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The Companies Act 1985 (Operating and Financial Review and Directors' Report etc.) Regulations 2005

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Cases in which special provisions for small and medium-sized companies do not apply

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6.  In section 247A of the 1985 Act (cases in which special provisions in sections 246 and 246A do not apply)(1), for subsection (1) substitute—

(1) If a company is, or was at any time within the financial year to which the accounts relate, an ineligible company, sections 246 and 246A do not apply.

(1A) If a company does not fall within subsection (1) but is, or was at any time within the financial year to which the accounts relate, a member of an ineligible group—

(a)section 246(4) and (5)(b) and section 246A(2A) (provisions relating to directors' report) apply;

(b)the other provisions of sections 246 and 246A do not apply.

(1B) A company is ineligible if—

(a)it is a public company,

(b)it has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on one or more regulated activities, or

(c)it carries on an insurance market activity.

(1)

Section 247A was inserted by regulation 4 of S.I. 1997/220, and amended by article 11 of S.I. 2001/3649.

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