Fifth Schedule, The Companies Act, 2009

MODIFIED FINANCIAL STATEMENTS OF COMPANIES QUALIFYING AS SMALL C OMPANIES PART 1 MODIFIED INDIVIDUAL FINANCIAL STATEMENTS Introductory Accounts modified as for a small company 1. (1) In respect of the relevant financial year, there may be delivered a copy of a modified balance sheet, instead of the full balance sheet. (2) The modified balance sheet shall be an abbreviated version of the full balance sheet, showing only those items to which a letter or number is assigned in the balance sheet format adopted under Part I of the Third Schedule but in other respects corresponding to the full balance sheet. (3) The copy of the modified balance sheet shall be signed by two 2. A copy of the profit and loss account need not be delivered nor a copy of the directors’ report otherwise required by section 293. 3. If a modified balance sheet is delivered, there shall be disclosed in it (or in a note to the company’s accounts delivered)- 462 463 (a) the aggregate of the amounts required by note (5) of the notes on the balance sheet formats set out in Part I of the Third Schedule, to be shown separately for each item included under debtors (amounts falling due after one year); and (b) the aggregate of the amounts required by note 13 of those notes to be shown separately for each item included under creditors in format 2 (amounts falling due within one year or after more than one year). 4. The company’s balance sheet shall contain a statement by the directors that- (a) they rely on sections 301 to 304 as entitling them to deliver modified accounts; and (b ) they do so on the ground that the company is entitled to the benefit of those sections as a small company; and the statement shall appear in the balance sheet immediately above the signatures of the directors. 5. (1) The accounts delivered shall be accompanied by a special report of the auditors stating that in their opinion– (a) the directors are entitled to deliver modified accounts, in respect of the financial year, as claimed in the directors statement, and (b) any accounts comprised in the documents delivered as modified accounts are properly prepared as such in accordance with this Schedule. (2) A copy of the auditors’ report under section 310 need not be delivered; but the full text of it shall be reproduced in the special report under this paragraph. (3) If the directors propose to rely on section 310 to 304 as entitling them to deliver modified accounts, it shall be the auditors’ duty to provide them with a report stating whether in their opinion the directors are so entitled, and whether the documents to be delivered as modified accounts are property prepared in accordance with this Act. 6. Subject to this Part, where the directors rely on sections 299 to 302 in delivering any documents, and- (a) the company is entitled to the benefit of those sections on the ground claimed by the directors’ in their statement; (b) the accounts comprised in the documents are properly prepared in accordance with this Schedule, then this Act shall have effect as if any document which by virtue of this Part is included in or omitted from the documents delivered as modified accounts were (or, as the case may be), were not required by this Act to be comprised in the company’s accounts in respect of the year. MODIFIED GROUP FINANCIAL STATEMENTS (IN CONSOLIDATED FORM) FOR SMALL COMPANIES 7. (1) In respect of the relevant year, there may be delivered a copy of a modified balance sheet instead of the full consolidated balance sheet. (2) The modified balance sheet shall be an abbreviated version of the full consolidated balance sheet, showing only those items to which a letter or Roman numeral is assigned in the balance sheet format adopted under Part 1 of the Third Schedule, but in other respect corresponding to the full consolidated balance sheet. 8. The information required by the Third Schedule to be given in notes to group financial statements need not be given, with the exception of any information required by provisions of that Schedule listed in paragraph 3 of that Schedule. 9. There shall be disclosed in the modified balance sheet, or in a note to the group accounts delivered, aggregate amounts corresponding to those specified in paragraph 5. 464 465 PART III MODIFIED GROUP ACCOUNTS CONSOLIDATED OR OTHERS 11. The director’s statement to be contained in the balance sheet include a statement that the documents delivered include modified group accounts, in reliance on section 301. 12. (1) The auditors’ special report under paragraph 5 shall include a statement that in their opinion– (a) the directors are entitled to deliver modified group accounts, as claimed in their statement in the balance sheet, and (b) any accounts comprised in the documents delivered as modified group financial statements are properly prepared as such in accordance with this Schedule. (2) A copy of the auditors’ report need not be delivered; but the full text of it shall be reproduced in the special report under paragraph 5. (3) If the directors propose to rely on section 301 as entitling them to deliver modified group financial statements, it is the auditor’s duty to provide them with a report stating whether in their opinion the directors are so entitled, and whether the documents to be delivered as modified group financial statements are properly prepared in accordance with this Schedule. 13. Subject as above where the directors rely on section 301 in delivering any documents, and– (a) the company is entitled to the benefit of that section on the ground claimed by the directors in their statement in the balance sheet, and (b) the accounts comprised in the documents delivered as modified financial statements are properly prepared in accordance with this Schedule, then section 312 has effect as if any document which by virtue of this Schedule is included in or omitted from the documents delivered as modified group financial statements were (or, as the case may be, were not) required by this Act to be comprised in the company’s financial statements in respect of the year.