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In this Part, unless the contrary intention appears —“balance sheet”, in relation to a company, means the balance sheet, by whatever name called, prepared in accordance with the Accounting Standards;“consolidated financial statements” has the meaning given by the Accounting Standards;“consolidated total assets” —

in the case where consolidated financial statements are prepared in relation to a group — are determined in accordance with the accounting standards applicable to the group; or

in the case where consolidated financial statements are not prepared in relation to a group — means the aggregate total assets of all the members of the group;“directors’ statement” means the statement of the directors mentioned in section 201(16);“entity” means an entity that is referred to in the Accounting Standards in relation to the preparation of financial statements and the requirements for the preparation of financial statements;“financial statements” means the financial statements of a company required to be prepared by the Accounting Standards;“group” has the meaning given by the Accounting Standards;“parent company” means a company that is required under the Accounting Standards to prepare financial statements in relation to a group;“subsidiary company” means a company that is a subsidiary as defined in the Accounting Standards;“subsidiary corporation” means a corporation that is a subsidiary as defined in the Accounting Standards;“ultimate parent corporation” means a corporation which is a parent but is not a subsidiary, within the meaning of the Accounting Standards.