Paragraph 16 Contents of directors’ report: business review (s.417)

Section 417 (contents of directors’ report: business review) has effect with the following adaptations.

For subsection (1) substitute—

“(1)

Unless the company is entitled to small companies exemption in relation to the directors’ report, the report must contain a business review.

(1A)

A company is entitled to small companies exemption in relation to the directors’ report for a financial year if it—

(a)

qualifies as small in relation to that year under Part 7 of the Companies Act 1985 or Part 8 of the Companies (Northern Ireland) Order 1986, and

(b)

is not, and was not at any time within that year, an ineligible company as defined in section 247A(1B) of that Act or Article 255A(1B) of that Order.”.

For subsection (7) substitute—

“(7)

Where a company—

(a)

qualifies as medium-sized in relation to a financial year under Part 7 of the Companies Act 1985 or Part 8 of the Companies (Northern Ireland) Order 1986, and

(b)

is not, and was not at any time within that year, an ineligible company as defined in section 247A(1B) of that Act or Article255A(1B) of that Order,

the directors’ report for the year need not comply with the requirements of subsection (6) so far as they relate to non-financial information.”.