Companies Act 1985

Section 279.

SCHEDULE 11 E+W+S [F1 Modifications of Part VIII Where Company’s Accounts Prepared in Accordance with Special Provisions for Banking or Insurance Companies]

Textual Amendments

F1 Sch. 11 : heading substituted (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1) by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(2)

[F2 1 Paragraphs 2 to 6 below apply where a company has prepared accounts in accordance with the special provisions of Part VII relating to banking companies and paragraphs 7 to 13 below apply where a company has prepared accounts in accordance with the special provisions of Part VII relating to insurance companies.]

Textual Amendments

F2 Sch. 11 paras. 1-6 inserted (and existing paras. 1-7 renumbered as paras. 7-13) (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(2)(3)

F3 Modifications where accounts prepared in accordance with special provisions for banking companies E+W+S

Textual Amendments

F3 Sch. 11 paras. 1-6 inserted (and existing paras. 1-7 renumbered as paras. 7-13) (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(2)(3)

F4 2 Section 264(2) shall apply as if the reference to paragraph 89 of Schedule 4 therein was a reference to paragraph 85(c) of Part I of Schedule 9.

Textual Amendments

F4 Sch. 11 paras. 1-6 inserted (and existing paras. 1-7 renumbered as paras. 7-13) (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(2)(3)

F5 3 Section 269 shall apply as if:

(a) there were substituted for the words “are shown as an asset” in sub-section (1) the words “are included as an asset”; and

(b) the reference to paragraph 20 of Schedule 4 in sub-section (2)(b) was to paragraph 27 of Part I of Schedule 9.

Textual Amendments

F5 Sch. 11 paras. 1-6 inserted (and existing paras. 1-7 renumbered as paras. 7-13) (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(2)(3)

F6 4 Sections 270(2) and 275 shall apply as if the references therein to paragraphs 88 and 89 of Schedule 4 were to paragraph 85 of Part I of Schedule 9.

Textual Amendments

F6 Sch. 11 paras. 1-6 inserted (and existing paras. 1-7 renumbered as paras. 7-13) (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(2)(3)

F7 5 Sections 272 and 273 shall apply as if in section 272(3) there were substituted, for the references to section 226 and Schedule 4, references to section 255 and Part I of Schedule 9.

Textual Amendments

F7 Sch. 11 paras. 1-6 inserted (and existing paras. 1-7 renumbered as paras. 7-13) (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(2)(3)

F8 6 Section 276 shall apply as if the references to paragraphs 12(a) and 34(3)(a) of X1 Schedule 4 were to paragraphs 19(a) and 44(3)(a) of Schedule 9 .

Editorial Information

X1 The references to paragraphs 12(a) and 34(3)(a) were inserted by section 23 of, and paragraph 7 of Schedule 10 to, the Companies Act 1989.

Textual Amendments

F8 Sch. 11 paras. 1-6 inserted (and existing paras. 1-7 renumbered as paras. 7-13) (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(2)(3)

[F9 Modifications where accounts prepared in accordance with special provisions for insurance companies] E+W+S

Textual Amendments

F9 Heading inserted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

[F10 7] Section 264 applies as if in subsection (2) for the words following “the aggregate of its liabilities” there were substituted “(“liabilities” to include any provision within the meaning of [F11 Part I of [F12 Schedule 9A]], except to the extent that that provision is taken into account in calculating the value of any asset of the company)”.

Textual Amendments

F10 Sch. 11 paras. 1-7 renumbered as Sch. 11 paras. 7-13 (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

F11 Words substituted (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1) by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(3)

F12 Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).

[F13 8] Section 265 applies as if—

(a) for subsection (2) there were substituted—

“(2) In subsection (1)(a), “liabilities” includes any provision (within the meaning of [F14 Part I of [F15 Schedule 9A]]) except to the extent that that provision is taken into account for the purposes of that subsection in calculating the value of any asset of the company”, and

(b) there were added at the end of the section—

“(7) In determining capital and revenue profits and losses, an asset which is not a fixed asset or a current asset is treated as a fixed asset”.

Textual Amendments

F13 Sch. 11 paras. 1-7 renumbered as Sch. 11 paras. 7-13 (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

F14 Words substituted (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1) by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(3)

F15 Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).

[F16 9] Section 269 does not apply.

Textual Amendments

F16 Sch. 11 paras. 1-7 renumbered as Sch. 11 paras. 7-13 (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

[F17 10] Section 270 applies as if—

(a) in subsection (2) the following were substituted for paragraph (b)—

“(b) provisions (within the meaning of [F18 Part I of [F19 Schedule 9A]])”;

(b), (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F20

Textual Amendments

F17 Sch. 11 paras. 1-7 renumbered as Sch. 11 paras. 7-13 (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

F18 Words substituted by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(4)(a) (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1)

F19 Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).

F20 Sch. 11 Para. 4(b)(c) repealed (subject to the transitional and savings provisions in S.I. 1990/355, arts. 5–9, Sch. 3 para. 1) by Companies Act 1989 (c. 40, SIF 27), ss. 23, 212, 213(2), Sch. 10 para. 21(4)(b), Sch. 24

[F21 11] Section 271 applies as if—

(a) in subsection (2), immediately before paragraph (a) there were inserted “except where the company is entitled to avail itself, and has availed itself, of any of the provisions of [F22 paragraph F23 . . . 28 of [F24 Schedule 9A]]”, and

(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F25

Textual Amendments

F21 Sch. 11 paras. 1-7 renumbered as Sch. 11 paras. 7-13 (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

F22 Words substituted by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(5)(a) (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1)

F23 Words in Sch. 11 para. 11(a) omitted (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(b).

F24 Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).

F25 Sch. 11 para 5(b) repealed (subject to the transitional and savings provisions in S.I. 1990/355, arts. 5–9, Sch. 3 para. 1) by Companies Act 1989 (c. 40, SIF 27), ss. 23, 212, 213(2), Sch. 10 para. 21(5)(b), Sch. 24

[F26 X2 12] Sections 272 and 273 apply as if in section 272(3)—

(a) for the references to [F27 section 226] and Schedule 4 there were substituted references to [F27 section 255 and Part I of [F28 Schedule 9A]], and

(b) immediately before paragraph (a) there were inserted “except where the company is entitled to avail itself, and has availed itself, of any of the provisions of [F29 paragraph F30 . . . 28 of [F28 Schedule 9A]]”.

Editorial Information

X2 Sch. 11 paras. 7-11 were substituted (19.12.1993) for Sch. 11 paras. 7-13 by S.I. 1993/3246, regs. 5(1), 6, 7, Sch. 2 para.8

Textual Amendments

F26 Sch. 11 paras. 1-7 renumbered as Sch. 11 paras. 7-13 (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

F27 Words substituted by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(6)(a) (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1)

F28 Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).

F29 Words substituted by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(6)(b) (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1)

F30 Words in Sch. 11 para. 12(b) omitted (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(b).

[F31 X3 13] Section 275 applies as if—

(a) for subsection (1) there were substituted—

“(1) For purposes of section 263, any provision (within the meaning of [F32 Part I of [F33 Schedule 9A]]), other than one in respect of any diminution of value of a fixed asset appearing on a revaluation of all the fixed assets of the company, or of all its fixed assets other than goodwill, is to be treated as a realised loss”; and

(b) “fixed assets” were defined to include any other asset which is not a current asset.

Editorial Information

X3 Sch. 11 paras. 7-11 were substituted (19.12.1993) for Sch. 11 paras. 7-13 by S.I. 1993/3246, regs. 5(1), 6, 7, Sch. 2 para.8

Textual Amendments

F31 Sch. 11 paras. 1-7 renumbered as Sch. 11 paras. 7-13 (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

F32 Words substituted by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(7) (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1)

F33 Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).