Section 304, The Companies Act, 2009

(1) This section shall apply to a holding company wherein respect of a year section 294 requires the preparation of group financial statements for the company and its subsidiaries. (2) The directors of the holding company may not, under 303. deliver financial statements modified as for a small company, unless the group (that is to say, the holding company and its subsidiaries together) is in that year a small group and the group is small if it would so qualify as a small company. (3) The figures to be taken into account in determining whether the group is small shall be the group account figures, that is– (a) where the group financial statements are prepared as consolidated financial statements the figures for turnover and balance sheet total; and (b) where the group financial statements are not prepared as consolidated financial statements, the corresponding figures given in the group financial statements, with such adjustment as would have been made if the statements had been prepared in consolidated form; aggregated in either case with the relevant figures for the subsidiaries (if any) omitted from the group accounts (excepting those for any subsidiary omitted under paragraph (a) of subsection (3) of section 290 on the grounds of impracticability). (4) In the case of each subsidiary omitted from the group financial statements, the relevant figures as regards turnover, and balance sheet total shall be those which are included in the financial statements of that subsidiary prepared in respect of its relevant year (with such adjustment as would have been made if those figures had been included in group financial statements prepared in consolidated form). (5) For the purposes of subsection (4), the relevant year of the subsidiary shall be– (a) if its year ends with that of the holding company to which the group financial statements relate, that year ;and (b) if not, the subsidiary’s year ending last before the end of the year of the holding company. (6) If the directors are entitled to deliver modified financial statements they may also deliver modified group financial statements and such group financial statements– (a) if consolidated, may be in accordance with Part II of the Fith Schedule (while otherwise comprising or corresponding with group financial statements prepared under this Act; Modified statement of holding 230 231 (b) if not consolidated, may be such as (together with any notes) give the same or equivalent information as required by paragraph (a), and Part III of the Fifth Schedule shall apply to modified group financial statements whether consolidated or not. Publication of financial statements