(1) This section has effect (subject to section 379(2)) where the directors have prepared revised financial statements under section 366 and the company, prior to the date of revision, has, taking advantage of the exemption for a small company conferred by section 352, delivered to the Registrar abridged financial statements.
(2) Where the abridged financial statements so delivered to the Registrar would, if they had been prepared by reference to the matters taken account of in the revised financial statements, not comply with the provisions of this Act or, where applicable, of Article 4 of the IAS Regulation whether because -
(a) the company would not have qualified as a small company in the light of the revised financial statements, or
(b) the financial statements have been revised in a manner which affects the content of the abridged financial statements,
the directors of the company shall have the following duty.
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