SCHEDULES

SCHEDULE 4 Form and Content of Company Accounts

PART II Accounting Principles and Rules

Section B Historical Cost Accounting Rules

Miscellaneous and supplementary provisions

Assets included at a fixed amount

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.