394. Information about related undertakings: alternative compliance
(1) This section applies where the directors of a company are of the opinion that the number of undertakings in respect of which the company is required to disclose information under any provision of a rule made under section 393 (information about related undertakings) is such that compliance with that provision would result in information of excessive length being given in notes to the company's annual accounts.
(2) The information need only be given in respect of the undertakings whose results or financial position, in the opinion of the directors, principally affected the figures shown in the company's annual accounts.
(3) If advantage is taken of subsection (2)—
(a) there must be included in the notes to the company's annual accounts a statement that the information is given only with respect to such undertakings as are mentioned in that subsection, and
(b) the full information (both that which is disclosed in the notes to the accounts and that which is not) must be annexed to the company's next annual return.
For this purpose the "next annual return" means that next delivered to the Registrar after the accounts in question have been approved under section 399 (approval and signing of accounts).
(4) If a company fails to comply with subsection (3)(b), a contravention of these Regulations is committed by—
(a) the company, and
(b) every officer of the company who is in default.
(5) A person who commits the contravention referred to in subsection (4) shall be liable to a level 3 fine.