SCHEDULES

SCHEDULE 6 [Schedule 8 to the Companies Act 1985]

Exemptions for Small and Medium-sized Companies

Part I Small Companies

Balance sheet

1

1

The company may deliver a copy of an abbreviated version of the full balance sheet, showing only those items to which a letter or Roman number is assigned in the balance sheet format adopted under Part I of Schedule 4, but in other respects corresponding to the full balance sheet.

2

If a copy of an abbreviated balance sheet is delivered, there shall be disclosed in it or in a note to the company’s accounts delivered—

a

the aggregate of the amounts required by note (5) of the notes on the balance sheet formats set out in Part I of Schedule 4 to be shown separately for each item included under debtors (amounts falling due after one year), and

b

the aggregate of the amounts required by note (13) of those notes to be shown separately for each item included under creditors in Format 2 (amounts falling due within one year or after more than one year).

3

The provisions of section 233 as to the signing of the copy of the balance sheet delivered to the registrar apply to a copy of an abbreviated balance sheet delivered in accordance with this paragraph.

Profit and loss account

2

A copy of the company’s profit and loss account need not be delivered.

Disclosure of information in notes to accounts

3

1

Of the information required by Part III of Schedule 4 (information to be given in notes to accounts if not given in the accounts themselves) only the information required by the following provisions need be given—

  • paragraph 36 (accounting policies),

  • paragraph 38 (share capital),

  • paragraph 39 (particulars of allotments),

  • paragraph 42 (fixed assets), so far as it relates to those items to which a letter or Roman number is assigned in the balance sheet format adopted,

  • paragraph 48(1) and (4) (particulars of debts),

  • paragraph 58(1) (basis of conversion of foreign currency amounts into sterling),

  • paragraph 58(2) (corresponding amounts for previous financial year), so far as it relates to amounts stated in a note to the company’s accounts by virtue of a requirement of Schedule 4 or under any other provision of this Act.

2

Of the information required by Schedule 5 to be given in notes to the accounts, the information required by the following provisions need not be given—

  • paragraph 4 (financial years of subsidiary undertakings),

  • paragraph 5 (additional information about subsidiary undertakings),

  • paragraph 6 (shares and debentures of company held by subsidiary undertakings),

  • paragraph 10 (arrangements attracting merger relief).

3

Of the information required by Schedule 6 to be given in notes to the accounts, the information required by Part I (directors’ and chairman’s emoluments, pensions and compensation for loss of office) need not be given.

Directors’ report

4

A copy of the directors’ report need not be delivered.