(1) Part 2 of the 2008 Regulations [S.I. 2008/409, to which there are amendments not relevant to these Regulations.] is amended as follows.

(2) In regulation 3 (Companies Act individual accounts) -

(a) at the beginning of paragraph (1) insert "Subject to the following provisions of this regulation and regulation 5A,"; and

(b) after paragraph (1) insert -

"(1A) Sections C (alternative accounting rules) and D (fair value accounting) in Part 2 of Schedule 1 to these Regulations do not apply to a company which qualifies as a micro- entity in relation to a financial year (see sections 384A and 384B of the 2006 Act) and whose accounts for that year are prepared in accordance with the exemption permitted by -

(a) regulation 5A, or

(b) paragraph 1(1A) of Section A in Part 1 of Schedule 1 to these Regulations."

(3) In regulation 4 (information about related undertakings), at the beginning of paragraph (1) insert "Subject to regulation 5A,".

(4) In regulation 5 (information about directors' benefits: remuneration), at the beginning insert "Subject to regulation 5A,".