COMPANIES PART 1 INTRODUCTION Citation and interpretation 1 1 These Regulations may be cited as the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008. 2 In these Regulations “ the 2006 Act ” means the Companies Act 2006. Commencement and application 2 1 These Regulations come into force on 6th April 2008. 2 They apply in relation to financial years beginning on or after 6th April 2008. 3 They apply to companies which are subject to the small companies regime under Part 15 of the 2006 Act (see section 381 of that Act ). PART 2 FORM AND CONTENT OF INDIVIDUAL ACCOUNTS Companies Act individual accounts 3 1 Subject to the following provisions of this regulation and regulation 5A, Companies Act individual accounts under section 396 of the 2006 Act (Companies Act: individual accounts) must comply with the provisions of Schedule 1 to these Regulations as to the form and content of the balance sheet and profit and loss account, and additional information to be provided by way of notes to the accounts. 1A Sections C (alternative accounting rules) and D (fair value accounting) in Part 2 of Schedule 1 to these Regulations do not apply to a company which qualifies as a micro-entity in relation to a financial year (see sections 384A and 384B of the 2006 Act) and whose accounts for that year are prepared in accordance with the exemption permitted by— a regulation 5A, or b paragraph 1(1A) of Section A in Part 1 of Schedule 1 to these Regulations. 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Accounts are treated as having complied with any provision of Schedule 1 to these Regulations if they comply instead with the corresponding provision of Schedule 1 to the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008 . Information about related undertakings (Companies Act or IAS individual accounts) 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Information about directors' benefits: remuneration (Companies Act or IAS individual accounts) 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Companies Act individual accounts: micro-entities – notes to the accounts 5A Nothing in Schedule 1, 2 or 3 to these Regulations requires the Companies Act individual accounts of a company for a financial year in which the company qualifies as a micro-entity (see sections 384A and 384B of the 2006 Act) to contain any information by way of notes to the accounts, except that the company is required to disclose by way of notes to the accounts the information required by paragraph 57 in Part 3 of Schedule 1. Accounts for delivery to registrar of companies (Companies Act individual accounts) 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PART 3 DIRECTORS' REPORT Directors' report 7 The report which the directors of a company are required to prepare under section 415 of the 2006 Act (duty to prepare directors' report) must disclose the matters specified in Schedule 5 to these Regulations. PART 4 FORM AND CONTENT OF GROUP ACCOUNTS Companies Act group accounts 8 1 Where the directors of a parent company which— a is subject to the small companies regime, and b has prepared Companies Act individual accounts in accordance with regulation 3, prepare Companies Act group accounts under section 398 of the 2006 Act (option to prepare group accounts), those accounts must comply with the provisions of ...Schedule 6 to these Regulations as to the form and content of the consolidated balance sheet and consolidated profit and loss account, and additional information to be provided by way of notes to the accounts. 2 Accounts are treated as having complied with any provision of Part 1 of Schedule 6 if they comply instead with the corresponding provision of Schedule 6 to the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008. Information about directors' benefits: remuneration (Companies Act or IAS group accounts) 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Information about related undertakings (Companies Act or IAS group accounts) 10 1 Companies Act or IAS group accounts must comply with the provisions of Part 2 of Schedule 6 to these Regulations as to information about related undertakings to be given in notes to the company's accounts. 2 Information otherwise required to be given by Part 2 of Schedule 6 need not be disclosed with respect to an undertaking that— a is established under the law of a country outside the United Kingdom, or b carries on business outside the United Kingdom, if the conditions specified in section 409(4) of the 2006 Act are met (see section 409(5) of the 2006 Act for disclosure required where advantage taken of this exemption). This paragraph does not apply in relation to the information required by paragraphs 26 and 35 of Schedule 6 to these Regulations. Accounts for delivery to registrar of companies (Companies Act group accounts) 11 Companies Act group accounts delivered to the registrar of companies under section 444 of the 2006 Act need not give the information required by— a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b paragraph 25 of Schedule 6 to these Regulations (shares of company held by subsidiary undertakings). PART 5 INTERPRETATION Definition of “provisions” 12 Schedule 7 to these Regulations defines “provisions” for the purpose of these Regulations and for the purposes of— a section 677(3)(a) (Companies Act accounts: relevant provisions for purposes of financial assistance) in Part 18 of the 2006 Act, b section 712(2)(b)(i) (Companies Act accounts: relevant provisions to determine available profits for redemption or purchase by private company out of capital) in that Part, ... c section 836(1)(b)(i) (Companies Act accounts: relevant provisions for distribution purposes) in Part 23 of that Act , and d section 841(2)(a) (Companies Act accounts: provisions to be treated as realised losses) in that Part. General interpretation 13 Schedule 8 to these Regulations contains general definitions for the purposes of these Regulations. Gareth Thomas Parliamentary Under Secretary of State for Trade and Consumer Affairs, Department for Business, Enterprise and Regulatory Reform