(1) Every company shall cause to be kept proper books of account, whether in the form of documents or otherwise, that -
(a) correctly record and explain the transactions of the company,
(b) will at any time enable the financial position of the company to be determined with reasonable accuracy,
(c) will enable the directors to ensure that any annual accounts of the company comply with the requirements of the Companies Acts and, where applicable, Article 4 of the IAS Regulations, and
(d) will enable the annual accounts of the company to be readily and properly audited.
(2) The books of account of a company shall be kept on a continuous and consistent basis, that is to say, the entries therein shall be made in a timely manner and be consistent from one year to the next.
(3) Without prejudice to the generality of subsections (1) and (2), books of account kept pursuant to those subsections shall contain -
(a) entries from day to day of all sums of money received and expended by the com