Related Commentary  

415(1)  The directors of a company must prepare a directors' report for each financial year of the company.

415(1A)  Subsection (1) does not apply if the company qualifies as a micro-entity (see sections 384A and 384B).

415(2)  For a financial year in which–

(a)the company is a parent company, and

(b)the directors of the company prepare group accounts,

the directors' report must be a consolidated report (a “group directors' report”) relating to the undertakings included in the consolidation.

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