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)

X1 1 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 [F2 Part I of Schedule 9], except to the extent that that provision is taken into account in calculating the value of any asset of the company)”.

Editorial Information

X1 Sch. 11 paras. 1-7 were renumbered as paras. 7-13 and new paras. 1-6 inserted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)

Textual Amendments

F2 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)

X2 2 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 [F3 Part I of Schedule 9]) 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”.

Editorial Information

X2 Sch. 11 paras. 1-7 were renumbered as paras. 7-13 and new paras. 1-6 inserted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)

Textual Amendments

F3 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)

X3 3 Section 269 does not apply.

Editorial Information

X3 Sch. 11 paras. 1-7 were renumbered as paras. 7-13 and new paras. 1-6 inserted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)

X4 4 Section 270 applies as if—

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

“(b) provisions (within the meaning of [F4 Part I of Schedule 9])”;

(b), (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5

Editorial Information

X4 Sch. 11 paras. 1-7 were renumbered as paras. 7-13 and new paras. 1-6 inserted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)

Textual Amendments

F4 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)

F5 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

X5 5 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 [F6 paragraph 27 or 28 of Schedule 9]”, and

(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7

Editorial Information

X5 Sch. 11 paras. 1-7 were renumbered as paras. 7-13 and new paras. 1-6 inserted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)

Textual Amendments

F6 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)

F7 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

X6 6 Sections 272 and 273 apply as if in section 272(3)—

(a) for the references to [F8 section 226] and Schedule 4 there were substituted references to [F9 section 255 and Part I of Schedule 9], 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 [F10 paragraph 27 or 28 of Schedule 9]”.

Editorial Information

X6 Sch. 11 paras. 1-7 were renumbered as paras. 7-13 and new paras. 1-6 inserted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)

Textual Amendments

F8 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)

F9 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)

F10 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)

X7 7 Section 275 applies as if—

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

“(1) For purposes of section 263, any provision (within the meaning of [F11 Part I of Schedule 9]), 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

X7 Sch. 11 paras. 1-7 were renumbered as paras. 7-13 and new paras. 1-6 inserted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)

Textual Amendments

F11 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)