Section 129 - First financial statements after incorporation

(1) The financial statements referred to in paragraph (a) of subsection (1) of section 128 shall, in the case of the first financial statements since the incorporation of the company, cover the period since the incorporation of the company and, in any other case, cover the period since the preceding account and shall be made up to a date not earlier than nine months or more from the date on which it is to be sent to members and debenture holders pursuant to section 128.

(2) For the purposes of subsection (1),

(a) in the case of an existing company which has not previously prepared the statements specified in subsection (5) of section 127 and which was not required by the constitution of the company to prepare one, the first financial statements need not cover a period commencing earlier than the date of the commencement of this Act; and

(b) the Registrar may extend the period of nine months.

(3) The date to which the statement of comprehensive income and statement of cash flows is to be made up in accordance with subsection (1) is the end of the financial year of the company.

(4) The statement of comprehensive income and statement of cash flows shall, subject to subsection (4) of section 131, relating to a consolidated financial statement,

(a) give a true and fair view of the profit or loss and other comprehensive income of the company for the period to which the statement relates; and

(b) comply with the requirements of sections 131 to 135 and Part One of the Sixth Schedule.

(5) The Registrar may, on the application or with the consent of the directors of a company, modify in relation to that company, any of the requirements in Part One of the Sixth Schedule for the purpose of adapting those requirements to the circumstances of the company, but a modification shall not derogate from the obligation imposed by paragraph (a) of subsection (4) to give a true and fair view of the profit or loss of the company.