COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 143 General provisions as to contents and form of accounts.

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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 143

General provisions as to contents and form of accounts.

143.(1) Every balance sheet of a company shall give a true and fair view of
the state of affairs of the company as at the end of its financial year, and
every profit and loss account of a company shall give a true and fair view of
the profit or loss of the company for the financial year.

(2) A company's balance sheet and profit and loss account shall comply with
the requirements of the Sixth Schedule, so far as applicable thereto.

(3) Save as expressly provided in the following provisions of this section or
in Part III of the Sixth Schedule, the requirements of sub-section (2) and the
Sixth Schedule shall be without prejudice either to the general requirements
of sub-section (1) or to any other requirements of this Act.

(4) The Ministry may, on the application or with the consent of a company's
directors, modify in relation to that company any of the requirements of
this Act as to the matters to be stated in a company's balance sheet or profit
and loss account (except the requirements of sub-section (1)) for the purpose
of adapting them to the circumstances of the company.

(5) Sub-sections (1) and (2) shall not apply to a company's profit and loss
account if

(a)the company has subsidiaries; and

(b)the profit and loss account is framed as a consolidated profit and loss
account dealing with all or any of the company's subsidiaries as well as
the company; and

(i)complies with the requirements of this Act relating to consolidated profit
and loss accounts; and

(ii)shows how much of the consolidated profit or loss for the financial year
is dealt with in the accounts of the company.

[(6) If any person being a director of a company fails to take all reasonable
steps to secure compliance as respects any accounts laid before the company in
general meeting with the provisions of this section and with the other
requirements of this Act as to the matters to be stated in accounts, he shall,
in respect of each offence, be liable on summary conviction to imprisonment
for a term not exceeding six months or to a fine not exceeding two hundred
pounds, so, however, that

(a)in any proceedings against a person in respect of an offence under this
section, it shall be a defence to prove that he had reasonable ground to
believe and did believe that a competent and reliable person was charged with
the duty of seeing that the said provisions or the said other requirements, as
the case may be, were complied with and was in a position to discharge that
duty; and

(b)a person shall not be sentenced to imprisonment for any such offence
unless, in the opinion of the court dealing with the case, the offence was
committed wilfully.]

Subs.(7) rep. by 1978 NI 12 art.153(2) sch.7

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Northern Irish Legislation

COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 143