Companies Act 2014 section 1270

Disclosure of membership changes in PULC's financial statements

Section 1270 deals with how a public unlimited company (PULC) must disclose changes in its members' interests in its financial statements, replacing the standard share capital disclosure requirements that apply to other company types.

• The standard rules on disclosing authorised share capital, allotted share capital and movements (section 318) do not apply to a PULC's financial statements.
• Where there are changes in the interests of members of a PULC during the relevant financial year, those changes must be disclosed.
• The particulars of any such membership changes must be provided in the notes to the PULC's financial statements.
• This requirement ensures transparency about shifts in membership interests, even though the conventional share capital disclosures are disapplied.