- Latest available (Revised)
- Point in Time (01/02/1991)
- Original (As enacted)
Version Superseded: 06/04/2008
Point in time view as at 01/02/1991.
There are currently no known outstanding effects for the Companies Act 1989, Part I.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
1In paragraph 10(1)(c) of Schedule 9 to the M1Companies Act 1985 (disclosure of outstanding loans in connection with certain cases of financial assistance for purchase of company’s own shares), after “153(4)(b)” insert “ , (bb) ”.
2In paragraph 13 of that Schedule (information supplementing balance sheet), omit sub-paragraph (3) (information as to acquisition of, or creation of lien or charge over, company’s own shares).
3In paragraph 17(5) of that Schedule (statement of turnover: companies exempt from requirement) for “neither a holding company nor a subsidiary of another body corporate” substitute “ neither a parent company nor a subsidiary undertaking ”.
4After paragraph 18 of that Schedule insert—
18A(1)Accounting policies shall be applied consistently within the same accounts and from one financial year to the next.
(2)If it appears to the directors of a company that there are special reasons for departing from the principle stated in sub-paragraph (1) 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.
18BIt shall be stated whether the accounts have been prepared in accordance with applicable accounting standards, and particulars of any material departure from those standards and the reasons for it shall be given.
18C(1)In respect of every item shown in the balance sheet or profit and loss account, or stated in a note to the accounts, there shall be shown or stated the corresponding amount for the financial year immediately preceding that to which the accounts relate, subject to sub-paragraph (3).
(2)Where the corresponding amount is not comparable, it shall be adjusted and particulars of the adjustment and the reasons for it shall be given in a note to the accounts.
(3)Sub-paragraph (1) does not apply in relation to an amount shown—
(a)as an amount the source or application of which is required by paragraph 8 above (reserves and provisions),
(b)in pursuance of paragraph 13(10) above (acquisitions and disposals of fixed assets),
(c)by virtue of paragraph 13 of Schedule 4A (details of accounting treatment of acquisitions),
(d)by virtue of paragraph 2, 8(3), 16, 21(1)(d), 22(4) or (5), 24(3) or (4) or 27(3) or (4) of Schedule 5 (shareholdings in other undertakings), or
(e)by virtue of Part II or III of Schedule 6 (loans and other dealings in favour of directors and others).”.
5(1)Before paragraph 19 of that Schedule insert the heading “ Provisions where company is parent company or subsidiary undertaking ”;and that paragraph is amended as follows.
(2)In sub-paragraph (1) for the words from “is a holding company” onwards substitute “ is a parent company ”.
(3)In sub-paragraph (2)—
(a)for “subsidiaries” (four times) substitute “ subsidiary undertakings ”, and
(b)in paragraph (a), for “Part I” substitute “ paragraphs 5, 6, 10, 13 and 14 ”.
(4)Omit sub-paragraphs (3) to (7).
6For paragraph 20 of that Schedule substitute—
“20(1)This paragraph applies where the company is a subsidiary undertaking.
(2)The balance sheet of the company shall show—
(a)the aggregate amount of its indebtedness to undertakings of which it is a subsidiary undertaking or which are fellow subsidiary undertakings, and
(b)the aggregate amount of the indebtedness of all such undertakings to it,
distinguishing in each case between indebtedness in respect of debentures and otherwise.
(3)The balance sheet shall also show the aggregate amount of assets consisting of shares in fellow subsidiary undertakings.”.
7Omit paragraphs 21 to 26 of that Schedule.
8(1)Before paragraph 27 of that Schedule insert the heading “ Exceptions for certain companies ”;and that paragraph is amended as follows.
(2)In sub-paragraph (2)—
(a)for “Part I of this Schedule” substitute “ paragraphs 2 to 18 of this Schedule ”, and
(b)in paragraph (b) for the words from “paragraphs 15” to the end substitute “ and paragraph 15 ”.
(3)In sub-paragraph (4), omit “of the said Part I”.
9In paragraph 28 of that Schedule, in sub-paragraph (1) (twice) and in sub-paragraph (2) for “Part I” substitute “ paragraphs 2 to 18 ”.
10After that paragraph insert—
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.”.
11Omit paragraphs 29 to 31 of that Schedule.
12Before paragraph 32 of that Schedule insert the heading “ Interpretation ”;and in sub-paragraphs (1) and (2) of that paragraph for “this Schedule” substitute “ this Part of this Schedule ”.
13In paragraph 36 of that Schedule for “this Schedule” substitute “ this Part of this Schedule ”.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: