Companies Act 2014 section 315

Information on related undertakings: exemption from disclosures

Section 315 sets out the circumstances in which a company is exempt from disclosing the net assets and profit or loss of subsidiary undertakings and undertakings of substantial interest that would otherwise be required under section 314(1).

• Where a company prepares group financial statements and a subsidiary is either consolidated or accounted for using the equity method, the net assets and profit or loss of that subsidiary need not be separately disclosed.
• Where a company is exempt from preparing group financial statements because it relies on the consolidated accounts of a higher holding undertaking, the same exemption applies provided the subsidiary is consolidated or equity-accounted in those higher-level accounts.
• Where a company has a substantial interest in an undertaking and that interest is accounted for using the equity method in the company's statutory financial statements, the net assets and profit or loss disclosures are not required.
• The disclosures are also not required where an undertaking of substantial interest is not obliged to publish its balance sheet, or where the information is not material to the true and fair view given by the statutory financial statements.