Companies Act 2014 section 1214

Application of section 297 to a CLG

Section 1214 applies the group size exemption from preparing consolidated financial statements to companies limited by guarantee (CLGs).

  • Section 297 of the Companies Act 2014 provides an exemption from the requirement to prepare consolidated (group) financial statements based on the size of the group.
  • Section 1214 extends this same exemption so that it applies to companies limited by guarantee.
  • This means that a CLG which is a parent company of a small group may be exempt from preparing group financial statements, just as other company types may be.
  • The section was amended by the Companies (Accounting) Act 2017.

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