Companies Act 2014 section 1265

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

Section 1265 disapplies the financial statements and audit requirements of Part 6 of the Companies Act 2014 for unlimited companies that operate as credit institutions or insurance undertakings, where alternative accounting rules apply under other legislation.

• Part 6 of the Companies Act 2014, which deals with financial statements, annual returns and audit, does not apply to unlimited companies that are credit institutions or insurance undertakings.
• The disapplication applies to the extent that regulations made under section 3 of the European Communities Act 1972 provide alternative accounting requirements for these entities, implementing EU directives on accounts of credit institutions and insurance undertakings.
• The disapplication also applies to the extent that any other enactment makes separate provision for these entities.
• This means that such unlimited companies follow their own sector-specific accounting and reporting rules rather than the general company law requirements in Part 6.