Companies (Accounts and Reports) (Amendment) Regulations 2008
What this means for your business
- Enforced by
- Companies House, FRC
- Applies to
- United Kingdom
- On this page
- 7 compliance obligations, 1 practical guide
What you must do
7 compliance obligations under this legislation.
Reporting and filing 7
Include required related‑undertaking disclosures in your accounts
When you prepare your company’s financial statements you must add notes that disclose information about any related undertakings, exactly as set out in Schedule 4 of these Regulations. If a related undertaking is based entirely outside the UK and meets the conditions in s.409(4) of the Companies Act 2006 you can omit the details, but you still have to check the exemption criteria.
Prepare annual accounts in the prescribed format for insurance companies
If you run an insurance company, each financial year you must draw up a balance sheet and profit‑and‑loss account that follow the exact formats set out in Schedule 3. All listed items have to appear in the correct order, you must show the comparable figures for the previous year, disclose any combined items in the notes, and you cannot set‑off asset amounts against liability amounts.
Prepare annual individual accounts using the prescribed formats
Every year your company must produce a balance sheet and a profit‑and‑loss account that follow the exact layouts set out in the Companies (Accounts and Reports) Regulations. The accounts must include all required items, show comparable figures for the previous year, and any changes to the format must be explained in a note.
Prepare directors’ remuneration report with required Schedule 8 information
If your company is listed on a stock exchange, the directors must produce a remuneration report each year that includes every piece of information set out in Schedule 8 of these Regulations and follow the layout rules in that schedule. The same rules apply to any revised directors’ remuneration policy you issue.
Prepare directors’ report with required disclosures
Each year your company must produce a directors' report as part of its annual accounts. The report must contain every item listed in Schedule 7 of the Companies (Accounts and Reports) (Amendment) Regulations 2008 – for example political donations, share buy‑backs, corporate‑governance statements, greenhouse‑gas and energy information, and details of supplier payment practices. You must file this report with Companies House by the normal filing deadline for your accounts.
Prepare group accounts in the Schedule 6 format
If you are a director of a parent company that prepares group accounts under the Companies Act, you must produce a consolidated balance sheet, profit and loss account and accompanying notes that follow the exact layout set out in Part 1 of Schedule 6. For banking or insurance groups you must also follow the extra rules in Parts 2 or 3 of that schedule and include a statement confirming you have done so.
Prepare insurance company accounts in the required format
If your business is an insurance company and you are preparing stand‑alone Companies Act accounts, you must lay out the balance sheet, profit and loss account and notes exactly as set out in Schedule 3 of the Regulations. You also need to add a statement that the accounts have been prepared under the insurance‑company rules.
Practical guidance
Our guides explain how to comply with the requirements above.
Sections and provisions
14 classified provisions from this legislation.
Duties 7
- Schedule 1 COMPANIES ACT INDIVIDUAL ACCOUNTS: COMPANIES WHICH ARE NOT BANKING OR INSURANCE COMPANIES the directors
- Schedule 3 INSURANCE COMPANIES: COMPANIES ACT INDIVIDUAL ACCOUNTS the directors
- s.6 Companies Act individual accounts: insurance companies
- s.7 Information about related undertakings (Companies Act or IAS individual or group accounts)
- s.9 Companies Act group accounts those accounts
- s.10 Directors' report are required
- s.11 Directors' remuneration report (quoted companies ...) and