The maintenance of capital
Quoted companies are required under European law to draw up accounts in compliance with Regulation. A group qualifies as medium sized in relation to the parent company's first financial year if the qualifying conditions are met in that year. The company's accounting reference period is determined according to its accounting reference date in each calendar year. This chapter provides that the Secretary of State may make provision by regulations requiring information to be given in notes to the company's annual accounts about directors' remuneration. If the report is prepared in accordance with the small companies regime, it must contain a statement to that effect in a prominent position above the signature. The directors must also deliver to the Registrar a copy of the auditor's report on the accounts. It is an offence to fail to file accounts and reports, and every person who immediately before the end of the period was a director of the company commits an offence.