Companies Act 1985

[F1 Exceptions for certain companies] E+W+S

Textual Amendments

F1 Sch. 9: heading before para. 27 inserted by Companies Act 1989 (c. 40, SIF 27), ss. 18(3)(4), 213(2), Sch. 7 Pt. I para. 8(1) (subject to the transitional and saving provisions mentioned in S.I. 1990/355, arts. 6–9)

F2 27 (1) The following applies to a banking company (if not subject to the M1 Banking Companies (Accounts) Regulations 1970) which satisfies the Secretary of State that it ought to have the benefit of this paragraph.

(2) The company shall not be subject to the requirements of [F3 paragraphs 2 to 18 of this Schedule] other than—

(a) as respects its balance sheet, those of paragraphs 2 and 3, paragraph 4 (so far as it relates to assets), paragraph 10 (except sub-paragraphs (1)(d) and (4)), paragraphs 11 and 12 and paragraph 13 (except sub-paragraphs (9), (10), (11), (13) and (14)); and

(b) as respects its profit and loss account, those of sub-paragraph (1)(h) and (k) of paragraph 14, [F4 and paragraph 15].

(3) But, where in the company’s balance sheet reserves or provisions (other than provisions for depreciation, renewals or diminution in value of assets) are not stated separately, any heading stating an amount arrived at after taking into account a reserve or such a provision shall be so framed or marked as to indicate that fact, and its profit and loss account shall indicate by appropriate words the manner in which the amount stated for the company’s profit or loss has been arrived at.

(4) The company’s accounts shall not be deemed, by reason only of the fact that they do not comply with any requirements F5 . . . from which the company is exempt by virtue of this paragraph, not to give the true and fair view required by this Act.

Textual Amendments

F2 Sch. 9: by virtue of S.I. 1991/2705, regs. 5(1), 9, Pts. I and II of Sch. 9 have formed (2.12.1991) a new Schedule numbered Schedule 9A.

F3 Words substituted by Companies Act 1989 (c. 40, SIF 27), ss. 18(3)(4), 213(2), Sch. 7 Pt. I para. 8(2)(a) (subject to the transitional and saving provisions mentioned in S.I. 1990/355, arts. 6–9)

F4 Words substituted by Companies Act 1989 (c. 40, SIF 27), s. 18(3)(4), Sch. 7 Pt. I para. 8(2)(b) (subject to the transitional and saving provisions mentioned in S.I. 1990/355, arts. 6–9)

F5 Words repealed (subject to the transitional and saving provisions mentioned in S.I. 1990/355, arts. 5–9, Sch. 2) by Companies Act 1989 (c. 40, SIF 27), ss. 18(3)(4), 212, 213(2), Sch. 7 Pt. I para. 8(3), Sch. 24

Marginal Citations

M1 S.I. 1970/327.

F6 28 (1) An insurance company F7 . . . shall not be subject to the following requirements of [F8 paragraphs 2 to 18] of this Schedule, that is to say—

(a) as respects its balance sheet, those of paragraphs 4 to 8 (both inclusive), sub-paragraphs (1)(a) and (3) of paragraph 10 and sub-paragraphs (6), (7) and (9) to (13) (both inclusive) of paragraph 13;

(b) as respects its profit and loss account, those of paragraph 14 (except sub-paragraph (1)(b), (c), (d) and (k)) and paragraph 18(2);

but, where in its balance sheet reserves or provisions (other than provisions for depreciation, renewals or diminution in value of assets) are not stated separately, any heading stating an amount arrived at after taking into account a reserve or such a provision shall be so framed or marked as to indicate that fact, and its profit and loss account shall indicate by appropriate words the manner in which the amount stated for the company’s profit or loss has been arrived at:

Provided that the Secretary of State may direct that any such insurance company whose business includes to a substantial extent business other than insurance business shall comply with all the requirements of the said [F8 paragraphs 2 to 18] or such of them as may be specified in the direction and shall comply therewith as respects either the whole of its business or such part thereof as may be so specified.

(2) The accounts of a company shall not be deemed, by reason only of the fact that they do not comply with any requirement of [F9 paragraphs 2 to 18] of this Schedule from which the company is exempt by virtue of this paragraph, not to give the true and fair view required by this Act.

Textual Amendments

F6 Sch. 9: by virtue of S.I. 1991/2705, regs. 5(1), 9, Pts. I and II of Sch. 9 have formed (2.12.1991) a new Schedule numbered Schedule 9A.

F7 Words repealed (subject to the transitional and saving provisions mentioned in S.I. 1990/355, arts. 5–9, Sch. 2) by Companies Act 1989 (c. 40, SIF 27), ss. 212, 213(2), Sch. 24

F8 Words substituted by Companies Act 1989 (c. 40, SIF 27), ss. 18(3)(4), 213(2), Sch. 7 Pt. I para. 9 (subject to the transitional and saving provisions mentioned in S.I. 1990/355, arts. 6–9)

F9 Words “paragraphs 2 to 18” substituted for “Part I” by Companies Act 1989 (c. 40, SIF 27), ss. 18(3)(4), 213(2), Sch. 7 Pt. I para. 9 (subject to the transitional and saving provisions mentioned in S.I. 1990/355, arts. 6–9)

[F10 F11 28A Where a company is entitled to, and has availed itself of, any of the provisions of paragraph 27 or 28 of this Schedule, section 235(2) only requires the auditors to state whether in their opinion the accounts have been properly prepared in accordance with this Act.]

Textual Amendments

F10 Sch. 9 para. 28A inserted by Companies Act 1989 (c. 40, SIF 27), ss. 18(3)(4), 213(2), Sch. 7 Pt. I para. 10 (subject to the transitional and saving provisions mentioned in S.I. 1990/355, arts. 6–9)

F11 Sch. 9: by virtue of S.I. 1991/2705, regs. 5(1), 9, Pts. I and II of Sch. 9 have formed (2.12.1991) a new Schedule numbered Schedule 9A.

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F12 F13 29—30.

Textual Amendments

F12 Sch. 9: by virtue of S.I. 1991/2705, regs. 5(1), 9, Pts. I and II of Sch. 9 have formed (2.12.1991) a new Schedule numbered Schedule 9A.

F13 Sch. 9 paras. 29–30 repealed (subject to the transitional and saving provisions mentioned in S.I. 1990/355, arts. 5–9, Sch. 2) by Companies Act 1989 (c. 40, SIF 27), ss. 18(3)(4), 212, 213(2), Sch. 7 Pt. I para. 11, Sch. 24