(1) In this Part a company's “annual accounts”, in relation to a financial year, means—
[(a) any individual accounts prepared by the company for that year (see section 394), and]
(b) any group accounts prepared by the company for that year (see [section] 399).
This is subject to section 408 (option to omit individual profit and loss account from annual accounts where information given in [notes to the individual balance sheet]).
(2) In the case of an unquoted company, its “annual accounts and reports” for a financial year are—
(a) its annual accounts,
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