- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (06/04/2015)
- Gwreiddiol (a wnaed Fel)
Version Superseded: 01/10/2015
Point in time view as at 06/04/2015.
There are currently no known outstanding effects for the The Small Companies and Groups (Accounts and Directors' Report) Regulations 2008, SCHEDULE 1.
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Regulation 3(1)
Modifications etc. (not altering text)
C1Sch. 1 applied (with modifications) (E.W.S.) (with application in accordance with reg. 2(2) of the amending S.I.) by The Small Limited Liability Partnerships (Accounts) Regulations 2008 (S.I. 2008/1912), regs. 2(1), 3(2), Sch. 1 (with reg. 2(3)) (as amended (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 34-41)
1.—(1) Subject to the following provisions of this Schedule—U.K.
(a)every balance sheet of a company must show the items listed in either of the balance sheet formats in Section B of this Part, and
(b)every profit and loss account must show the items listed in [F1either] of the profit and loss account formats in Section B.
[F2(1A) But, subject to the following provisions of this Schedule, in relation to a company which qualifies as a micro-entity in relation to a financial year (see sections 384A and 384B of the 2006 Act)—
(a)the only items which must be shown on the company's balance sheet for that year are those listed in either of the balance sheet formats in Section C of this Part, and
(b)the only items which must be shown on the company's profit and loss account for that year are those listed in the profit and loss account format in Section C.]
(2) References in this Schedule to the items listed in any of the formats in Section B [F3and Section C ] are to those items read together with any of the notes following the formats which apply to those items.
(3) [F4Subject to paragraph 1A] The items must be shown in the order and under the headings and sub-headings given in the particular format used, but—
(a)the notes to the formats may permit alternative positions for any particular items, and
(b)the heading or sub-heading for any item does not have to be distinguished by any letter or number assigned to that item in the format used.
Textual Amendments
F1Word in Sch. 1 para. 1(1)(b) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(2)(a) (with reg. 3)
F2Sch. 1 para. 1(1A) inserted (with effect in accordance with reg. 2(2) of the amending S.I.) by The Small Companies (Micro-Entities Accounts) Regulations 2013 (S.I. 2013/3008), regs. 2(1), 10(2)(a) (with reg. 3)
F3Words in Sch. 1 para. 1(2) inserted (with effect in accordance with reg. 2(2) of the amending S.I.) by The Small Companies (Micro-Entities Accounts) Regulations 2013 (S.I. 2013/3008), regs. 2(1), 10(2)(b) (with reg. 3)
F4Words in Sch. 1 para. 1(3) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(2)(b) (with reg. 3)
[F51A.—(1) Where appropriate to the circumstances of a company's business, the company's directors may, with reference to one of the formats in Section B, draw up an abridged balance sheet showing only those items in that format preceded by letters and roman numerals, provided that—U.K.
(a)in the case of format 1, note (5) of the notes to the formats is complied with,
(b)in the case of format 2, notes (5) and (10) of those notes are complied with, and
(c)all of the members of the company have consented to the drawing up of the abridged balance sheet.
(2) Where appropriate to the circumstances of a company's business, the company's directors may, with reference to one of the formats in Section B, draw up an abridged profit and loss account, combining under one item called “Gross profit or loss”—
(a)items 1, 2, 3 and 6 in the case of format 1, and
(b)items 1 to 5 in the case of format 2
provided that, in either case, all of the members of the company have consented to the drawing up of the abridged profit and loss account.
(3) Such consent as is referred to in sub-paragraphs (1) and (2) may only be given as regards the preparation of, as appropriate, the balance sheet or profit and loss account in respect of the preceding financial year.
(4) Sub-paragraphs (1) and (2) do not apply in relation to the preparation of, as appropriate, a company's balance sheet or profit and loss account for a particular financial year if the company was a charity at any time within that year.
Textual Amendments
F5Sch. 1 paras. 1A-1C inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(2)(c) (with reg. 3)
1B.—(1) The company's directors may adapt one of the balance sheet formats in Section B so to distinguish between current and non-current items in a different way, provided that—U.K.
(a)the information given is at least equivalent to that which would have been required by the use of such format had it not been thus adapted, and
(b)the presentation of those items is in accordance with generally accepted accounting principles or practice.
(2) The company's directors may, otherwise than pursuant to paragraph 1A(2), adapt one of the profit and loss account formats in Section B, provided that—
(a)the information given is at least equivalent to that which would have been required by the use of such format had it not been thus adapted, and
(b)the presentation is in accordance with generally accepted accounting principles or practice.
Textual Amendments
F5Sch. 1 paras. 1A-1C inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(2)(c) (with reg. 3)
1C. So far as is practicable, the following provisions of Section A of this Part of this Schedule apply to the balance sheet or profit or loss account of a company notwithstanding any such abridgment or adaptation pursuant to paragraph 1A or 1B.]U.K.
Textual Amendments
F5Sch. 1 paras. 1A-1C inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(2)(c) (with reg. 3)
2.—(1) Where in accordance with [F6 paragraph 1(1) ] a company's balance sheet or profit and loss account for any financial year has been prepared by reference to one of the formats in Section B, the company's directors must use the same format in preparing Companies Act individual accounts for subsequent financial years, unless in their opinion there are special reasons for a change.U.K.
(2) Particulars of any such change must be given in a note to the accounts in which the new format is first used, and the reasons for the change must be explained.
Textual Amendments
F6Words in Sch. 1 para. 2(1) substituted (with effect in accordance with reg. 2(2) of the amending S.I.) by The Small Companies (Micro-Entities Accounts) Regulations 2013 (S.I. 2013/3008), regs. 2(1), 10(2)(c) (with reg. 3)
[F72A. Where in accordance with paragraph 1(1A) a company's balance sheet or profit and loss account for any financial year has been prepared by reference to one of the formats in Section C, the company's directors must use the same format in preparing Companies Act individual accounts for subsequent financial years, unless in their opinion there are special reasons for a change.]
Textual Amendments
F7Sch. 1 para. 2A inserted (with effect in accordance with reg. 2(2) of the amending S.I.) by The Small Companies (Micro-Entities Accounts) Regulations 2013 (S.I. 2013/3008), regs. 2(1), 10(2)(d) (with reg. 3)
3.—(1) [F8Subject to paragraph 1A] any item required to be shown in a company's balance sheet or profit and loss account may be shown in greater detail than required by the particular format used.
(2) The balance sheet or profit and loss account may include an item representing or covering the amount of any asset or liability, income or expenditure not otherwise covered by any of the items listed in the format used, save that none of the following may be treated as assets in any balance sheet—
(a)preliminary expenses,
(b)expenses of, and commission on, any issue of shares or debentures,
(c)costs of research.
Textual Amendments
F8Words in Sch. 1 para. 3 inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(2)(b) (with reg. 3)
Modifications etc. (not altering text)
C2Sch. 1 para. 3(2) applied (with modifications) (with application in accordance with reg. 1(2) of the amending S.I.) by The Partnerships (Accounts) Regulations 2008 (S.I. 2008/569), reg. 1(2), Sch. 1 paras. 1(1)(b), 2(1)(a)(i)
4.—(1) Where the special nature of the company's business requires it, the company's directors must adapt the arrangement, headings and sub-headings otherwise required in respect of items given an Arabic number in the balance sheet or profit and loss account format used.U.K.
(2) The directors may combine items to which Arabic numbers are given in any of the formats set out in Section B if—
(a)their individual amounts are not material to assessing the state of affairs or profit or loss of the company for the financial year in question, or
(b)the combination facilitates that assessment.
(3) Where sub-paragraph (2)(b) applies, the individual amounts of any items which have been combined must be disclosed in a note to the accounts.
5.—(1) Subject to sub-paragraph (2), the directors must not include a heading or sub-heading corresponding to an item in the balance sheet or profit and loss account format used if there is no amount to be shown for that item for the financial year to which the balance sheet or profit and loss account relates.U.K.
(2) Where an amount can be shown for the item in question for the immediately preceding financial year that amount must be shown under the heading or sub-heading required by the format for that item.
6. Every profit and loss account [F9other than one prepared by reference to the format in Section C] must show the amount of a company's profit or loss F10... before taxation.U.K.
Textual Amendments
F9Words in Sch. 1 para. 6 inserted (with effect in accordance with reg. 2(2) of the amending S.I.) by The Small Companies (Micro-Entities Accounts) Regulations 2013 (S.I. 2013/3008), regs. 2(1), 10(2)(e) (with reg. 3)
F10Words in Sch. 1 para. 6 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(2)(d) (with reg. 3)
Modifications etc. (not altering text)
C3Sch. 1 para. 6 applied (with modifications) (with application in accordance with reg. 1(2) of the amending S.I.) by The Partnerships (Accounts) Regulations 2008 (S.I. 2008/569), reg. 1(2), Sch. 1 paras. 1(1)(b), 2(1)(a)(ii)
7.—(1) For every item shown in the balance sheet or profit and loss account the corresponding amount for the immediately preceding financial year must also be shown.U.K.
(2) Where that corresponding amount is not comparable with the amount to be shown for the item in question in respect of the financial year to which the balance sheet or profit and loss account relates, the former amount may be adjusted, and particulars of the non-comparability and of any adjustment must be disclosed in a note to the accounts.
8. Amounts in respect of items representing assets or income may not be set off against amounts in respect of items representing liabilities or expenditure (as the case may be), or vice versa.U.K.
9. The company's directors must, in determining how amounts are presented within items in the profit and loss account and balance sheet, have regard to the substance of the reported transaction or arrangement, in accordance with generally accepted accounting principles or practice.U.K.
[F119A. Where an asset or liability relates to more than one item in the balance sheet, the relationship of such asset or liability to the relevant items must be disclosed either under those items or in the notes to the accounts.]U.K.
Textual Amendments
F11Sch. 1 para. 9A inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(2)(e) (with reg. 3)
Textual Amendments
F12Sch. 1 Pt. 1 Section B heading substituted (with effect in accordance with reg. 2(2) of the amending S.I.) by The Small Companies (Micro-Entities Accounts) Regulations 2013 (S.I. 2013/3008), regs. 2(1), 10(3) (with reg. 3)
M1Balance sheet formats | |||||
---|---|---|---|---|---|
Format 1 | |||||
A. | Called up share capital not paid (1) | ||||
B. | Fixed assets | ||||
I. | Intangible assets | ||||
1. | Goodwill (2) | ||||
2. | Other intangible assets (3) | ||||
II. | Tangible assets | ||||
1. | Land and buildings | ||||
2. | Plant and machinery etc. | ||||
III. | Investments | ||||
1. | Shares in group undertakings and participating interests | ||||
2. | Loans to group undertakings and undertakings in which the company has a participating interest | ||||
3. | Other investments other than loans | ||||
4. | Other investments (4) | ||||
C. | Current assets | ||||
I. | Stocks | ||||
1. | Stocks | ||||
2. | Payments on account | ||||
II. | Debtors (5) | ||||
1. | Trade debtors | ||||
2. | Amounts owed by group undertakings and undertakings in which the company has a participating interest | ||||
3. | Other debtors (1) | ||||
III. | Investments | ||||
1. | Shares in group undertakings | ||||
2. | Other investments (4) | ||||
IV. | Cash at bank and in hand | ||||
D. | Prepayments and accrued income (6) | ||||
E. | Creditors: amounts falling due within one year | ||||
1. | Bank loans and overdrafts | ||||
2. | Trade creditors | ||||
3. | Amounts owed to group undertakings and undertakings in which the company has a participating interest | ||||
4. | Other creditors (7) | ||||
F. | Net current assets (liabilities) (8) | ||||
G. | Total assets less current liabilities | ||||
H. | Creditors: amounts falling due after more than one year | ||||
1. | Bank loans and overdrafts | ||||
2. | Trade creditors | ||||
3. | Amounts owed to group undertakings and undertakings in which the company has a participating interest | ||||
4. | Other creditors (7) | ||||
I. | Provisions for liabilities | ||||
J. | Accruals and deferred income (7) | ||||
K. | Capital and reserves | ||||
I. | Called up share capital (9) | ||||
II. | Share premium account | ||||
III. | Revaluation reserve | ||||
IV. | Other reserves | ||||
V. | Profit and loss account |
Marginal Citations
M1A number in brackets following any item is a reference to the note of that number in the notes following the formats.
Balance sheet formats | |||||
---|---|---|---|---|---|
Format 2 | |||||
ASSETS | |||||
A. | Called up share capital not paid (1) | ||||
B. | Fixed assets | ||||
I. | Intangible assets | ||||
1. | Goodwill (2) | ||||
2. | Other intangible assets (3) | ||||
II. | Tangible assets | ||||
1. | Land and buildings | ||||
2. | Plant and machinery etc. | ||||
III. | Investments | ||||
1. | Shares in group undertakings and participating interests | ||||
2. | Loans to group undertakings and undertakings in which the company has a participating interest | ||||
3. | Other investments other than loans | ||||
4. | Other investments (4) | ||||
C. | Current assets | ||||
I. | Stocks | ||||
1. | Stocks | ||||
2. | Payments on account | ||||
II. | Debtors (5) | ||||
1. | Trade debtors | ||||
2. | Amounts owed by group undertakings and undertakings in which the company has a participating interest | ||||
3. | Other debtors (1) | ||||
III. | Investments | ||||
1. | Shares in group undertakings | ||||
2. | Other investments (4) | ||||
IV. | Cash at bank and in hand | ||||
D. | Prepayments and accrued income (6) | ||||
[F13CAPITAL, RESERVES AND LIABILITIES] | |||||
A. | Capital and reserves | ||||
I. | Called up share capital (9) | ||||
II. | Share premium account | ||||
III. | Revaluation reserve | ||||
IV. | Other reserves | ||||
V. | Profit and loss account | ||||
B. | Provisions for liabilities | ||||
C. | Creditors (10) | ||||
1. | Bank loans and overdrafts | ||||
2. | Trade creditors | ||||
3. | Amounts owed to group undertakings and undertakings in which the company has a participating interest | ||||
4. | Other creditors (7) | ||||
D. | Accruals and deferred income (7) |
Textual Amendments
F13Words in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(3)(a) (with reg. 3)
Notes on the balance sheet formats |
---|
(1) | Called up share capital not paid |
(Formats 1 and 2, items A and C.II.3.)
This item may either be shown at item A or included under item C.II.3 in Format 1 or 2.
(2) | Goodwill |
(Formats 1 and 2, item B.I.1.)
Amounts representing goodwill must only be included to the extent that the goodwill was acquired for valuable consideration.
(3) | Other intangible assets |
(Formats 1 and 2, item B.I.2.)
Amounts in respect of concessions, patents, licences, trade marks and similar rights and assets must only be included in a company's balance sheet under this item if either—
(a)the assets were acquired for valuable consideration and are not required to be shown under goodwill, or
(b)the assets in question were created by the company itself.
(4) | Others: Other investments |
(Formats 1 and 2, items B.III.4 and C.III.2.)
Where amounts in respect of own shares held are included under either of these items, the nominal value of such shares must be shown separately.
(5) | Debtors |
(Formats 1 and 2, items C.II.1 to 3.)
The amount falling due after more than one year must be shown separately for each item included under debtors [F14and, in the case of format 2, the aggregate amount falling due after more than one year must also be shown].
(6) | Prepayments and accrued income |
Textual Amendments
F14Words in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(3)(b) (with reg. 3)
(Formats 1 and 2, item D.)
This item may alternatively be included under item C.II.3 in Format 1 or 2.
(7) | Other creditors |
(Format 1, items E.4, H.4 and J and Format 2, items C.4 and D.)
There must be shown separately—
(a)the amount of any convertible loans, and
(b)the amount for creditors in respect of taxation and social security.
Payments received on account of orders must be included in so far as they are not shown as deductions from stocks.
In Format 1, accruals and deferred income may be shown under item J or included under item E.4 or H.4, or both (as the case may require). In Format 2, accruals and deferred income may be shown under item D or within item C.4 under Liabilities.
(8) | Net current assets (liabilities) |
(Format 1, item F.)
In determining the amount to be shown under this item any prepayments and accrued income must be taken into account wherever shown.
(9) | Called up share capital |
(Format 1, item K.I and Format 2, Liabilities item A.I.)
The amount of allotted share capital and the amount of called up share capital which has been paid up must be shown separately.
(10) | Creditors |
(Format 2, Liabilities items C.1 to 4.)
Amounts falling due within one year and after one year must be shown separately for each of these items and for the aggregate of all of these items F15....
Profit and loss account formats | ||
---|---|---|
Format 1 | ||
(see note (14) below) | ||
1. | Turnover | |
2. | Cost of sales (11) | |
3. | Gross profit or loss | |
4. | Distribution costs (11) | |
5. | Administrative expenses (11) | |
6. | Other operating income | |
7. | Income from shares in group undertakings | |
8. | Income from participating interests | |
9. | Income from other fixed asset investments (12) | |
10. | Other interest receivable and similar income (12) | |
11. | Amounts written off investments | |
12. | Interest payable and similar [F16expenses ] (13) | |
13. | Tax on profit or loss F17... | |
14. | Profit or loss F18... after taxation | |
15. | F19. . . | |
16. | F19. . . | |
17. | F19. . . | |
18. | F19. . . | |
19. | Other taxes not shown under the above items | |
20. | Profit or loss for the financial year |
Profit and loss account formats | |||
---|---|---|---|
Format 2 | |||
1. | Turnover | ||
2. | Change in stocks of finished goods and in work in progress | ||
3. | Own work capitalised | ||
4. | Other operating income | ||
5. | (a) | Raw materials and consumables | |
(b) | Other external charges | ||
6. | Staff costs | ||
(a) | wages and salaries | ||
(b) | social security costs | ||
(c) | other pension costs | ||
7. | (a) | Depreciation and other amounts written off tangible and intangible fixed assets | |
(b) | [F20Amounts written off current assets, to the extent that they exceed write-offs which are normal in the undertaking concerned] | ||
8. | Other operating [F21expenses ] | ||
9. | Income from shares in group undertakings | ||
10. | Income from participating interests | ||
11. | Income from other fixed asset investments (12) | ||
12. | Other interest receivable and similar income (12) | ||
13. | Amounts written off investments | ||
14. | Interest payable and similar [F22expenses] (13) | ||
15. | Tax on profit or loss F23... | ||
16. | Profit or loss F24... after taxation | ||
17. | F25. . . | ||
18. | F25. . . | ||
19. | F25. . . | ||
20. | F25. . . | ||
21. | Other taxes not shown under the above items | ||
22. | Profit or loss for the financial year |
Profit and loss account formats | |||
---|---|---|---|
Format 3 | |||
F26... |
Profit and loss account formats | |||
---|---|---|---|
Format 4 | |||
F27... |
Notes on the profit and loss account formats |
---|
(11) | Cost of sales: distribution costs: administrative expenses |
Textual Amendments
F15Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(3)(c) (with reg. 3)
F16Word in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(3)(d)(i) (with reg. 3)
F17Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(3)(d)(ii) (with reg. 3)
F18Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(3)(d)(iii) (with reg. 3)
F19Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(3)(d)(iv) (with reg. 3)
F20Words in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(3)(e)(i) (with reg. 3)
F21Word in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(3)(e)(ii) (with reg. 3)
F22Word in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(3)(e)(iii) (with reg. 3)
F23Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(3)(e)(iv) (with reg. 3)
F24Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(3)(e)(v) (with reg. 3)
F25Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(3)(e)(vi) (with reg. 3)
F26Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(3)(f) (with reg. 3)
F27Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(3)(g) (with reg. 3)
(Format 1, items 2, 4 and 5 F28....)
Textual Amendments
F28Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(3)(h) (with reg. 3)
These items must be stated after taking into account any necessary provisions for depreciation or diminution in value of assets.
(12) | Income from other fixed asset investments: other interest receivable and similar income |
(Format 1, items 9 and 10; Format 2, items 11 and 12; F29....)
Textual Amendments
F29Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(3)(i) (with reg. 3)
Income and interest derived from group undertakings must be shown separately from income and interest derived from other sources.
(13) | Interest payable and similar [F30expenses] |
Textual Amendments
F30Word in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(3)(j) (with reg. 3)
(Format 1, item 12; Format 2, item 14; F31....)
Textual Amendments
F31Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(3)(j) (with reg. 3)
The amount payable to group undertakings must be shown separately.
(14) | F32. . . |
Textual Amendments
F32Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(3)(k) (with reg. 3)
F32...
Textual Amendments
F32Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(3)(k) (with reg. 3)
Textual Amendments
F33Sch. 1 Pt. 1 Section C inserted (with effect in accordance with reg. 2(2) of the amending S.I.) by The Small Companies (Micro-Entities Accounts) Regulations 2013 (S.I. 2013/3008), regs. 2(1), 10(4) (with reg. 3)
A Called up share capital not paid
B Fixed assets
C Current assets
D Prepayments and accrued income
E Creditors: amounts falling due within one year
F Net current assets (liabilities)
G Total assets less current liabilities
H Creditors: amounts falling due after more than one year
I Provisions for liabilities
J Accruals and deferred income
K Capital and reserves
ASSETS
A Called up share capital not paid
B Fixed assets
C Current Assets
D Prepayments and accrued income
[F34CAPITAL, RESERVES AND LIABILITIES]
Textual Amendments
F34Words in Sch. 1 Pt. 1 Section C substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(4) (with reg. 3)
A Capital and reserves
B Provisions for liabilities
C Creditors (1)
D Accruals and deferred income
Notes on the balance sheet formats
(1) Creditors
(Format 2, item C under Liabilities)
Aggregate amounts falling due within one year and after one year must be shown separately.
A Turnover
B Other income
C Cost of raw materials and consumables
D Staff costs
E Depreciation and other amounts written off assets
F Other charges
G Tax
H Profit or loss]
10.—(1) The amounts to be included in respect of all items shown in a company's accounts must be determined in accordance with the principles set out in this Section.
(2) But if it appears to the company's directors that there are special reasons for departing from any of those principles in preparing the company's accounts in respect of any financial year they may do so, in which case particulars of the departure, the reasons for it and its effect must be given in a note to the accounts.
11. The company is presumed to be carrying on business as a going concern.
12. Accounting policies [F35and measurement bases] must be applied consistently within the same accounts and from one financial year to the next.U.K.
Textual Amendments
F35Words in Sch. 1 para. 12 inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 17(2)(a) (with reg. 3)
13. The amount of any item must be determined on a prudent basis, and in particular—U.K.
(a)only profits realised at the balance sheet date must be included in the profit and loss account, F36...
(b)all liabilities which have arisen in respect of the financial year to which the accounts relate or a previous financial year must be taken into account, including those which only become apparent between the balance sheet date and the date on which it is signed on behalf of the board of directors in accordance with section 414 of the 2006 Act (approval and signing of accounts); [F37and ]
[F38(c)all provisions for diminution of value must be recognised, whether the result of the financial year is a profit or a loss.]
Textual Amendments
F36Word in Sch. 1 para. 13 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 17(2)(b)(i) (with reg. 3)
F37Word in Sch. 1 para. 13(b) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 17(2)(b)(ii) (with reg. 3)
F38Sch. 1 para. 13(c) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 17(2)(b)(iii) (with reg. 3)
14. All income and charges relating to the financial year to which the accounts relate must be taken into account, without regard to the date of receipt or payment.U.K.
15. In determining the aggregate amount of any item, the amount of each individual asset or liability that falls to be taken into account must be determined separately.U.K.
[F3915A. The opening balance sheet for each financial year shall correspond to the closing balance sheet for the preceding financial year.]U.K.
Textual Amendments
F39Sch. 1 para. 15A inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 17(2)(c) (with reg. 3)
16. Subject to Sections C and D of this Part of this Schedule, the amounts to be included in respect of all items shown in a company's accounts must be determined in accordance with the rules set out in this Section.
17.—(1) The amount to be included in respect of any fixed asset must be its purchase price or production cost.
(2) This is subject to any provision for depreciation or diminution in value made in accordance with paragraphs 18 to 20.
18. In the case of any fixed asset which has a limited useful economic life, the amount of—
(a)its purchase price or production cost, or
(b)where it is estimated that any such asset will have a residual value at the end of the period of its useful economic life, its purchase price or production cost less that estimated residual value,
must be reduced by provisions for depreciation calculated to write off that amount systematically over the period of the asset's useful economic life.
19.—(1) Where a fixed asset investment of a description falling to be included under item B.III of either of the balance sheet formats set out in [F40Section B of] Part 1 of this Schedule has diminished in value, provisions for diminution in value may be made in respect of it and the amount to be included in respect of it may be reduced accordingly.U.K.
(2) Provisions for diminution in value must be made in respect of any fixed asset which has diminished in value if the reduction in its value is expected to be permanent (whether its useful economic life is limited or not), and the amount to be included in respect of it must be reduced accordingly.
[F41(3) Provisions made under sub-paragraph (1) or (2) must be charged to the profit and loss account and disclosed separately in a note to the accounts if not shown separately in the profit and loss account.]
Textual Amendments
F40Words in Sch. 1 para. 19 inserted (with effect in accordance with reg. 2(2) of the amending S.I.) by The Small Companies (Micro-Entities Accounts) Regulations 2013 (S.I. 2013/3008), regs. 2(1), 11(a) (with reg. 3)
F41Sch. 1 para. 19(3) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 17(3)(a) (with reg. 3)
20.—(1) Where the reasons for which any provision was made in accordance with paragraph 19 have ceased to apply to any extent, that provision must be written back to the extent that it is no longer necessary.U.K.
[F42(2) Any amounts written back under sub-paragraph (1) must be recognised in the profit and loss account and disclosed separately in a note to the accounts if not shown separately in the profit and loss account.]
Textual Amendments
F42Sch. 1 para. 20(2) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 17(3)(b) (with reg. 3)
21.—(1) Where this is in accordance with generally accepted accounting principles or practice, development costs may be included in “other intangible assets” under “fixed assets” in the balance sheet formats set out in Section B of Part 1 of this Schedule.
(2) If any amount is included in a company's balance sheet in respect of development costs, the note on accounting policies (see paragraph 44 of this Schedule) must include the following information—
(a)the period over which the amount of those costs originally capitalised is being or is to be written off, and
(b)the reasons for capitalising the development costs in question.
Textual Amendments
F43Sch. 1 paras. 21, 22 substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 17(3)(c) (with reg. 3)
22.—(1) Intangible assets must be written off over the useful economic life of the intangible asset.
(2) Where in exceptional cases the useful life of intangible assets cannot be reliably estimated, such assets must be written off over a period chosen by the directors of the company.
(3) The period referred to in sub-paragraph (2) must not exceed ten years.
(4) There must be disclosed in a note to the accounts the period referred to in sub-paragraph (2) and the reasons for choosing that period.]
Textual Amendments
F43Sch. 1 paras. 21, 22 substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 17(3)(c) (with reg. 3)
23. Subject to paragraph 24, the amount to be included in respect of any current asset must be its purchase price or production cost.
24.—(1) If the net realisable value of any current asset is lower than its purchase price or production cost, the amount to be included in respect of that asset must be the net realisable value.U.K.
(2) Where the reasons for which any provision for diminution in value was made in accordance with sub-paragraph (1) have ceased to apply to any extent, that provision must be written back to the extent that it is no longer necessary.
25.—(1) Where the amount repayable on any debt owed by a company is greater than the value of the consideration received in the transaction giving rise to the debt, the amount of the difference may be treated as an asset.
(2) Where any such amount is so treated—
(a)it must be written off by reasonable amounts each year and must be completely written off before repayment of the debt, and
(b)if the current amount is not shown as a separate item in the company's balance sheet, it must be disclosed in a note to the accounts.
26.—[F44(1) Subject to sub-paragraph (2), the following may be included at a fixed quantity and value in the balance sheet formats set out in Section B of Part 1 of this Schedule—
(a)assets which fall to be included amongst the fixed assets of a company under the item “intangible assets”, and
(b)raw materials and consumables within the item “stocks”.]
(2) Sub-paragraph (1) applies to assets of a kind which are constantly being replaced where—
(a)their overall value is not material to assessing the company's state of affairs, and
(b)their quantity, value and composition are not subject to material variation.
Textual Amendments
F44Sch. 1 para. 26(1) substituted (with effect in accordance with reg. 2(2) of the amending S.I.) by The Small Companies (Micro-Entities Accounts) Regulations 2013 (S.I. 2013/3008), regs. 2(1), 11(c) (with reg. 3)
27.—(1) The purchase price of an asset is to be determined by adding to the actual price paid any expenses incidental to its acquisition [F45and then subtracting any incidental reductions in the cost of acquisition].
(2) The production cost of an asset is to be determined by adding to the purchase price of the raw materials and consumables used the amount of the costs incurred by the company which are directly attributable to the production of that asset.
(3) In addition, there may be included in the production cost of an asset—
(a)a reasonable proportion of the costs incurred by the company which are only indirectly attributable to the production of that asset, but only to the extent that they relate to the period of production, and
(b)interest on capital borrowed to finance the production of that asset, to the extent that it accrues in respect of the period of production,
provided, however, in a case within paragraph (b), that the inclusion of the interest in determining the cost of that asset and the amount of the interest so included is disclosed in a note to the accounts.
(4) In the case of current assets distribution costs may not be included in production costs.
Textual Amendments
F45Words in Sch. 1 para. 27(1) added (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 17(3)(d) (with reg. 3)
28.—(1) The purchase price or production cost of—U.K.
(a)any assets which [F46, by virtue of regulation 3(1) and Section B of Part 1 of this Schedule, ] fall to be included under any item shown in a company's balance sheet under the general item “stocks”, and
(b)any assets which are fungible assets (including investments),
may be determined by the application of any of the methods mentioned in sub-paragraph (2) in relation to any such assets of the same class, provided that the method chosen is one which appears to the directors to be appropriate in the circumstances of the company.
(2) Those methods are—
(a)the method known as “first in, first out” (FIFO),
(b)the method known as “last in, first out” (LIFO),
(c)a weighted average price, and
(d)any other method [F47reflecting generally accepted best practice].
(3) For the purposes of this paragraph, assets of any description must be regarded as fungible if assets of that description are substantially indistinguishable one from another.
Textual Amendments
F46Words in Sch. 1 para. 28(1)(a) inserted (with effect in accordance with reg. 2(2) of the amending S.I.) by The Small Companies (Micro-Entities Accounts) Regulations 2013 (S.I. 2013/3008), regs. 2(1), 11(d) (with reg. 3)
F47Words in Sch. 1 para. 28(2)(d) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 17(3)(e) (with reg. 3)
29.—(1) This paragraph applies where—
(a)there is no record of the purchase price or production cost of any asset of a company or of any price, expenses or costs relevant for determining its purchase price or production cost in accordance with paragraph 27, or
(b)any such record cannot be obtained without unreasonable expense or delay.
(2) In such a case, the purchase price or production cost of the asset must be taken, for the purposes of paragraphs 17 to 24, to be the value ascribed to it in the earliest available record of its value made on or after its acquisition or production by the company.
29A.—(1) Participating interests may be accounted for using the equity method.
(2) If participating interests are accounted for using the equity method—
(a)the proportion of profit or loss attributable to a participating interest and recognised in the profit and loss account may be that proportion which corresponds to the amount of any dividends, and
(b)where the profit attributable to a participating interest and recognised in the profit and loss account exceeds the amount of any dividends, the difference must be placed in a reserve which cannot be distributed to shareholders.
(3) The reference to “dividends” in sub-paragraph (2) includes dividends already paid and those whose payment can be claimed.]
Textual Amendments
F48Sch. 1 para. 29A inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 17(3)(f) (with reg. 3)
30.—(1) The rules set out in Section B are referred to below in this Schedule as the historical cost accounting rules.
(2) Those rules, with the omission of paragraphs 16, 22 and 26 to 29, are referred to below in this Part of this Schedule as the depreciation rules; and references below in this Schedule to the historical cost accounting rules do not include the depreciation rules as they apply by virtue of paragraph 33.
31. Subject to paragraphs 33 to 35, the amounts to be included in respect of assets of any description mentioned in paragraph 32 may be determined on any basis so mentioned.U.K.
32.—(1) Intangible fixed assets, other than goodwill, may be included at their current cost.
(2) Tangible fixed assets may be included at a market value determined as at the date of their last valuation or at their current cost.
(3) Investments of any description falling to be included under item B III of either of the balance sheet formats set out Part 1 of this Schedule may be included either—
(a)at a market value determined as at the date of their last valuation, or
(b)at a value determined on any basis which appears to the directors to be appropriate in the circumstances of the company.
But in the latter case particulars of the method of valuation adopted and of the reasons for adopting it must be disclosed in a note to the accounts.
F49(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F49(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F49Sch. 1 para. 32(4)(5) omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 17(4)(a) (with reg. 3)
33.—(1) Where the value of any asset of a company is determined on any basis mentioned in paragraph 32, that value must be, or (as the case may require) be the starting point for determining, the amount to be included in respect of that asset in the company's accounts, instead of its purchase price or production cost or any value previously so determined for that asset. The depreciation rules apply accordingly in relation to any such asset with the substitution for any reference to its purchase price or production cost of a reference to the value most recently determined for that asset on any basis mentioned in paragraph 32.
(2) The amount of any provision for depreciation required in the case of any fixed asset by paragraphs 18 to 20 as they apply by virtue of sub-paragraph (1) is referred to below in this paragraph as the adjusted amount, and the amount of any provision which would be required by any of those paragraphs in the case of that asset according to the historical cost accounting rules is referred to as the historical cost amount.
(3) Where sub-paragraph (1) applies in the case of any fixed asset the amount of any provision for depreciation in respect of that asset—
(a)included in any item shown in the profit and loss account in respect of amounts written off assets of the description in question, or
(b)taken into account in stating any item so shown which is required by note (11) of the notes on the profit and loss account formats set out in Part 1 of this Schedule to be stated after taking into account any necessary provision for depreciation or diminution in value of assets included under it,
may be the historical cost amount instead of the adjusted amount, provided that the amount of any difference between the two is shown separately in the profit and loss account or in a note to the accounts.
34.—(1) This paragraph applies where the amounts to be included in respect of assets covered by any items shown in a company's accounts have been determined on any basis mentioned in paragraph 32.
(2) The items affected and the basis of valuation adopted in determining the amounts of the assets in question in the case of each such item must be disclosed in [F50the note on accounting policies (see paragraph 44 of this Schedule)].
[F51(3) In the case of each balance sheet item affected, the comparable amounts determined according to the historical cost accounting rules must be shown in a note to the accounts.]
(4) In sub-paragraph (3), references in relation to any item to the comparable amounts determined as there mentioned are references to—
(a)the aggregate amount which would be required to be shown in respect of that item if the amounts to be included in respect of all the assets covered by that item were determined according to the historical cost accounting rules, and
(b)the aggregate amount of the cumulative provisions for depreciation or diminution in value which would be permitted or required in determining those amounts according to those rules.
Textual Amendments
F50Words in Sch. 1 para. 34(2) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 17(4)(b) (with reg. 3)
F51Sch. 1 para. 34(3) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 17(4)(c) (with reg. 3)
35.—(1) With respect to any determination of the value of an asset of a company on any basis mentioned in paragraph 32, the amount of any profit or loss arising from that determination (after allowing, where appropriate, for any provisions for depreciation or diminution in value made otherwise than by reference to the value so determined and any adjustments of any such provisions made in the light of that determination) must be credited or (as the case may be) debited to a separate reserve (“the revaluation reserve”).
(2) The amount of the revaluation reserve must be shown in the company's balance sheet under a separate sub-heading in the position given for the item “revaluation reserve” [F52under “Capital and reserves”] of the balance sheet formats set out in Part 1 of this Schedule F53....
(3) An amount may be transferred—
(a)from the revaluation reserve—
(i)to the profit and loss account, if the amount was previously charged to that account or represents realised profit, or
(ii)on capitalisation,
(b)to or from the revaluation reserve in respect of the taxation relating to any profit or loss credited or debited to the reserve.
The revaluation reserve must be reduced to the extent that the amounts transferred to it are no longer necessary for the purposes of the valuation method used.
(4) In sub-paragraph (3)(a)(ii) “capitalisation”, in relation to an amount standing to the credit of the revaluation reserve, means applying it in wholly or partly paying up unissued shares in the company to be allotted to members of the company as fully or partly paid shares.
(5) The revaluation reserve must not be reduced except as mentioned in this paragraph.
(6) The treatment for taxation purposes of amounts credited or debited to the revaluation reserve must be disclosed in a note to the accounts.
Textual Amendments
F52Words in Sch. 1 para. 35(2) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 17(4)(d)(i) (with reg. 3)
F53Words in Sch. 1 para. 35(2) omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 17(4)(d)(ii) (with reg. 3)
36.—(1) Subject to sub-paragraphs (2) to (5), financial instruments (including derivatives) may be included at fair value.
(2) Sub-paragraph (1) does not apply to financial instruments that constitute liabilities unless—
(a)they are held as part of a trading portfolio,
(b)they are derivatives, or
(c)they are financial instruments falling within sub-paragraph (4).
(3) Unless they are financial instruments falling within sub-paragraph (4), sub-paragraph (1) does not apply to—
(a)financial instruments (other than derivatives) held to maturity,
(b)loans and receivables originated by the company and not held for trading purposes,
(c)interests in subsidiary undertakings, associated undertakings and joint ventures,
(d)equity instruments issued by the company,
(e)contracts for contingent consideration in a business combination, or
(f)other financial instruments with such special characteristics that the instruments, according to generally accepted accounting principles or practice, should be accounted for differently from other financial instruments.
[F54(4) Financial instruments which under international accounting standards may be included in accounts at fair value, may be so included, provided that the disclosures required by such accounting standards are made.]
(5) If the fair value of a financial instrument cannot be determined reliably in accordance with paragraph 37, sub-paragraph (1) does not apply to that financial instrument.
(6) In this paragraph—
“associated undertaking” has the meaning given by paragraph 19 of Schedule 6 to these Regulations;
“joint venture” has the meaning given by paragraph 18 of that Schedule.
Textual Amendments
F54Sch. 1 para. 36(4) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 17(5)(a) (with reg. 3)
37.—(1) The fair value of a financial instrument is its value determined in accordance with this paragraph.
(2) If a reliable market can readily be identified for the financial instrument, its fair value is to be determined by reference to its market value.
(3) If a reliable market cannot readily be identified for the financial instrument but can be identified for its components or for a similar instrument, its fair value is determined by reference to the market value of its components or of the similar instrument.
(4) If neither sub-paragraph (2) nor (3) applies, the fair value of the financial instrument is a value resulting from generally accepted valuation models and techniques.
(5) Any valuation models and techniques used for the purposes of sub-paragraph (4) must ensure a reasonable approximation of the market value.
38. A company may include any assets and liabilities, or identified portions of such assets or liabilities, that qualify as hedged items under a fair value hedge accounting system at the amount required under that system.
39.—(1) This paragraph applies to—
(a)stocks
(b)investment property, and
(c)living animals and plants.
(2) Such stocks, investment property, and living animals and plants may be included at fair value, provided that, as the case maybe, all such stocks, investment property, and living animals and plants are so included where their fair value can reliably be determined.
(3) In this paragraph, “fair value” means fair value determined in accordance with generally accepted accounting principles or practice.]
Textual Amendments
F55Sch. 1 para. 39 substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 17(5)(b) (with reg. 3)
40.—(1) This paragraph applies where a financial instrument is valued in accordance with paragraph 36 or 38 or an asset is valued in accordance with paragraph 39.
(2) Notwithstanding paragraph 13 in this Part of this Schedule, and subject to sub-paragraphs (3) and (4), a change in the value of the financial instrument or of the investment property or living animal or plant must be included in the profit and loss account.
(3) Where—
(a)the financial instrument accounted for is a hedging instrument under a hedge accounting system that allows some or all of the change in value not to be shown in the profit and loss account, or
(b)the change in value relates to an exchange difference arising on a monetary item that forms part of a company's net investment in a foreign entity,
the amount of the change in value must be credited to or (as the case may be) debited from a separate reserve (“the fair value reserve”).
(4) Where the instrument accounted for—
(a)is an available for sale financial asset, and
(b)is not a derivative,
the change in value may be credited to or (as the case may be) debited from the fair value reserve.
41.—(1) The fair value reserve must be adjusted to the extent that the amounts shown in it are no longer necessary for the purposes of paragraph 40(3) or (4).
F56(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F56Sch. 1 para. 41(2) omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 17(5)(c) (with reg. 3)
42.—(1) Any information required in the case of a company by the following provisions of this Part of this Schedule must be given by way of a note to the accounts.
(2) These notes must be presented in the order in which, where relevant, the items to which they relate are presented in the balance sheet and in the profit and loss account.]
Textual Amendments
F57Sch. 1 para. 42 substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(2) (with reg. 3)
F5843. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F58Sch. 1 para. 43 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(3) (with reg. 3)
44. The accounting policies adopted by the company in determining the amounts to be included in respect of items shown in the balance sheet and in determining the profit or loss of the company must be stated (including such policies with respect to the depreciation and diminution in value of assets).
45. Paragraphs [F5948 to 57] require information which either supplements the information given with respect to any particular items shown in the balance sheet or is otherwise relevant to assessing the company's state of affairs in the light of the information so given.U.K.
Textual Amendments
F59Words in Sch. 1 para. 45 substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(4) (with reg. 3)
F6046. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F60Sch. 1 para. 46 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(5) (with reg. 3)
F6147. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F61Sch. 1 para. 47 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(6) (with reg. 3)
48.—(1) In respect of each item which is or would but for paragraph 4(2)(b) be shown under the general item “fixed assets” in the company's balance sheet the following information must be given—
(a)the appropriate amounts in respect of that item as at the date of the beginning of the financial year and as at the balance sheet date respectively,
(b)the effect on any amount shown in the balance sheet in respect of that item of—
(i)any revision of the amount in respect of any assets included under that item made during that year on any basis mentioned in paragraph 32,
(ii)acquisitions during that year of any assets,
(iii)disposals during that year of any assets, and
(iv)any transfers of assets of the company to and from that item during that year.
(2) The reference in sub-paragraph (1)(a) to the appropriate amounts in respect of any item as at any date there mentioned is a reference to amounts representing the aggregate amounts determined, as at that date, in respect of assets falling to be included under that item on either of the following bases, that is to say—
(a)on the basis of purchase price or production cost (determined in accordance with paragraphs 27 and 28), or
(b)on any basis mentioned in paragraph 32,
(leaving out of account in either case any provisions for depreciation or diminution in value).
(3) In respect of each item within sub-paragraph (1) there must also be stated—
(a)the cumulative amount of provisions for depreciation or diminution in value of assets included under that item as at each date mentioned in sub-paragraph (1)(a),
(b)the amount of any such provisions made in respect of the financial year,
(c)the amount of any adjustments made in respect of any such provisions during that year in consequence of the disposal of any assets, and
(d)the amount of any other adjustments made in respect of any such provisions during that year.
49. Where any fixed assets of the company (other than listed investments) are included under any item shown in the company's balance sheet at an amount determined on any basis mentioned in paragraph 32, the following information must be given—U.K.
(a)the years (so far as they are known to the directors) in which the assets were severally valued and the several values, and
(b)in the case of assets that have been valued during the financial year, the names of the persons who valued them or particulars of their qualifications for doing so and (whichever is stated) the bases of valuation used by them.
Modifications etc. (not altering text)
C4Sch. 1 paras. 49, 50 applied (with modifications) (with application in accordance with reg. 1(2) of the amending S.I.) by The Partnerships (Accounts) Regulations 2008 (S.I. 2008/569), reg. 1(2), Sch. 1 paras. 1(1)(b), 2(1)(c)
F6250. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F62Sch. 1 para. 50 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(7) (with reg. 3)
51.—(1) This paragraph applies where financial instruments or other assets have been valued in accordance with, as appropriate, paragraph 36, 38 or 39.
(2) There must be stated—
(a)the significant assumptions underlying the valuation models and techniques used to determine the fair values,
(b)for each category of financial instrument or other asset, the fair value of the assets in that category and the changes in value—
(i)included directly in the profit and loss account, or
(ii)credited to or (as the case may be) debited from the fair value reserve,
in respect of those assets, and
(c)for each class of derivatives, the extent and nature of the instruments, including significant terms and conditions that may affect the amount, timing and certainty of future cash flows.
(3) Where any amount is transferred to or from the fair value reserve during the financial year, there must be stated in tabular form—
(a)the amount of the reserve as at the date of the beginning of the financial year and as at the balance sheet date respectively, and
(b)the amount transferred to or from the reserve during that year.]
Textual Amendments
F63Sch. 1 para. 51 substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(8) (with reg. 3)
F6452. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F64Sch. 1 para. 52 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(9) (with reg. 3)
F6553. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F65Sch. 1 para. 53 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(10) (with reg. 3)
54.—(1) This paragraph applies where fixed assets are measured at revalued amounts.
(2) Where this paragraph applies, the following information must be given in tabular form—
(a)movements in the revaluation reserve in the financial year, with an explanation of the tax treatment of items therein, and
(b)the carrying amount in the balance sheet that would have been recognised had the fixed assets not been revalued.]
Textual Amendments
F66Sch. 1 para. 54 substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(11) (with reg. 3)
55.—(1) For the aggregate of all items shown under “creditors” in the company's balance sheet there must be stated the aggregate of the following amounts—
(a)the amount of any debts included under “creditors” which are payable or repayable otherwise than by instalments and fall due for payment or repayment after the end of the period of five years beginning with the day next following the end of the financial year, and
(b)in the case of any debts so included which are payable or repayable by instalments, the amount of any instalments which fall due for payment after the end of that period.
(2) In respect of each item shown under “creditors” in the company's balance sheet there must be stated the aggregate amount of any debts included under that item in respect of which any security has been given by the company [F67with an indication of the nature and form of any such security].
(3) References above in this paragraph to an item shown under “creditors” in the company's balance sheet include references, where amounts falling due to creditors within one year and after more than one year are distinguished in the balance sheet—
(a)in a case within sub-paragraph (1), to an item shown under the latter of those categories,
(b)in a case within sub-paragraph (2), to an item shown under either of those categories.
References to items shown under “creditors” include references to items which would but for paragraph 4(2)(b) be shown under that heading.
Textual Amendments
F67Words in Sch. 1 para. 55(2) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(12) (with reg. 3)
F6856. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F68Sch. 1 para. 56 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(13) (with reg. 3)
57.—(1) The total amount of any financial commitments, guarantees and contingencies that are not included in the balance sheet must be stated.
(2) An indication of the nature and form of any valuable security given by the company in respect of commitments, guarantees and contingencies within sub-paragraph (1) must be given.
(3) The total amount of any commitments within sub-paragraph (1) concerning pensions must be separately disclosed.
(4) The total amount of any commitments within sub-paragraph (1) which are undertaken on behalf of or for the benefit of—
(a)any parent undertaking, fellow subsidiary undertaking or any subsidiary undertaking of the company, or
(b)any undertaking in which the company has a participating interest
must be separately stated and those within paragraph (a) must also be stated separately from those within paragraph (b).]
Textual Amendments
F69Sch. 1 para. 57 substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(14) (with reg. 3)
F7058. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F70Sch. 1 para. 58 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(15) (with reg. 3)
F7159. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F71Sch. 1 para. 59 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(16) (with reg. 3)
F7260. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F72Sch. 1 para. 60 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(17) (with reg. 3)
61.—(1) Where any amount relating to any preceding financial year is included in any item in the profit and loss account, the effect must be stated.
[F73(2) The amount and nature of any individual items of income or expenditure of exceptional size or incidence must be stated.]
Textual Amendments
F73Sch. 1 para. 61(2) substituted for Sch. 1 para. 61(2)(3) (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(18) (with reg. 3)
F7462. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F74Sch. 1 para. 62 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(19) (with reg. 3)
F7563. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F75Sch. 1 para. 63 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(20) (with reg. 3)
64. The nature and financial effect of material events arising after the balance sheet date which are not reflected in the profit and loss account or balance sheet must be stated.]
Textual Amendments
F76Sch. 1 paras. 64-66 inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(21) (with reg. 3)
65. Where the company is a subsidiary undertaking, the following information must be given in respect of the parent undertaking of the smallest group of undertakings for which group accounts are drawn up of which the company is a member—
(a)the name of the parent undertaking which draws up the group accounts,
(b)the address of the undertaking's registered office (whether in or outside the United Kingdom), or
(c)if it is unincorporated, the address of its principal place of business.]
Textual Amendments
F76Sch. 1 paras. 64-66 inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(21) (with reg. 3)
66.—(1) Particulars may be given of transactions which the company has entered into with related parties, and must be given if such transactions are material and have not been concluded under normal market conditions with—
(a)owners holding a participating interest in the company;
(b)companies in which the company itself has a participating interest; and
(c)the company's directors.
(2) Particulars of the transactions required to be disclosed under sub-paragraph (1) must include—
(a)the amount of such transactions,
(b)the nature of the related party relationship, and
(c)other information about the transactions necessary for an understanding of the financial position of the company.
(3) Information about individual transactions may be aggregated according to their nature, except where separate information is necessary of an understanding of the effects of the related party transactions on the financial position of the company.
(4) Particulars need not be given of transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly-owned by such a member.
(5) In this paragraph, “related party” has the same meaning as in international accounting standards.]
Textual Amendments
F76Sch. 1 paras. 64-66 inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 18(21) (with reg. 3)
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