Office of Public Sector Information

PART 3 FORM AND CONTENT OF SUMMARY FINANCIAL STATEMENT

Provisions applying to all companies and groups

9.—(1) Every summary financial statement issued by a company in place of the full accounts and reports must comply with this regulation.

(2) The summary financial statement must state the name of the person who signed it on behalf of the board.

(3) The summary financial statement of a company the directors of which do not prepare group accounts under Part 15 of the 2006 Act must include a statement in a prominent position to the effect that the summary financial statement does not contain sufficient information to allow as full an understanding of the results and state of affairs of the company, and of its policies and arrangements concerning directors’ remuneration (where appropriate) as would be provided by the full annual accounts and reports, and that persons specified in regulation 3 requiring more detailed information have the right to obtain, free of charge, a copy of the company’s last full accounts and reports.

(4) The summary financial statement of a company the directors of which prepare group accounts under Part 15 of the 2006 Act must include a statement in a prominent position to the effect that the summary financial statement does not contain sufficient information to allow as full an understanding of the results of the group and state of affairs of the company or of the group, and of their policies and arrangements concerning directors’ remuneration (where appropriate) as would be provided by the full annual accounts and reports, and that persons specified in regulation 3 requiring more detailed information have the right to obtain, free of charge, a copy of the company’s last full accounts and reports.

(5) The summary financial statement must contain a clear, conspicuous statement—

(a) of how persons specified in regulation 3 can obtain, free of charge, a copy of the company’s last full accounts and reports, and

(b) of how such persons may elect to receive full accounts and reports in place of summary financial statements for all future financial years.

(6) The summary financial statement must contain the whole of, or a summary of, that portion of the notes to the accounts for the financial year in question which sets out the information required by paragraph l of Schedule 3 to the Small Companies Accounts Regulations or paragraph 1 of Schedule 5 to the Large and Medium-sized Companies Accounts Regulations, as the case may be (total amount of directors’ remuneration etc.).

(7) The summary financial statement must contain the information prescribed in relation to the company by the provisions of this Part of the Regulations which apply to the company in such order, and under such headings, as the directors consider appropriate.

(8) The summary financial statement must contain any other information necessary to ensure that the statement is consistent with the full accounts and reports for the financial year in question.

Provisions applying only to certain types of company

10.—(1) The summary financial statement of a company having certain securities publicly traded as specified in paragraph 13 of Schedule 7 to the Large and Medium-sized Companies Accounts Regulations (disclosure required by certain publicly-traded companies) must—

(a) include in the statement the explanatory material required to be included in the directors’ report by paragraph 14 of that Schedule, or

(b) send that material to the person receiving the summary financial statement at the same time as it sends the statement.

(2) The summary financial statement of a quoted company must contain the whole of, or a summary of, those portions of the directors’ remuneration report for the financial year in question which set out the matters required by paragraphs 3 (statement of company’s policy on directors’ remuneration) and 5 (performance graph) of Schedule 8 to the Large and Medium-sized Companies Accounts Regulations.

Contents of summary financial statements

11.—(1) Subject to regulations 9 and 10, the summary financial statement of a company must be in such form, and contain such information, as is prescribed in relation to that company in the following paragraphs of this regulation so far as applicable to that company.

(2) The summary financial statement of a company (other than a banking or insurance company) the directors of which—

(a) do not prepare group accounts under Part 15 of the 2006 Act, and

(b) prepare Companies Act individual accounts under section 396 of the 2006 Act,

must comply with Schedule 1 to these Regulations.

(3) The summary financial statement of a banking company the directors of which—

(a) do not prepare group accounts under Part 15 of the 2006 Act, and

(b) prepare Companies Act individual accounts under section 396 of the 2006 Act,

must comply with Schedule 2 to these Regulations.

(4) The summary financial statement of an insurance company the directors of which—

(a) do not prepare group accounts under Part 15 of the 2006 Act, and

(b) prepare Companies Act individual accounts under section 396 of the 2006 Act,

must comply with Schedule 3 to these Regulations.

(5) The summary financial statement of a parent company (other than the parent company of a banking or insurance group) the directors of which prepare Companies Act group accounts under section 403 of the 2006 Act (group accounts: applicable accounting framework), must comply with Schedule 4 to these Regulations.

(6) The summary financial statement of the parent company of a banking group the directors of which prepare Companies Act group accounts under section 403 of the 2006 Act, must comply with Schedule 5 to these Regulations.

(7) The summary financial statement of the parent company of an insurance group the directors of which prepare Companies Act group accounts under section 403 of the 2006 Act, must comply with Schedule 6 to these Regulations.

(8) Where the directors of a company do not prepare group accounts but prepare IAS individual accounts, the provisions of Schedule 7 to these Regulations apply to the company’s summary financial statement.

(9) Where the directors of a company prepare IAS group accounts the provisions of Schedule 8 to these Regulations apply to the company’s summary financial statement.

PART 4 SUPPLEMENTARY PROVISIONS

Revocation, transitionals and saving

12.—(1) Subject to paragraph (2), the Companies (Summary Financial Statement) Regulations 1995(4) and the Companies (Summary Financial Statement) Regulations (Northern Ireland) 1996(5) are revoked.

(2) The Companies (Summary Financial Statement) Regulations 1995 and the Companies (Summary Financial Statement) Regulations (Northern Ireland) 1996 continue to apply in relation to financial years beginning before 6th April 2008.

(3) Paragraph (4) has effect in relation to the ascertainment of the wishes of any person for the purposes of section 426 of the 2006 Act and these Regulations.

(4) So far as anything done under or for the purposes of any provision of either the Companies (Summary Financial Statement) Regulations 1995 or the Companies (Summary Financial Statement) Regulations (Northern Ireland) 1996 could have been done under or for the purposes of the corresponding provision of these Regulations, it is not invalidated by the revocation of that provision but has effect as if done under or for the purposes of the corresponding provision.