Paragraph 11 F1
United Kingdom
There must be shown with respect to each subsidiary undertaking not included in the consolidation–
the aggregate amount of its capital and reserves as at the end of its relevant financial year, and
its profit or loss for that year.
The information referred to in sub-paragraph (1) need not be given if the group’s investment in the subsidiary undertaking is included in the accounts by way of the equity method of valuation or if –
the subsidiary undertaking is not required by any provision of F2the Companies Act 2006 to deliver a copy of its balance sheet for its relevant financial year and does not otherwise publish that balance sheet in the United Kingdom or elsewhere, and
the holding of the group is less than 50 per cent of the nominal value of the shares in the subsidiary undertaking.
Information otherwise required by this paragraph need not be given if it is not material—
in the case of Building Societies Act accounts, for the purpose of giving a true and fair view for the society and its subsidiary undertakings as a whole, of the matters set out in section 72F(2);
in the case of IAS accounts, to the requirement under F3UK-adopted international accounting standards that such accounts achieve a fair presentation.
For the purposes of this paragraph the “relevant financial year” of a subsidiary undertaking is –
if its financial year ends with that of the society, that year, and
if not, its financial year ending last before the end of the society’s financial year.
Annotations
Textual amendments
- F1
Schs. 10A, 10B inserted (22.12.2004) (with effect in accordance with art. 1(2) of the amending S.I.) by The Building Societies Act 1986 (International Accounting Standards and Other Accounting Amendments) Order 2004 (S.I. 2004/3380), art. 1, Sch. para. 9
- F2
Words in Sch. 10B para. 11(2)(a) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 111(2) (with arts. 6, 11, 12)
- F3
Words in Sch. 10B para. 11(3)(b) substituted (31.12.2020) by The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/685), reg. 1(2), Sch. 1 para. 37(c) (with reg. 1(3)(4), Sch. 1 para. 66) (as amended by S.I. 2020/523, regs. 1(2), 22, 25(d)); 2020 c. 1, Sch. 5 para. 1(1)