exemption from preparing group accounts

exemption from preparing group accounts

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Hi

I should be grateful if a member could quote the relevant legislation (CA) which specifies the information to be disclosed in the notes of the parent company's accounts which claims exemption from the requirement to preprare group accounts on grounds of being a small group. The group is using FRSSE 2015. many thanks. 

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Euan's picture
By Euan MacLennan
29th Dec 2014 11:31

Not quite sure what you are asking

If you are asking where to state that the parent company has claimed exemption from preparing group accounts, you don't need to do so specifically.  It is covered in the standard statement on the balance sheet that the accounts have been prepared in accordance with the provisions applicable to small companies within Part 15 of the Companies Act 2006.  See s.414(3)(b) CA 2006 and the FRSSE 2015 2.30.  The default is that parent companies of small groups do not have to prepare group accounts, but they have the option under s.398 CA 2006 to do so if they wish.

Don't forget the disclosures of exemption from audit.

If you are asking what details of subsidiaries need to be disclosed in the parent company's individual accounts, look at SCG(ADR) Regs.2008 Sch.2.

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