Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 8 · Annual Return, Financial Statements and Audit
96. Interpretation of this Part
Feedback & supportUnless the contrary intention appears, in this Part (including the provisions of the Companies Act 1967 applied by this Part) —“accounting records”, in relation to a VCC or its sub‑fund, includes such working papers and other documents as are necessary to explain the methods and calculations by which the accounts of the VCC or sub‑fund (as the case may be) are made up;“balance sheet”, in relation to a VCC, means the balance sheet (by whatever name called) of the VCC prepared in accordance with the Accounting Standards;“directors’ statement” means the statement of the directors mentioned in section 201(16) of the Companies Act 1967 as applied by section 100(6);“group” has the meaning given by the Accounting Standards;“parent company” means a company or VCC that is required under the Accounting Standards to prepare financial statements in relation to a group;“subsidiary company” means a company or VCC 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 that is a parent but not a subsidiary, within the meaning of the Accounting Standards.
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
“accounting records”, in relation to a VCC or its sub‑fund, includes such working papers and other documents as are necessary to explain the methods and calculations by which the accounts of the VCC or sub‑fund (as the case may be) are made up;
accounts
“accounts” means profit and loss accounts and balance sheets and includes notes (other than auditors’ reports or directors’ reports) attached or intended to be read with any of those profit and loss accounts or balance sheets;
“balance sheet”, in relation to a VCC, means the balance sheet (by whatever name called) of the VCC prepared in accordance with the Accounting Standards;
Accounting Standards
“Accounting Standards”, in relation to a VCC, means —(a)the accounting standards mentioned in section 100(8)(a) or the accounting standards or practices prescribed under section 100(8)(b); or(b)where those accounting standards or practices (as the case may be) are substituted with other accounting standards under section 100(9) in relation to that VCC, the other accounting standards;
“directors’ statement” means the statement of the directors mentioned in section 201(16) of the Companies Act 1967 as applied by section 100(6);
“group” has the meaning given by the Accounting Standards;
“parent company” means a company or VCC that is required under the Accounting Standards to prepare financial statements in relation to a group;
company
“company” has the meaning given by section 4(1) of the Companies Act 1967;
“subsidiary company” means a company or VCC that is a subsidiary as defined in the Accounting Standards;
subsidiary
“subsidiary” has the meaning given by section 5 of the Companies Act 1967;
“subsidiary corporation” means a corporation that is a subsidiary as defined in the Accounting Standards;
corporation
“corporation” has the meaning given by section 4(1) of the Companies Act 1967 and (to avoid doubt) includes a VCC;
“ultimate parent corporation” means a corporation that is a parent but not a subsidiary, within the meaning of the Accounting Standards.