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Companies Act 1985
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Changes over time for: Paragraph 24
Version Superseded: 06/04/2008
Alternative versions:
- 19/12/1993- Amendment
- 08/11/1999
Point in time - Stop date 06/04/2008- Amendment
Status:
Point in time view as at 08/11/1999. This version of this provision has been superseded.
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Companies Act 1985, Paragraph 24 is up to date with all changes known to be in force on or before 02 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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24(1)This paragraph applies to debt securities and other fixed-income securities shown as assets under Assets items C.II (investments in group undertakings and participating interests) and C.III (other financial investments).
(2)Securities to which this paragraph applies may either be valued in accordance with paragraph 22 above or their amortised value may be shown in the balance sheet, in which case the provisions of this paragraph apply.
(3)Subject to sub-paragraph (4) below, where the purchase price of securities to which this paragraph applies exceeds the amount repayable at maturity, the amount of the difference —
(a)shall be charged to the profit and loss account, and
(b)shall be shown separately in the balance sheet or in the notes to the accounts.
(4)The amount of the difference referred to in sub-paragraph (3) above may be written off in instalments so that it is completely written off when the securities are repaid, in which case there shall be shown separately in the balance sheet or in the notes to the accounts the difference between the purchase price (less the aggregate amount written off) and the amount repayable at maturity.
(5)Where the purchase price of securities to which this paragraph applies is less than the amount repayable at maturity, the amount of the difference shall be released to income in instalments over the period remaining until repayment, in which case there shall be shown separately in the balance sheet or in the notes to the accounts the difference between the purchase price (plus the aggregate amount released to income) and the amount repayable at maturity.
(6)Both the purchase price and the current value of securities valued in accordance with this paragraph shall be disclosed in the notes to the accounts.
(7)Where securities to which this paragraph applies which are not valued in accordance with paragraph 22 above are sold before maturity, and the proceeds are used to purchase other securities to which this paragraph applies, the difference between the proceeds of sale and their book value may be spread uniformly over the period remaining until the maturity of the original investment.
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