Companies Act 1985

F1 13 (1) Subject to sub-paragraph (2), where a small company—

(a) has prepared individual accounts for a financial year in accordance with any exemptions set out in Section A of this Part of this Schedule, and

(b) is preparing group accounts in respect of the same year,

it may prepare those group accounts in accordance with the exemptions set out in Section A of this Part of this Schedule.

(2) In preparing the consolidated balance sheet the company—

(a) when using either balance sheet format set out in Section B of Part I of Schedule 4, shall not combine item B.III.1 (shares in group undertakings) with item B.III.3 (participating interests), and

(b) when applying the exemptions set out in paragraphs 3(4)(b) and 4(4)(b) of Section A of this Part of this Schedule, shall read the reference in each paragraph to the new item mentioned in paragraph (a) as a reference to the two items which will in each case replace item B.III.3 by virtue of paragraph 21 of Schedule 4A.

(3) Paragraph 1(1) of Schedule 4A shall have effect subject to the exemptions in question.

Textual Amendments

F1 Sch. 8: New Pt. I (paras. 1-14) inserted (16.11.1992) by S.I. 1992/2452, reg. 4(3), Sch. paras. 1(3), 2