Companies Act 2014 section 355

Approval and signing of abridged financial statements

Section 355 sets out the rules governing the approval, signing, and filing of abridged financial statements, including the required directors' statement on the balance sheet and the penalties for non-compliance.

• Abridged financial statements must be approved by the board and signed by two directors (or by a sole director where only one exists), once the directors are satisfied the statements have been properly prepared.
• The face of the abridged balance sheet must carry a directors' statement confirming reliance on the small company filing exemption and that the statements have been properly prepared.
• Documents annexed to the annual return and filed with the Registrar must identify the signing directors and, where applicable, the statutory auditors who signed the special auditors' report.
• Directors who approve abridged financial statements that have not been properly prepared commit a category 2 offence, as does the company and any officer in default if the filing requirements are not met.

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