Companies Act 1985

Section 279.

SCHEDULE 11 Modifications of Part VIII where Company's Relevant Accounts are Special Category

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 Schedule 9, except to the extent that that provision is taken into account in calculating the value of any asset of the company)".

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 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.”.

3 Section 269 does not apply.

4 Section 270 applies as if—

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

“(b) provisions (within the meaning of Schedule 9)”;

(b) in subsection (3), for the words from "which were laid" onwards there were substituted—

“which were laid or filed in respect of the last preceding accounting reference period in respect of which accounts so prepared were laid or filed; and for this purpose accounts are laid or filed if section 241(1) or (as the case may be) (3) has been complied with in relation to them”; and

(c) in subsection (4)(b) the words " or filed" were inserted after " laid ".

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 Part III of Schedule 9 ", and

(b) at the end of subsection (4) there were added the words " or delivered to the registrar of companies according as those accounts have been laid or filed ".

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

(a) for the references to section 228 and Schedule 4 there were substituted references to section 258 and 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 Part III of Schedule 9 ".

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 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.