(1) Section 4 and the Schedule to the 1986 Act shall apply to group accounts prepared in compliance with these Regulations as they apply to annual accounts prepared under that Act, with any necessary modifications to take account of differences between group accounts and annual accounts or the provisions of these Regulations.
(2) In particular, for the purposes of paragraph 45 of the Schedule to the 1986 Act, as substituted by Paragraph 4 (2) of the Schedule to these Regulations, (dealings with or interests in group undertakings) as it applies to group accounts -
(a) any subsidiary undertakings of the parent undertaking not dealt with in the group accounts shall be treated as a subsidiary undertaking of the group, and
(b) if the parent undertaking is itself a subsidiary undertaking, the group shall be treated as a subsidiary undertaking of any parent undertaking of the parent undertaking, and the reference to fellow subsidiary undertakings shall be construed accordingly.
(3) Where