(1) The directors of a company must prepare a directors' report for each financial year of the company.
[(1A) Subsection (1) does not apply if the company qualifies as a micro-entity (see sections 384A and 384B).]
(2) For a financial year in which—
(a) the company is a parent company, and
(b) the directors of the company prepare group accounts,
the directors' report must be a consolidated report (a “group directors' report”) relating to the undertakings included in the consolidation.
(3) A group directors' report may, where appropriate, give greater emphasis to the matters
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