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SCHEDULES

[F1X1 SCHEDULE 8E+W+SFORM AND CONTENT OF ACCOUNTS PREPARED BY SMALL COMPANIES]

Editorial Information

X1Sch. 8: the earliest available versions of Sch. 8 and its contents are those having effect on 16.11.1992

Textual Amendments

F1Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1

[F2PART IE+W+S GENERAL RULES AND FORMATS]

Textual Amendments

F2Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1

Section AE+W+S General Rules

F31(1)Subject to the following provisions of this Schedule—

(a)every balance sheet of a small company shall show the items listed in either of the balance sheet formats set out below in section B of this Part; and

(b)every profit and loss account of a small company shall show the items listed in any one of the profit and loss account formats so set out;

in either case in the order and under the headings and sub-headings given in the format adopted.

(2)Sub-paragraph (1) above is not to be read as requiring the heading or sub-heading for any item to be distinguished by any letter or number assigned to that item in the format adopted.

Textual Amendments

F3Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1

F42(1)Where in accordance with paragraph 1 a small company’s balance sheet or profit and loss account for any financial year has been prepared by reference to one of the formats set out in section B below, the directors of the company shall adopt the same format in preparing the accounts for subsequent financial years of the company unless in their opinion there are special reasons for a change.

(2)Particulars of any change in the format adopted in preparing a small company’s balance sheet or profit and loss account in accordance with paragraph 1 shall be disclosed, and the reasons for the change shall be explained, in a note to the accounts in which the new format is first adopted.

Textual Amendments

F4Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1

F53(1)Any item required in accordance with paragraph 1 to be shown in a small company’s balance sheet or profit and loss account may be shown in greater detail than required by the format adopted.

(2)A small company’s 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 adopted, but the following shall not be treated as assets in any small company’s balance sheet—

(a)preliminary expenses;

(b)expenses of and commission on any issue of shares or debentures; and

(c)costs of research.

(3)In preparing a small company’s balance sheet or profit and loss account the directors of the company shall adapt the arrangement and headings and sub-headings otherwise required by paragraph 1 in respect of items to which an Arabic number is assigned in the format adopted, in any case where the special nature of the company’s business requires such adaptation.

(4)Items to which Arabic numbers are assigned in any of the formats set out in section B below may be combined in a small company’s accounts for any financial year if either—

(a)their individual amounts are not material to assessing the state of affairs or profit or loss of the company for that year; or

(b)the combination facilitates that assessment;

but in a case within paragraph (b) the individual amounts of any items so combined shall be disclosed in a note to the accounts.

(5)Subject to paragraph 4(3) below, a heading or sub-heading corresponding to an item listed in the format adopted in preparing a small company’s balance sheet or profit and loss account shall not be included if there is no amount to be shown for that item in respect of the financial year to which the balance sheet or profit and loss account relates.

(6)Every profit and loss account of a small company shall show the amount of the company’s profit or loss on ordinary activities before taxation.

(7)F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F5Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1

F74(1)In respect of every item shown in a small company’s balance sheet or profit and loss account the corresponding amount for the financial year immediately preceding that to which the balance sheet or profit and loss account relates shall also be shown.

(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 [F8may be adjusted] and [F9particulars of the non-comparability and of any adjustment] shall be disclosed in a note to the accounts.

(3)Paragraph 3(5) does not apply in any case where an amount can be shown for the item in question in respect of the financial year immediately preceding that to which the balance sheet or profit and loss account relates, and that amount shall be shown under the heading or sub-heading required by paragraph 1 for that item.

F105Amounts 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.

Textual Amendments

F10Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1

5AThe directors of a company 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.

Section BE+W+S The Required Formats for Accounts

PreliminaryE+W+S

F116References in this Part of this Schedule to the items listed in any of the formats set out below are to those items read together with any of the notes following the formats which apply to any of those items, and the requirement imposed by paragraph 1 to show the items listed in any such format in the order adopted in the format is subject to any provision in those notes for alternative positions for any particular items.

Textual Amendments

F11Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1

F127A number in brackets following any item in any of the formats set out below is a reference to the note of that number in the notes following the formats.

Textual Amendments

F12Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1

F138In the notes following the formats—

(a)the heading of each note gives the required heading or sub-heading for the item to which it applies and a reference to any letters and numbers assigned to that item in the formats set out below (taking a reference in the case of Format 2 of the balance sheet formats to the item listed under “Assets” or under “Liabilities” as the case may require); and

(b)references to a numbered format are to the balance sheet format or (as the case may require) to the profit and loss account format of that number set out below.

Textual Amendments

F13Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1

Balance Sheet FormatsE+W+S

Format 1

ACalled up share capital not paid(1)

BFixed assets

IIntangible assets

1.Goodwill(2)

2.Other intangible assets(3)

IITangible assets

1.Land and buildings

2.Plant and machinery etc.

IIIInvestments

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)

CCurrent assets

IStocks

1.Stocks

2.Payments on account

IIDebtors(5)

1.Trade debtors

2.Amounts owed by group undertakings and undertakings in which the company has a participating interest

3.Other debtors

IIIInvestments

1.Shares in group undertakings

2.Other investments

IVCash at bank and in hand

DPrepayments and accrued income(6)

ECreditors: 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)

FNet current assets (liabilities)(8)

GTotal assets less current liabilities

HCreditors: 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[F14Provisions for liabilities]

Textual Amendments

F14Sch. 8 Balance Sheet Format 1 Item I: words substituted (12.11.2004 with effect as mentioned in reg. 1(2) of the amending S.I.) by The Companies Act 1985 (International Accounting Standards and Other Accounting Amendments) Regulations 2004 (S.I. 2004/2947), reg. 14(2), Sch. 3 para. 4(2)(a)

JAccruals and deferred income(7)

KCapital and reserves

ICalled up share capital(9)

IIShare premium account

IIIRevaluation reserve

IVOther reserves

VProfit and loss account

Balance Sheet FormatsE+W+S

Format 2

ASSETSE+W+S

ACalled up share capital not paid(1)

BFixed assets

IIntangible assets

1.Goodwill(2)

2.Other intangible assets(3)

IITangible assets

1.Land and buildings

2.Plant and machinery etc.

IIIInvestments

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)

CCurrent assets

IStocks

1.Stocks

2.Payments on account

IIDebtors(5)

1.Trade debtors

2.Amounts owed by group undertakings and undertakings in which the company has a participating interest

3.Other debtors

IIIInvestments

1.Shares in group undertakings

2.Other investments

IVCash at bank and in hand

DPrepayments and accrued income(6)

LIABILITIESE+W+S

ACapital and reserves

ICalled up share capital(9)

IIShare premium account

IIIRevaluation reserve

IVOther reserves

VProfit and loss account

B[F15Provisions for liabilities]

Textual Amendments

F15Sch. 8 Balance Sheet Format 2 Liabilities Item B: words substituted (12.11.2004 with effect as mentioned in reg. 1(2) of the amending S.I.) by The Companies Act 1985 (International Accounting Standards and Other Accounting Amendments) Regulations 2004 (S.I. 2004/2947), reg. 14(2), Sch. 3 para. 4(2)(b)

CCreditors(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)

DAccruals and deferred income(7)

Notes on the balance sheet formatsE+W+S
Profit and loss account formatsE+W+S

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 charges(13)

13. Tax on profit or loss on ordinary activities

14. Profit or loss on ordinary activities after taxation

15. Extraordinary income

16. Extraordinary charges

17. Extraordinary profit or loss

18. Tax on extraordinary profit or loss

19. Other taxes not shown under the above items

20. Profit or loss for the financial year

Profit and loss account formatsE+W+S

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)

Exceptional amounts written off current assets

8. Other operating charges

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 charges(13)

15. Tax on profit or loss on ordinary activities

16. Profit or loss on ordinary activities after taxation

17. Extraordinary income

18. Extraordinary charges

19. Extraordinary profit or loss

20. Tax on extraordinary profit or loss

21. Other taxes not shown under the above items

22. Profit or loss for the financial year

Profit and loss account formatsE+W+S

Format 3

(see note (14) below)

A. ChargesE+W+S

1. Cost of sales(11)

2. Distribution costs(11)

3. Administrative expenses(11)

4. Amounts written off investments

5. Interest payable and similar charges(13)

6. Tax on profit or loss on ordinary activities

7. Profit or loss on ordinary activities after taxation

8. Extraordinary charges

9. Tax on extraordinary profit or loss

10. Other taxes not shown under the above items

11. Profit or loss for the financial year

B. IncomeE+W+S

1. Turnover

2. Other operating income

3. Income from shares in group undertakings

4. Income from participating interests

5. Income from other fixed asset investments(12)

6. Other interest receivable and similar income(12)

7. Profit or loss on ordinary activities after taxation

8. Extraordinary income

9. Profit or loss for the financial year

Profit and loss account formatsE+W+S

Format 4

A. ChargesE+W+S

1. Reduction in stocks of finished goods and in work in progress

2.

(a)Raw materials and consumables

(b)Other external charges

3. Staff costs:

(a)wages and salaries

(b)social security costs

(c)other pension costs

4.

(a)Depreciation and other amounts written off tangible and intangible fixed assets

(b)Exceptional amounts written off current assets

5. Other operating charges

6. Amounts written off investments

7. Interest payable and similar charges(13)

8. Tax on profit or loss on ordinary activities

9. Profit or loss on ordinary activities after taxation

10. Extraordinary charges

11. Tax on extraordinary profit or loss

12. Other taxes not shown under the above items

13. Profit or loss for the financial year

B. IncomeE+W+S

1. Turnover

2. Increase in stocks of finished goods and in work in progress

3. Own work capitalised

4. Other operating income

5. Income from shares in group undertakings

6. Income from participating interests

7. Income from other fixed asset investments(12)

8. Other interest receivable and similar income(12)

9. Profit or loss on ordinary activities after taxation

10. Extraordinary income

11. Profit or loss for the financial year

Notes on the profit and loss account formatsE+W+S