(1) The directors of every company shall on a date not later than 18 months after the incorporation of the company and subsequently once at least in every calendar year prepare accounts for the company for each financial year (to be known and in this Act referred to as ‘individual accounts’).
(2) Subject to subsections (3) to (11), a company's individual accounts shall be prepared -
(a) in accordance with section 149 (to be known and in this Act referred to as ‘Companies Act individual accounts’), or
(b) in accordance with international financial reporting standards and section 149A (to be known and in this Act referred to as ‘IFRS individual accounts’).
(3) Companies Act individual accounts shall be prepared by a company-
(a) not trading for the acquisition of gain by the members, or
(b) to which section 128(4)(c) applies, or
(c) in respect of which an order under section 128(5) is in force.
(4) Subject to subsection (5A), after the first financial year in which the d