Companies Act 2014 section 377

Small and medium companies

Section 377 sets out the duties of directors when a small or medium company that has previously filed abridged financial statements with the Registrar subsequently revises its statutory financial statements.

• Where revised financial statements mean the company no longer qualifies as small or medium, or where the revisions affect the content of the abridged statements already filed, directors must file either full revised financial statements or revised abridged statements (if still eligible) with the Registrar within 28 days of the revision date.
• Where the revisions to the statutory financial statements do not affect the abridged statements previously filed, directors must still notify the Registrar by delivering a note confirming this, together with a copy of the auditors' report on the revised statements, within 28 days.
• Directors, including shadow directors and de facto directors, who fail to comply with these filing obligations commit a category 3 offence.
• The "date of revision" is the date on which the original statutory financial statements were revised, and all filings must be made within 28 days of that date.