The Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008

1. Introductory Text

2. PART 1

   1. 1. Citation and interpretation

   2. 2. Commencement and application

3. PART 2

   1. 3. Companies Act individual accounts

   2. 4. Information about related undertakings (Companies Act or IAS individual accounts)

   3. 5. Information about directors’ benefits: remuneration (Companies Act or IAS individual accounts)

   4. 6. Accounts for delivery to registrar of companies (Companies Act individual accounts)

4. PART 3

   1. 7. Directors’ report

5. PART 4

   1. 8. Companies Act group accounts

   2. 9. Information about directors’ benefits: remuneration (Companies Act or IAS group accounts)

   3. 10. Information about related undertakings (Companies Act or IAS group accounts)

   4. 11. Accounts for delivery to registrar of companies (Companies Act group accounts)

6. PART 5

   1. 12. Definition of “provisions”

   2. 13. General interpretation

7. Signature

8. 1. SCHEDULE 1

      COMPANIES ACT INDIVIDUAL ACCOUNTS

      1. PART 1 GENERAL RULES AND FORMATS

         1. SECTION A GENERAL RULES

            1. 1. (1) Subject to the following provisions of this Schedule—

            2. 2. (1) Where in accordance with paragraph 1 a company’s balance...

            3. 3. (1) Any item required to be shown in a company’s...

            4. 4. (1) Where the special nature of the company’s business requires...

            5. 5. (1) Subject to sub-paragraph (2), the directors must not include...

            6. 6. Every profit and loss account must show the amount of...

            7. 7. (1) For every item shown in the balance sheet or...

            8. 8. Amounts in respect of items representing assets or income may...

            9. 9. The company’s directors must, in determining how amounts are presented...

         2. SECTION B THE REQUIRED FORMATS FOR ACCOUNTS

      2. PART 2 ACCOUNTING PRINCIPLES AND RULES

         1. SECTION A ACCOUNTING PRINCIPLES

            1. 10. Preliminary

            2. 11. Accounting principles

            3. 12. Accounting policies must be applied consistently within the same accounts...

            4. 13. The amount of any item must be determined on a...

            5. 14. All income and charges relating to the financial year to...

            6. 15. In determining the aggregate amount of any item, the amount...

         2. SECTION B HISTORICAL COST ACCOUNTING RULES

            1. 16. Preliminary

         3. Fixed assets

            1. 17. General rules

            2. 18. Rules for depreciation and diminution in value

            3. 19. (1) Where a fixed asset investment of a description falling...

            4. 20. (1) Where the reasons for which any provision was made...

            5. 21. Development costs

            6. 22. Goodwill

            7. 23. Current assets

            8. 24. (1) If the net realisable value of any current asset...

         4. Miscellaneous and supplementary provisions

            1. 25. Excess of money owed over value received as an asset item

            2. 26. Assets included at a fixed amount

            3. 27. Determination of purchase price or production cost

            4. 28. (1) The purchase price or production cost of—

            5. 29. Substitution of original stated amount where price or cost unknown

         5. SECTION C ALTERNATIVE ACCOUNTING RULES

            1. 30. Preliminary

            2. 31. Subject to paragraphs 33 to 35, the amounts to be...

            3. 32. Alternative accounting rules

            4. 33. Application of the depreciation rules

            5. 34. Additional information to be provided in case of departure from historical cost accounting rules

            6. 35. Revaluation reserve

         6. SECTION D FAIR VALUE ACCOUNTING

            1. 36. Inclusion of financial instruments at fair value

            2. 37. Determination of fair value

            3. 38. Hedged items

            4. 39. Other assets that may be included at fair value

            5. 40. Accounting for changes in value

            6. 41. The fair value reserve

      3. PART 3 NOTES TO THE ACCOUNTS

         1. 42. Preliminary

         2. 43. Reserves and dividends

         3. 44. Disclosure of accounting policies

         4. Information supplementing the balance sheet

            1. 45. Paragraphs 46 to 58 require information which either supplements the...

            2. 46. Share capital

            3. 47. If the company has allotted any shares during the financial...

            4. 48. Fixed assets

            5. 49. Where any fixed assets of the company (other than listed...

            6. 50. Investments

            7. 51. Information about fair value of assets and liabilities

            8. 52. (1) This paragraph applies if— (a) the company has financial...

            9. 53. Information where investment property and living animals and plants included at fair value

            10. 54. Reserves and provisions

            11. 55. Details of indebtedness

            12. 56. If any fixed cumulative dividends on the company’s shares are...

            13. 57. Guarantees and other financial commitments

            14. 58. Miscellaneous matters

            15. 59. Information supplementing the profit and loss account

            16. 60. Particulars of turnover

            17. 61. Miscellaneous matters

            18. 62. Sums denominated in foreign currencies

            19. 63. Dormant companies acting as agents

   2. SCHEDULE 2

      INFORMATION ABOUT RELATED UNDERTAKINGS WHERE COMPANY NOT PREPARING GROUP ACCOUNTS (COMPANIES ACT OR IAS INDIVIDUAL ACCOUNTS)

      1. PART 1 REQUIRED DISCLOSURES

         1. 1. Subsidiary undertakings

         2. 2. Holdings in subsidiary undertakings

         3. 3. Financial information about subsidiary undertakings

         4. 4. Shares of company held by subsidiary undertakings

         5. 5. Significant holdings in undertakings other than subsidiary undertakings

         6. 6. (1) The name of the undertaking must be stated.

         7. 7. (1) There must also be stated— (a) the aggregate amount...

         8. 8. Membership of certain undertakings

         9. 9. Parent undertaking drawing up accounts for larger group

         10. 10. Identification of ultimate parent company

         11. 11. Construction of references to shares held by company

      2. PART 2 INTERPRETATION OF REFERENCES TO “BENEFICIAL INTEREST”

         1. 12. Introduction

         2. 13. Residual interests under pension and employees’ share schemes

         3. 14. Employer’s charges and other rights of recovery

         4. 15. Trustee’s right to expenses, remuneration, indemnity etc.

         5. 16. Meaning of “pension scheme”

         6. 17. Application of provisions to directors

   3. SCHEDULE 3

      INFORMATION ABOUT DIRECTORS’ BENEFITS: REMUNERATION (COMPANIES ACT OR IAS ACCOUNTS)

      1. PART 1 INFORMATION REQUIRED TO BE DISCLOSED

         1. 1. Total amount of directors’ remuneration etc.

         2. 2. Compensation to directors for loss of office

         3. 3. Sums paid to third parties in respect of directors’ services

      2. PART 2 SUPPLEMENTARY PROVISIONS

         1. 4. General nature of obligations

         2. 5. Provisions as to amounts to be shown

         3. 6. Exclusion of sums liable to be accounted for to company etc.

         4. 7. Meaning of “remuneration”

         5. 8. Meaning of “long term incentive scheme”

         6. 9. Meaning of “shares” and “share option” and related expressions

         7. 10. Meaning of “pension scheme” and related expressions

         8. 11. References to subsidiary undertakings

         9. 12. Other minor definitions

   4. SCHEDULE 4

      COMPANIES ACT ABBREVIATED ACCOUNTS FOR DELIVERY TO REGISTRAR OF COMPANIES

      1. PART 1 THE REQUIRED BALANCE SHEET FORMATS

         1. 1. (1) A company may deliver to the registrar a copy...

      2. PART 2 NOTES TO THE ACCOUNTS

         1. 2. Preliminary

         2. 3. Disclosure of accounting policies

         3. Information supplementing the balance sheet

            1. 4. Share capital and debentures

            2. 5. If the company has allotted any shares during the financial...

            3. 6. Fixed assets

            4. 7. Financial fixed assets

            5. 8. Details of indebtedness

            6. 9. Sums denominated in foreign currencies

            7. 10. Dormant companies acting as agents

   5. SCHEDULE 5

      MATTERS TO BE DEALT WITH IN DIRECTORS’ REPORT

      1. 1. Introduction

      2. 2. Political donations and expenditure

      3. 3. (1) If the company (not being the wholly-owned subsidiary of...

      4. 4. Charitable donations

      5. 5. Disclosure concerning employment etc. of disabled persons

      6. 6. Disclosure required by company acquiring its own shares etc.

   6. SCHEDULE 6

      GROUP ACCOUNTS

      1. PART 1 FORM AND CONTENT OF COMPANIES ACT GROUP ACCOUNTS

         1. 1. General rules

         2. 2. (1) The consolidated balance sheet and profit and loss account...

         3. 3. (1) Where assets and liabilities to be included in the...

         4. 4. Any differences of accounting rules as between a parent company’s...

         5. 5. Amounts that in the particular context of any provision of...

         6. 6. Elimination of group transactions

         7. 7. Acquisition and merger accounting

         8. 8. An acquisition must be accounted for by the acquisition method...

         9. 9. (1) The acquisition method of accounting is as follows.

         10. 10. (1) The conditions for accounting for an acquisition as a...

         11. 11. (1) The merger method of accounting is as follows.

         12. 12. (1) Where a group is acquired, paragraphs 9 to 11...

         13. 13. (1) The following information with respect to acquisitions taking place...

         14. 14. (1) There must also be stated in a note to...

         15. 15. Where during the financial year there has been a disposal...

         16. 16. The information required by paragraph 13, 14 or 15 need...

         17. 17. Minority interests

         18. 18. Joint ventures

         19. 19. Associated undertakings

         20. 20. (1) The interest of an undertaking in an associated undertaking,...

      2. PART 2 INFORMATION ABOUT RELATED UNDERTAKINGS WHERE COMPANY PREPARING GROUP ACCOUNTS (COMPANIES ACT OR IAS GROUP ACCOUNTS)

         1. 21. Introduction and interpretation

         2. 22. Subsidiary undertakings

         3. 23. Holdings in subsidiary undertakings

         4. 24. Financial information about subsidiary undertakings not included in the consolidation

         5. 25. Shares of company held by subsidiary undertakings

         6. 26. Joint ventures

         7. 27. Associated undertakings

         8. 28. Other significant holdings of parent company or group

         9. 29. (1) The name of the undertaking must be stated.

         10. 30. (1) There must also be stated— (a) the aggregate amount...

         11. 31. (1) The information required by paragraphs 32 and 33 must...

         12. 32. (1) The name of the undertaking must be stated.

         13. 33. (1) There must also be stated— (a) the aggregate amount...

         14. 34. Parent company’s or group’s membership of certain undertakings

         15. 35. Parent undertaking drawing up accounts for larger group

         16. 36. Identification of ultimate parent company

         17. 37. Construction of references to shares held by parent company or group

   7. SCHEDULE 7

      INTERPRETATION OF TERM “PROVISIONS”

      1. PART 1 MEANING FOR PURPOSES OF THESE REGULATIONS

         1. 1. Definition of “Provisions”

         2. 2. References in these Regulations to provisions for liabilities are to...

      2. PART 2 MEANING FOR PURPOSES OF PARTS 18 AND 23 OF THE 2006 ACT

         1. 3. Financial assistance for purchase of own shares

         2. 4. Redemption or purchase by private company out of capital

         3. 5. Justification of distribution by references to accounts

   8. SCHEDULE 8

      GENERAL INTERPRETATION

      1. 1. Financial instruments

      2. 2. (1) The expressions listed in sub-paragraph (2) have the same...

      3. 3. Fixed and current assets

      4. 4. Historical cost accounting rules

      5. 5. Listed investments

      6. 6. Loans

      7. 7. Materiality

      8. 8. Participating interests

      9. 9. Purchase price

      10. 10. Realised profits and losses

      11. 11. Staff costs

9. Explanatory Note