Sections 394 to 397, 399, and 402 to 406 of the Companies Act 2006 apply in relation to a company to which this Chapter applies, modified so that they read as follows (save that the modification of section 396 does not apply in relation to a company which is a scheme funder of a Master Trust scheme within the meanings given by section 39(1) of the Pension Schemes Act 2017 or section 39(1) of the Pension Schemes Act (Northern Ireland) 2021 (interpretation of Part 1)) -

"394 Duty to prepare individual accounts

Subject to section 399 (duty to prepare group accounts), the directors of a company must prepare accounts for the company for each of its financial years.

Those accounts are referred to as the company’s "individual accounts".

395 Individual accounts: applicable accounting framework

(1) A company’s annual accounts may be prepared in accordance with -

(a) its parent law ("parent law individual accounts"),

(b) international accounting standards ("IAS individual accounts"), or

(c) section 396 ("overseas companies individual accounts").

(2) A company may only prepare parent law individual accounts if the content of such accounts includes that required by section 396.

396 Overseas companies individual accounts

(1) Overseas companies individual accounts must comprise -