
1 

(1) These Regulations may be cited as the Companies (Summary Financial Statement) (Amendment) Regulations (Northern Ireland) 2006, and shall come into operation on 1st April 2006.
(2) In these Regulations, “the 1996 Regulations” means the Companies (Summary Financial Statement) Regulations (Northern Ireland) 1996.
2 
In regulation 2 of the 1996 Regulations (interpretation) omit the definition of “listed public company”.
3 

(1) Regulation 3 of the 1996 Regulations (cases in which sending of summary financial statement prohibited) is amended as follows.
(2) In paragraph (1) omit “listed public”.
(3) After paragraph (1) insert—“
(1A) A company may not send a summary financial statement to an entitled person instead of copies of its full accounts and reports in respect of any financial year for which no auditors' report has been prepared in accordance with Article 243 of the 1986 Order.”
4 
In regulation 4(1) of the 1996 Regulations (ascertainment of entitled person’s wishes) omit “listed public”.
5 

(1) Regulation 5 of the 1996 Regulations (consultation by notice) is amended as follows.
(2) In paragraph (1)—
(a) omit “ listed public”,
(b) in sub-paragraph (b), for “directors' report for that year” substitute “, in the case of a quoted company, directors' remuneration report for that year, and may contain additional information derived from the directors' report”, and
(c) for sub-paragraph (e) substitute—“
(e) state that the summary financial statement will contain a statement by the company’s auditors as to whether—
(i) the summary financial statement is consistent with the company’s annual accounts and, in the case of a quoted company, directors' remuneration report, and where information derived from the directors' report is included in the statement, with that report,
(ii) the summary financial statement complies with the requirements of Article 259 of the 1986 Order and of these Regulations, and
(iii) the auditors' report on the company’s annual accounts was qualified or unqualified.”
6 
In regulation 6(1) (relevant consultation) omit “listed public”.
7 
In regulation 7(1) of the 1996 Regulations (provisions applying to all companies and groups) omit “listed public”.
8 

(1) Regulation 8 of the 1996 Regulations (companies and groups other than banking and insurance companies and groups) is amended as follows.
(2) In paragraphs (1) and (2)—
(a) at the beginning insert “Subject to regulation 10A,”, and
(b) omit “listed public”.
9 

(1) Regulation 9 of the 1996 Regulations (banking companies and groups) is amended as follows.
(2) In paragraphs (1) and (2)—
(a) at the beginning insert “Subject to regulation 10A,”, and
(b) omit “listed public”.
10 

(1) Regulation 10 of the 1996 Regulations (insurance companies and groups) is amended as follows.
(2) In paragraphs (1) and (2)—
(a) at the beginning insert “Subject to regulation 10A,”, and
(b) omit “listed public”.
11 
After regulation 10 of the 1996 regulations insert—“
10A 
The summary financial statement of a company that is required to prepare group accounts and prepares IAS group accounts or, in the case of a company that is not required to prepare group accounts, prepares IAS individual accounts, must be in the form and contain the information required by Schedule 3A to these Regulations, so far as applicable to such a company.”.
12 

(1) Schedule 1 to the 1996 Regulations (form and content of summary financial statement of non-banking or insurance companies and groups) is amended as follows.
(2) Omit paragraph 2 (summary directors' report).
(3) In paragraph 3(3), omit item (i) (dividends).
(4) After paragraph 3 insert—“
3A 
The summary financial statement shall also contain the information concerning recognised and proposed dividends included in the full accounts and reports.”.
(5) At the end of paragraph 4(1) insert “, and shall also contain the information required by paragraph 3A above”.
(6) In paragraph 7, for “after any adjustments” to the end substitute “taking account of any adjustments to corresponding amounts made in the full accounts and report”.
13 

(1) Schedule 2 to the 1996 Regulations (form and content of summary financial statement of banking companies and groups) is amended as follows.
(2) In paragraph 1(2), after “annual accounts” insert “, the directors' remuneration report (if any)”.
(3) Omit paragraph 2 (summary directors' report).
(4) In paragraph 3(3), omit item (k) (dividends).
(5) After paragraph 3 insert—“
3A 
The summary financial statement shall also contain the information concerning recognised and proposed dividends included in the full accounts and reports.”.
(6) At the end of paragraph 4(1) insert, “, and shall also contain the information required by paragraph 3A above”.
(7) In paragraph 7, for “after any adjustments” to the end substitute “taking account of any adjustments to corresponding amounts made in the full accounts and reports”.
14 

(1) Schedule 3 to the 1996 Regulations (form and content of summary financial statement of insurance companies and groups) is amended as follows.
(2) In paragraph 2(2), after “annual accounts” insert “, the directors' remuneration report (if any)”.
(3) Omit paragraph 3 (summary directors' report).
(4) In paragraph 4(3), omit item (l) (dividends).
(5) After paragraph 4 insert—“
4A 
The summary financial statement shall also contain the information concerning recognised and proposed dividends included in the full accounts and reports.”.
(6) At the end of paragraph 5(1) insert, “, and shall also contain the information required by paragraph 4A above”.
(7) In paragraph 8, for “after any adjustments” to the end substitute “taking account of any adjustments to corresponding amounts made in the full accounts and reports”.
15 
The Schedule to these Regulations (form and content of summary financial statement of companies and group preparing accounts in accordance with international accounting standards) is inserted after Schedule 3 to the 1996 Regulations as Schedule 3A.
16 

(1) Where a company (whether or not a listed company) has, before 1st April 2006, ascertained in accordance with regulation 4 of the unamended 1996 Regulations that an entitled person does not wish to receive copies of the full accounts and reports, it may send a summary financial statement to such an entitled person in place of the full accounts and reports.
(2) In paragraph (1)—
(a) “unamended 1996 Regulations” means the 1996 Regulations without the amendments contained in these Regulations, and disregarding any references to the company being a listed public company, and
(b) “full accounts and reports” is construed in accordance with regulation 2 of the unamended 1996 Regulations.
17 
Omit the following provisions of the 1996 Regulations—
(a) Regulation 11(2) (saving in respect of financial years beginning before 10th June 1996), and
(b) Paragraphs 1 and 9 to 11 of Schedule 3 (spent transitional provisions concerning insurance companies and groups).
Sealed with the Official Seal of the Department of Enterprise, Trade and Investment on 16th March 2006
M Bohill
A senior officer of the
Department of Enterprise, Trade and Investment

SCHEDULE
Regulation 15
“
SCHEDULE 3A
Regulation 10A
1 

(1) The summary financial statement shall contain the information prescribed by the following paragraph of this Schedule in such order, and under such headings, as the directors consider appropriate.
(2) The summary financial statement shall contain any other information necessary to ensure that the statement is consistent with the full accounts and reports for the year in question.
(3) Nothing in this Schedule shall be construed as prohibiting the inclusion in the summary financial statement of any additional information derived from the company’s annual accounts, directors' report or directors' remuneration report (if any).
2 
The summary financial statement shall contain the whole of, or a summary of—
(a) that portion of the notes to the accounts for the year in question which set out the information required by paragraph 1(1) of Part I of Schedule 6 to the 1986 Order (aggregate amount of directors' emoluments etc); and
(b) to the extent that the company is required to produce a directors' remuneration report, those portions of the directors' remuneration report for the year in question which set out the matters required by paragraphs 3 (statement of company’s policy on directors' remuneration) and 4 (performance graph) of Schedule 7A to the 1986 Order.
3 

(1) The summary financial statement shall contain, in the case of a company the directors of which are not required to prepare group accounts for the financial year, a summary profit and loss account showing either—
(a) each of the headings and sub-totals included in the full profit and loss account in accordance with international accounting standards, or
(b) where the directors consider it appropriate, a combination of such headings and sub-totals where they are of a similar nature.
(2) The summary financial statement shall also contain the information concerning recognised and proposed dividends included in the full accounts and reports.
(3) In this paragraph, and in paragraphs 4 to 6 below, the expressions “headings” and “sub-totals” have the same meaning as in international accounting standard 1 on the presentation of financial statements.
4 

(1) The summary financial statement shall contain, in the case of a company the directors of which are required to prepare group accounts for the financial year, a summary consolidated profit and loss account showing either—
(a) each of the headings and sub-totals included in the full consolidated profit and loss account in accordance with international accounting standards, or
(b) where the directors consider it appropriate, a combination of such headings and sub-totals where they are of a similar nature.
(2) The summary financial statement shall also contain the information concerning recognised and proposed dividends included in the full accounts and reports.
5 
The summary financial statement shall contain, in the case of a company the directors of which are not required to prepare group accounts for the financial year, a summary balance sheet showing either—
(a) each of the headings and sub-totals included in the full balance sheet in accordance with international accounting standards, or
(b) where the directors consider it appropriate, a combination of such headings and sub-totals where they are of a similar nature.
6 
The summary financial statement shall contain, in the case of a company the directors of which are required to prepare group accounts for the financial year, a summary consolidated balance sheet showing either—
(a) each of the headings and sub-totals included in the full consolidated balance sheet in accordance with international accounting standards, or
(b) where the directors consider it appropriate, a combination of such headings and sub-totals where they are of a similar nature.
7 

(1) In respect of every item shown in the summary profit and loss account or summary consolidated profit and loss account (as the case may be), or in the summary balance sheet or summary consolidated balance sheet (as the case may be), the corresponding amount must be shown for the immediately preceding financial year.
(2) For the purposes of sub-paragraph (1), “the corresponding amount” is the amount shown in the summary financial statement for that year or which would have been so shown had such a statement been prepared for that year, taking account of any adjustments to corresponding amounts made in the full accounts and reports.”