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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
F29Subject to paragraph 15 below, the amounts to be included in respect of all items shown in a small company’s accounts shall be determined in accordance with the principles set out in paragraphs 10 to 14.
Textual Amendments
F2Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1
F310The company shall be presumed to be carrying on business as a going concern.
Textual Amendments
F3Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1
F411Accounting policies shall be applied consistently within the same accounts and from one financial year to the next.
Textual Amendments
F4Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1
F512The amount of any item shall be determined on a prudent basis, and in particular—
(a)only profits realised at the balance sheet date shall be included in the profit and loss account; and
(b)all liabilities and losses which have arisen or are likely to arise in respect of the financial year to which the accounts relate or a previous financial year shall 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 pursuance of section 233 of this Act.
Textual Amendments
F5Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1
F613All income and charges relating to the financial year to which the accounts relate shall be taken into account, without regard to the date of receipt or payment.
Textual Amendments
F6Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1
F714In determining the aggregate amount of any item the amount of each individual asset or liability that falls to be taken into account shall be determined separately.
Textual Amendments
F7Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1
F815If it appears to the directors of a small company that there are special reasons for departing from any of the principles stated above in preparing the company’s accounts in respect of any financial year they may do so, but particulars of the departure, the reasons for it and its effect shall be given in a note to the accounts.
Textual Amendments
F8Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1