Companies Act 2014 section 1114

Non-application of Part 6 to PLCs that are credit institutions or insurance undertakings

Section 1114 disapplies the financial statements and reporting requirements of Part 6 of the Companies Act 2014 for public limited companies (PLCs) that are credit institutions or insurance undertakings, where alternative accounting rules apply.

• Part 6 of the Companies Act 2014, which deals with financial statements, annual returns and audit, does not apply to PLCs that are credit institutions or insurance undertakings in certain circumstances.
• The disapplication applies where regulations made under section 3 of the European Communities Act 1972 provide separate accounting requirements for credit institutions and insurance undertakings, in line with EU directives.
• The disapplication also applies to the extent provided by any other enactment that sets out alternative accounting or reporting rules for these types of entities.
• In practice, this means that PLCs operating as banks, building societies, insurers or similar regulated entities follow their own sector-specific accounting and reporting frameworks rather than the general company law provisions of Part 6.