Companies Act 2014 section 1119

Summary financial statements and circulation of them to members in lieu of full financial statements

Section 1119 allows the directors of a public limited company (PLC) to prepare and circulate a summary financial statement to members instead of the full statutory financial statements and directors' report.

• Directors of a PLC may prepare a summary financial statement derived from the statutory financial statements and directors' report, giving a fair and accurate account of the company's financial development and position for the year
• The summary must be approved and signed by the board (or by at least two directors on behalf of the board), and must include the statutory auditors' opinion on its consistency with the full accounts
• The summary may be sent to members and the Registrar in place of the full accounts, no later than 21 days before the annual general meeting at which those accounts are to be considered
• The summary must state that it is only a summary, that the full accounts have been audited, and that members may request copies of the full statutory financial statements, auditors' report and directors' report

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