1054. Accounts of cell companies

(1) Subject to sub-section (2), section 383 (duty to prepare individual accounts) and sections 389 (duty to prepare group accounts) shall not apply to a cell of a cell company.
(2) However, the cell company must prepare separate accounts, in accordance with section 383 that—
(a) fairly present the profit or loss of each cell of the company for the period mentioned in section 383 and of the state of each cell's affairs at the end of that period taking into account only the assets and liabilities solely attributable to the cell, and
(b) comply with any other applicable requirement of these Regulations (including as to audit under Part 15 of these Regulations).
(3) The accounts of a cell company prepared by it in respect of the company in accordance with section 383 need not include matters included by it in any accounts prepared by it in accordance with subsection (2).
(4) Subject to any provision in the articles of a cell of a cell company or of the company to the contrary—
(a) a member of the cell company who is not a member of the cell shall only be entitled to be provided with so much of the accounts of the company as is required by subsection (3), and
(b) a member of a cell of the company shall only be entitled to be provided with so much of the accounts as is mentioned in subsection (2) as relate to the cell of which the member is a member.
(5) If a cell company fails to comply with subsection (2) a contravention of these Regulations is committed by it and every officer of the company who is in default.
(6) It is a defence for an officer charged with such an offence to show that he acted honestly and that in the circumstances in which the cell company's business was carried on the default was excusable.
(7) Section 421 (filing obligations of companies generally) shall not apply to any accounts required to be prepared in accordance with subsection (2).
(8) A person who commits the contravention referred to in subsection (5) shall be liable to a level 5 fine.