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The Small Companies and Groups (Accounts and Directors' Report) Regulations 2008
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- UK Statutory Instruments
- 2008 No. 409
- SCHEDULE 7
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Changes over time for: SCHEDULE 7
Version Superseded: 27/06/2009
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- 06/04/2008- Amendment
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Point in time - 27/06/2009- Amendment
- 06/04/2015- Amendment
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Regulation 12
SCHEDULE 7U.K.INTERPRETATION OF TERM “PROVISIONS”
This schedule has no associated Explanatory Memorandum
PART 1 U.K.MEANING FOR PURPOSES OF THESE REGULATIONS
Definition of “Provisions”U.K.
1.—(1) In these Regulations, references to provisions for depreciation or diminution in value of assets are to any amount written off by way of providing for depreciation or diminution in value of assets.
(2) Any reference in the profit and loss account formats set out in Part 1 of Schedule 1 to these Regulations to the depreciation of, or amounts written off, assets of any description is to any provision for depreciation or diminution in value of assets of that description.
2. References in these Regulations to provisions for liabilities are to any amount retained as reasonably necessary for the purpose of providing for any liability the nature of which is clearly defined and which is either likely to be incurred, or certain to be incurred but uncertain as to amount or as to the date on which it will arise.U.K.
PART 2 U.K.MEANING FOR PURPOSES OF PARTS 18 AND 23 OF THE 2006 ACT
Financial assistance for purchase of own sharesU.K.
3. The specified provisions for the purposes of section 677(3)(a) of the 2006 Act (Companies Act accounts: relevant provisions for purposes of financial assistance) are provisions for liabilities within paragraph 2 of this Schedule.
Redemption or purchase by private company out of capitalU.K.
4. The specified provisions for the purposes of section 712(2)(b)(i) of the 2006 Act (Companies Act accounts: relevant provisions to determine available profits for redemption or purchase out of capital) are provisions of any of the kinds mentioned in paragraphs 1 and 2 of this Schedule.
Justification of distribution by references to accountsU.K.
5. The specified provisions for the purposes of section 836(1)(b)(i) of the 2006 Act (Companies Act accounts: relevant provisions for distribution purposes) are provisions of any of the kinds mentioned in paragraphs 1 and 2 of this Schedule.
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