The amount of the penalty shall be determined in accordance with regulations made by the Secretary of State by reference to—
the length of the period between the end of the period for filing the accounts and reports in question and the day on which the requirements are complied with, and
whether the company is a private or public company.
The penalty may be recovered by the registrar and is to be paid into the Consolidated Fund.
It is not a defence in proceedings under this section to prove that the documents in question were not in fact prepared as required by this Part.