Financial Year of Holding Company and Subsidiary:
S.153(1) provides that a holding company's directors shall ensure that, except where in their opinion there are good reasons aligned with it, the financial year of each of its subsidiaries shall coincide with the company's own financial year.
By s.153(2) the registrar is empowered to postpone the submission of a company's accounts to a general meeting from one calendar year to the next for purposes of enabling the company's financial year to end with that of the holding company.