I'm struggling with the correct disclosure for details of a subsidiary. The group is not required to prepare group accounts. Both parent and sub qualify as small companies.
In the abbreviated a/cs of the sub, no P&L is required. Yet CA2006 and FRSSE 2008 para 15.18(B) requires the sub's profit after tax for the year to be disclosed in the notes of the abbreviated a/cs for the parent. Is this correct or am I reading it wrong?
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Dear Red
You need to disclose the after tax profits and the net assets at the last period end. The exemption to not file group accounts is with regard to consolidated financial statements.
Hope this helps.