(1) Subject to paragraph (1A), this Regulation applies to a parent undertaking whether or not it is itself a subsidiary of another undertaking.
(1A) This Regulation shall not apply to a parent undertaking whose subsidiary undertakings taken together are not material for the purpose of giving a true and fair view of the state of affairs as at the end of the financial year and the profit or loss for the financial year of that parent undertaking and those subsidiary undertakings taken as a whole.
(2) A parent undertaking to which this Regulation applies shall not be entitled to take advantage of section 154 of the Principal Act in relation to the preparation of group accounts or of section 151 (2) and (3) of the Principal Act in relation to the form of group accounts.
(3) Every parent undertaking to which this Regulation applies shall, in accordance with section 150 of the Principal Act, prepare group accounts at the end of its financial year dealing with the state of affairs and pro