Group accounts

Small companies: If at the end of a financial year a company subject to the small companies regime is a parent company the directors, as well as preparing individual accounts for the year, may prepare group accounts for the year.

Other companies: Where companies are not subject to the small company regime. If at the end of a financial year the company is a parent company the directors, as well as preparing individual accounts for the year, must prepare group accounts for the year unless the company is exempt from the requirement.

Companies Act group accounts must comprise a consolidated balance sheet and a consolidated profit and loss account which give a true and fair view. Where a parent company prepares Companies Act group accounts, generally, all the subsidiary undertakings must be included.