SCHEDULES
C1C2SCHEDULE 4 Form and Content of Company Accounts
Annotations:
Modifications etc. (not altering text)
Part II Accounting Principles and Rules
Section B Historical Cost Accounting Rules
Miscellaneous and supplementary provisions
25
1
Subject to the following sub-paragraph, assets which fall to be included—
a
amongst the fixed assets of a company under the item “tangible assets”; or
b
amongst the current assets of a company under the item “raw materials and consumables”;may be included at a fixed quantity and value.
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.
Determination of purchase price or production cost
Sch. 4 applied with modifications by S.I. 1985/680, regs. 4–6, Sch. and Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 176(9), Sch. 8 para. 19(3)(4)(5)