General rules
(1) Group financial statements shall comply, except for any necessary modifications to take account of differences between group financial statements and entity financial statements, with the provisions of Schedule 1 as if the undertakings included in the consolidation (the "group") were a single undertaking.
(2) In particular, for the purposes of note (12) of the balance sheet format, set out in Part II of Schedule 1, and paragraphs 91 and 92 of Schedule 1 (dealings with or interests in group undertakings) as it applies to group financial statements -
(a) any subsidiary undertakings of the holding undertaking not dealt with in the group financial statements shall be treated as a subsidiary undertaking of the group; and
(b) if the holding undertaking is itself a subsidiary undertaking, the group shall be treated as a subsidiary undertaking of any holding undertaking of that undertaking, and the reference to fellow subsidiary undertakings shall be read
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