) of, and Part IV of Schedule 7 to, the Companies Act 1989. back [21] Parts I and II of Schedule 9 to the Companies Act 1985 were formed into a new Schedule 9A by regulation 5(1) of S.I. 1991/2705. A new Schedule 9A was substituted by regulation 4 of, and Schedule 1 to, S.I. 1993/3246. back [22] Schedule 11 was amended by regulation 7 of, and paragraph 1 of Schedule 3 to, S.I. 1991/2705, and by regulation 5 of, and paragraph 8 of Schedule 2 to, S.I. 1993/3246. back [23] Section 231 was substituted by section 6(1) of the Companies Act 1989 and amended by regulation 11(1) of S.I. 1993/1820. back [24] Section 255A was inserted into the 1985 Act (in place of the section of the same number inserted by section 18 of the Companies Act 1989) by regulation 3 of S.I. 1991/2705, and amended by regulation 5 of S.I. 1992/3178 and by regulation 3 of S.I. 1993/3246. back [25] Schedule 8 was substituted by section 13(2) of, and Schedule 6 to, the Companies Act 1989 and amended by regulation 4(3) of, and the Schedule to, S.I. 1992/2452 and by regulation 4 of, and paragraph 5 of Schedule 1 to, S.I. 1994/1935. back |
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