Companies Act 2014 section 1268

Application of section 297 to a PULC

Section 1268 applies the exemption from preparing consolidated (group) financial statements based on group size to a public unlimited company (PULC), with a modification to reflect the fact that a PULC does not have share capital.

• Section 297, which exempts small groups from preparing consolidated financial statements, is extended to apply to PULCs.
• A PULC is a public unlimited company that does not have share capital, so the usual share-capital-related conditions cannot apply directly.
• Section 1268 replaces the share-capital condition in section 297(8)(a) with a modified version appropriate for a company without share capital.
• Apart from this single modification, the small group consolidation exemption operates for a PULC in the same way as it does for other companies.