{
  "url": "https://openlegislation.uk/companies-summary-financial-statement-regulations-1990/note",
  "json_url": "https://openlegislation.uk/companies-summary-financial-statement-regulations-1990/note.json",
  "legislation": "uksi/1990/515",
  "legislation_title": "The Companies (Summary Financial Statement) Regulations 1990",
  "legislation_url": "https://openlegislation.uk/companies-summary-financial-statement-regulations-1990",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations, made under section 251 of the Companies Act 1985 as inserted by section 15 of the Companies Act 1989, permit a public company whose shares, or any class of whose shares, are listed on The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited to send out a summary financial statement to a member instead of the full accounts and reports of the company, where the requirements of these Regulations are satisfied.\nRegulation 4 allows a listed public company to send out a summary financial statement to a member provided it is not prohibited from doing so by any provision in its memorandum or articles of association. Provision is made for companies incorporated prior to 1st July 1985 which adopted the form of articles of association then stipulated by the Companies Act 1948.\nRegulation 5 sets out certain conditions that must be complied with before a summary financial statement may be sent out to a member in place of full accounts and reports. Most importantly, the company must first ascertain, in accordance with the provisions of regulation 6, that the member wishes to receive a summary financial statement. In addition, inter alia, warnings about the limited nature of the summary financial statement must be included in the statement and a post paid printed card or form must be provided enabling copies of the full accounts and reports for the year in question or for future financial years to be obtained from the company.\nRegulation 6 provides for the manner in which the wishes of members, as to whether they wish to receive full accounts and reports or a summary financial statement, are to be ascertained. Two methods are provided for. Firstly a member’s wishes are to be ascertained from any express notification in writing he has given to the company, provided that it is received by the company in good time. Secondly a company may conduct a consultation exercise of its members, under which if a member does not respond to the company, he will be taken as having expressed a wish to receive a summary financial statement.\nRegulations 7 to 9 of and Schedules 1 to 3 to the Regulations set out the required form and content of summary financial statements. The form and content required differs according to whether the company prepares accounts in accordance with Schedule 4 to the Companies Act 1985, or whether it prepares accounts in accordance with the special provisions of the 1985 Act relating to banking or insurance companies and groups.\nRegulation 10 of and Schedule 4 to the Regulations adapt the requirements of the Regulations for financial years commencing prior to 23rd December 1989, for which transitional provisions have been made by article 7 of, and Part II of Schedule 2 to, the Companies Act 1989 (Commencement No. 4 and Transitional and Saving Provisions) Order 1990.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1990/515/note",
    "retrieved_at": "2026-10-29T15:25:05.085117+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}