The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008

1. Introductory Text

2. PART 1 INTRODUCTION

   1. 1. Citation and interpretation

   2. 2. Commencement and application

3. PART 2 FORM AND CONTENT OF ACCOUNTS

   1. 3. Companies Act individual accounts (companies other than banking and insurance companies)

   2. 4. Medium-sized companies: exemptions for Companies Act individual accounts

   3. 5. Companies Act individual accounts: banking companies

   4. 6. Companies Act individual accounts: insurance companies

   5. 7. Information about related undertakings (Companies Act or IAS individual or group accounts)

   6. 8. Information about directors' benefits: remuneration (Companies Act or IAS individual or group accounts: quoted and unquoted companies)

   7. 9. Companies Act group accounts

4. PART 3 DIRECTORS' REPORT

   1. 10. Directors' report

5. PART 4 DIRECTORS' REMUNERATION REPORT

   1. 11. Directors' remuneration report (quoted companies)

6. PART 5 INTERPRETATION

   1. 12. Definition of “provisions”

   2. 13. General interpretation

7. Signature

8. 1. SCHEDULE 1

      COMPANIES ACT INDIVIDUAL ACCOUNTS: COMPANIES WHICH ARE NOT BANKING OR INSURANCE COMPANIES

      1. PART 1 GENERAL RULES AND FORMATS

         1. SECTION A GENERAL RULES

            1. 1. (1) Subject to the following provisions of this Schedule—

            2. 2. (1) Where in accordance with paragraph 1 a company's balance...

            3. 3. (1) Any item required to be shown in a company's...

            4. 4. (1) Where the special nature of the company's business requires...

            5. 5. (1) Subject to sub-paragraph (2), the directors must not include...

            6. 6. Every profit and loss account must show the amount of...

            7. 7. (1) For every item shown in the balance sheet or...

            8. 8. Amounts in respect of items representing assets or income may...

            9. 9. The company's directors must, in determining how amounts are presented...

         2. SECTION B THE REQUIRED FORMATS FOR ACCOUNTS

            1. Balance sheet formats

               Format 1

               1. A. Called up share capital not paid (1)

               2. B. Fixed assets (I) Intangible assets (1) Development costs

               3. C. Current assets (I) Stocks (1) Raw materials and consumables

               4. D. Prepayments and accrued income (6)

               5. E. Creditors: amounts falling due within one year

               6. F. Net current assets (liabilities) (11)

               7. G. Total assets less current liabilities

               8. H. Creditors: amounts falling due after more than one year

               9. I. Provisions for liabilities (1) Pensions and similar obligations

               10. J. Accruals and deferred income (10)

               11. K. Capital and reserves (I) Called up share capital (12)

            2. Balance sheet formats

               Format 2

               1. ASSETS

               2. LIABILITIES

            3. Notes on the balance sheet formats

               1. 1. Called up share capital not paid

               2. 2. Concessions, patents, licences, trade marks and similar rights and assets

               3. 3. Goodwill

               4. 4. Own shares

               5. 5. Debtors

               6. 6. Prepayments and accrued income

               7. 7. Debenture loans

               8. 8. Payments received on account

               9. 9. Other creditors including taxation and social security

               10. 10. Other creditors including taxation and social security

               11. 11. Net current assets (liabilities)

               12. 12. Net current assets (liabilities)

               13. 13. Creditors

            4. Profit and loss account formats

               Format 1

               1. 1. Turnover

               2. 2. Cost of sales (14)

               3. 3. Gross profit or loss

               4. 4. Distribution costs (14)

               5. 5. Administrative expenses (14)

               6. 6. Other operating income

               7. 7. Income from shares in group undertakings

               8. 8. Income from participating interests

               9. 9. Income from other fixed asset investments (15)

               10. 10. Other interest receivable and similar income (15)

               11. 11. Amounts written off investments

               12. 12. Interest payable and similar charges (16)

               13. 13. Tax on profit or loss on ordinary activities

               14. 14. Profit or loss on ordinary activities after taxation

               15. 15. Extraordinary income

               16. 16. Extraordinary charges

               17. 17. Extraordinary profit or loss

               18. 18. Tax on extraordinary profit or loss

               19. 19. Other taxes not shown under the above items

               20. 20. Profit or loss for the financial year

            5. Profit and loss account formats

               Format 2

               1. 1. Turnover

               2. 2. Change in stocks of finished goods and in work in...

               3. 3. Own work capitalised

               4. 4. Other operating income

               5. 5. (a) Raw materials and consumables (b) Other external charges

               6. 6. Staff costs (a) wages and salaries (b) social security costs...

               7. 7. (a) Depreciation and other amounts written off tangible and intangible...

               8. 8. Other operating charges

               9. 9. Income from shares in group undertakings

               10. 10. Income from participating interests

               11. 11. Income from other fixed asset investments (15)

               12. 12. Other interest receivable and similar income (15)

               13. 13. Amounts written off investments

               14. 14. Interest payable and similar charges (16)

               15. 15. Tax on profit or loss on ordinary activities

               16. 16. Profit or loss on ordinary activities after taxation

               17. 17. Extraordinary income

               18. 18. Extraordinary charges

               19. 19. Extraordinary profit or loss

               20. 20. Tax on extraordinary profit or loss

               21. 21. Other taxes not shown under the above items

               22. 22. Profit or loss for the financial year

            6. Profit and loss account formats

               Format 3

               1. A. Charges (1) Cost of sales (14) (2) Distribution costs (14)...

               2. B. Income (1) Turnover (2) Other operating income

            7. Profit and loss account formats

               Format 4

               1. A. Charges (1) Reduction in stocks of finished goods and in...

               2. B. Income (1) Turnover (2) Increase in stocks of finished goods...

            8. Notes on the profit and loss account formats

               1. 14. Cost of sales: distribution costs: administrative expenses

               2. 15. Income from other fixed asset investments: other interest receivable and similar income

               3. 16. Interest payable and similar charges

               4. 17. Formats 1 and 3

      2. PART 2 ACCOUNTING PRINCIPLES AND RULES

         1. SECTION A ACCOUNTING PRINCIPLES

            1. 10. Preliminary

            2. 11. Accounting principles

            3. 12. Accounting policies must be applied consistently within the same accounts...

            4. 13. The amount of any item must be determined on a...

            5. 14. All income and charges relating to the financial year to...

            6. 15. In determining the aggregate amount of any item, the amount...

         2. SECTION B HISTORICAL COST ACCOUNTING RULES

            1. 16. Preliminary

            2. Fixed assets

               1. 17. General rules

               2. 18. Rules for depreciation and diminution in value

               3. 19. (1) Where a fixed asset investment falling to be included...

               4. 20. (1) Where the reasons for which any provision was made...

               5. 21. Development costs

               6. 22. Goodwill

               7. 23. Current assets

               8. 24. (1) If the net realisable value of any current asset...

            3. Miscellaneous and supplementary provisions

               1. 25. Excess of money owed over value received as an asset item

               2. 26. Assets included at a fixed amount

               3. 27. Determination of purchase price or production cost

               4. 28. (1) The purchase price or production cost of—

               5. 29. Substitution of original stated amount where price or cost unknown

         3. SECTION C ALTERNATIVE ACCOUNTING RULES

            1. 30. Preliminary

            2. 31. Subject to paragraphs 33 to 35, the amounts to be...

            3. 32. Alternative accounting rules

            4. 33. Application of the depreciation rules

            5. 34. Additional information to be provided in case of departure from historical cost accounting rules

            6. 35. Revaluation reserve

         4. SECTION D FAIR VALUE ACCOUNTING

            1. 36. Inclusion of financial instruments at fair value

            2. 37. Determination of fair value

            3. 38. Hedged items

            4. 39. Other assets that may be included at fair value

            5. 40. Accounting for changes in value

            6. 41. The fair value reserve

      3. PART 3 NOTES TO THE ACCOUNTS

         1. 42. Preliminary

         2. General

            1. 43. Reserves and dividends

            2. 44. Disclosure of accounting policies

            3. 45. It must be stated whether the accounts have been prepared...

         3. Information supplementing the balance sheet

            1. 46. Paragraphs 47 to 64 require information which either supplements the...

            2. 47. Share capital and debentures

            3. 48. If the company has allotted any shares during the financial...

            4. 49. (1) With respect to any contingent right to the allotment...

            5. 50. (1) If the company has issued any debentures during the...

            6. 51. Fixed assets

            7. 52. Where any fixed assets of the company (other than listed...

            8. 53. In relation to any amount which is or would but...

            9. 54. Investments

            10. 55. Information about fair value of assets and liabilities

            11. 56. Where the company has derivatives that it has not included...

            12. 57. (1) This paragraph applies if— (a) the company has financial...

            13. 58. Information where investment property and living animals and plants included at fair value

            14. 59. Reserves and provisions

            15. 60. Provision for taxation

            16. 61. Details of indebtedness

            17. 62. If any fixed cumulative dividends on the company's shares are...

            18. 63. Guarantees and other financial commitments

            19. 64. Miscellaneous matters

         4. Information supplementing the profit and loss account

            1. 65. Paragraphs 66 to 69 require information which either supplements the...

            2. 66. Separate statement of certain items of income and expenditure

            3. 67. Particulars of tax

            4. 68. Particulars of turnover

            5. 69. Miscellaneous matters

            6. 70. Sums denominated in foreign currencies

            7. 71. Dormant companies acting as agents

            8. 72. Related party transactions

      4. PART 4 SPECIAL PROVISION WHERE COMPANY IS A PARENT COMPANY OR SUBSIDIARY UNDERTAKING

         1. 73. Company's own accounts: guarantees and other financial commitments in favour of group undertakings

      5. PART 5 SPECIAL PROVISIONS WHERE THE COMPANY IS AN INVESTMENT COMPANY

         1. 74. (1) Paragraph 35 does not apply to the amount of...

         2. 75. (1) Any distribution made by an investment company which reduces...

   2. SCHEDULE 2

      BANKING COMPANIES: COMPANIES ACT INDIVIDUAL ACCOUNTS

      1. PART 1 GENERAL RULES AND FORMATS

         1. SECTION A GENERAL RULES

            1. 1. Subject to the following provisions of this Part of this...

            2. 2. (1) References in this Part of this Schedule to the...

            3. 3. (1) Where in accordance with paragraph 1 a company's profit...

            4. 4. (1) Any item required to be shown in a company's...

            5. 5. (1) Items to which lower case letters are assigned in...

            6. 6. (1) Subject to sub-paragraph (2), the directors must not include...

            7. 7. (1) For every item shown in the balance sheet or...

            8. 8. (1) Subject to the following provisions of this paragraph and...

            9. 9. (1) Assets must be shown under the relevant balance sheet...

            10. 10. The company's directors must, in determining how amounts are presented...

         2. SECTION B THE REQUIRED FORMATS

            1. Balance sheet format

               1. ASSETS

               2. LIABILITIES

               3. MEMORANDUM ITEMS

            2. Notes on the balance sheet format and memorandum items

               1. 1. Cash and balances at central [or post office] banks (Assets...

               2. 2. Treasury bills and other eligible bills: Treasury bills and similar...

               3. 3. Treasury bills and other eligible bills: Other eligible bills (Assets...

               4. 4. Loans and advances to banks (Assets item 3.) Loans and...

               5. 5. Loans and advances to customers (Assets item 4.) Loans and...

               6. 6. Debt securities [and other fixed-income securities] (Assets item 5.) This...

               7. 7. Intangible fixed assets (Assets item 9.) This item is to...

               8. 8. Tangible fixed assets (Assets item 10.) This item is to...

               9. 9. Called up capital not paid (Assets items 11 and 14.)...

               10. 10. Own shares (Assets item 12.) The nominal value of the...

               11. 11. Deposits by banks (Liabilities item 1.) Deposits by banks are...

               12. 12. Customer accounts (Liabilities item 2.) This item is to comprise...

               13. 13. Debt securities in issue (Liabilities item 3.) This item is...

               14. 14. Subordinated liabilities (Liabilities item 7.) This item is to comprise...

               15. 15. Called up share capital (Liabilities item 8.) The amount of...

               16. 16. Contingent liabilities (Memorandum item 1.) This item is to include...

               17. 17. Contingent liabilities: Guarantees and assets pledged as collateral security (Memorandum...

               18. 18. Commitments (Memorandum item 2.) This item is to include every...

               19. 19. Commitments: Commitments arising out of sale and option to resell...

               20. 20. Claims on, and liabilities to, undertakings in which a participating...

            3. Special rules

               1. 11. Subordinated assets

               2. 12. Syndicated loans

               3. 13. Sale and repurchase transactions

               4. 14. Sale and option to resell transactions

               5. 15. Managed funds

            4. Profit and loss account formats

               Format 1

               1. Vertical layout

            5. Profit and loss account formats

               Format 2

               1. Horizontal layout

               2. A.   Charges

               3. B.   Income

            6. Notes on the profit and loss account formats

               1. 1. Interest receivable (Format 1, item 1; format 2, item B1.)...

               2. 2. Interest payable (Format 1, item 2; format 2, item A1.)...

               3. 3. Fees and commissions receivable (Format 1, item 4; format 2,...

               4. 4. Fees and commissions payable (Format 1, item 5; format 2,...

               5. 5. Dealing [profits] [losses] (Format 1, item 6; format 2, items...

               6. 6. Depreciation and amortisation (Format 1, item 9; format 2, item...

               7. 7. Provisions: Provisions for bad and doubtful debts (Format 1, item...

               8. 8. Provisions: Provisions for contingent liabilities and commitments (Format 1, item...

               9. 9. Adjustments to provisions: Adjustments to provisions for bad and doubtful...

               10. 10. Adjustments to provisions: Adjustments to provisions for contingent liabilities and...

               11. 11. Amounts written off fixed asset investments (Format 1, item 13;...

               12. 12. Adjustments to amounts written off fixed asset investments (Format 1,...

      2. PART 2 ACCOUNTING PRINCIPLES AND RULES

         1. SECTION A ACCOUNTING PRINCIPLES

            1. 16. Preliminary

            2. 17. Accounting principles

            3. 18. Accounting policies must be applied consistently within the same accounts...

            4. 19. The amount of any item must be determined on a...

            5. 20. All income and charges relating to the financial year to...

            6. 21. In determining the aggregate amount of any item, the amount...

         2. SECTION B HISTORICAL COST ACCOUNTING RULES

            1. 22. Preliminary

            2. Fixed assets

               1. 23. General rules

               2. 24. Rules for depreciation and diminution in value

               3. 25. (1) Where a fixed asset investment to which sub-paragraph (2)...

               4. 26. (1) Where the reasons for which any provision was made...

               5. 27. Development costs

               6. 28. Goodwill

               7. 29. Treatment of fixed assets

               8. 30. Financial fixed assets

               9. 31. Current assets

               10. 32. (1) If the net realisable value of any asset referred...

               11. 33. (1) Subject to paragraph 32, the amount to be included...

            3. Miscellaneous and supplementary provisions

               1. 34. Excess of money owed over value received as an asset item

               2. 35. Determination of cost

               3. 36. (1) The cost of any assets which are fungible assets...

               4. 37. Substitution of original stated amount where price or cost unknown

         3. SECTION C ALTERNATIVE ACCOUNTING RULES

            1. 38. Preliminary

            2. 39. Subject to paragraphs 41 to 43, the amounts to be...

            3. 40. Alternative accounting rules

            4. 41. Application of the depreciation rules

            5. 42. Additional information to be provided in case of departure from historical cost accounting rules

            6. 43. Revaluation reserve

         4. SECTION D FAIR VALUE ACCOUNTING

            1. 44. Inclusion of financial instruments at fair value

            2. 45. Determination of fair value

            3. 46. Hedged items

            4. 47. Other assets that may be included at fair value

            5. 48. Accounting for changes in value

            6. 49. The fair value reserve

            7. 50. Assets and liabilities denominated in foreign currencies

            8. 51. (1) Subject to sub-paragraph (2), any difference between the amount...

      3. PART 3 NOTES TO THE ACCOUNTS

         1. 52. Preliminary

         2. General

            1. 53. Disclosure of accounting policies

            2. 54. It must be stated whether the accounts have been prepared...

            3. 55. Sums denominated in foreign currencies

            4. 56. Reserves and dividends

         3. Information supplementing the balance sheet

            1. 57. Paragraphs 58 to 84 require information which either supplements the...

            2. 58. Share capital and debentures

            3. 59. If the company has allotted any shares during the financial...

            4. 60. (1) With respect to any contingent right to the allotment...

            5. 61. (1) If the company has issued any debentures during the...

            6. 62. Fixed assets

            7. 63. Where any fixed assets of the company (other than listed...

            8. 64. In relation to any amount which is included under assets...

            9. 65. There must be disclosed separately the amount of—

            10. 66. Information about fair value of assets and liabilities

            11. 67. Where the company has derivatives that it has not included...

            12. 68. (1) This paragraph applies if— (a) the company has financial...

            13. 69. Information where investment property and living animals and plants included at fair value

            14. 70. Reserves and provisions

            15. 71. Provision for taxation

            16. 72. Maturity analysis

            17. 73. Debt and other fixed-income securities

            18. 74. Subordinated liabilities

            19. 75. Fixed cumulative dividends

            20. 76. Details of assets charged

            21. 77. Guarantees and other financial commitments

            22. 78. Memorandum items: Group undertakings

            23. 79. Transferable securities

            24. 80. Leasing transactions

            25. 81. Assets and liabilities denominated in a currency other than sterling (or the currency in which the accounts are drawn up)

            26. 82. Sundry assets and liabilities

            27. 83. Unmatured forward transactions

            28. 84. Miscellaneous matters

         4. Information supplementing the profit and loss account

            1. 85. Paragraphs 86 to 91 require information which either supplements the...

            2. 86. Particulars of tax

            3. 87. Particulars of income

            4. 88. Management and agency services

            5. 89. Subordinated liabilities

            6. 90. Sundry income and charges

            7. 91. Miscellaneous matters

            8. 92. Related party transactions

      4. PART 4 INTERPRETATION OF THIS SCHEDULE

         1. 93. Definitions for this Schedule

         2. 94. Financial fixed assets

         3. 95. Financial instruments

         4. 96. (1) The expressions listed in sub-paragraph (2) have the same...

         5. 97. Repayable on demand

         6. 98. Sale and repurchase transaction

         7. 99. Sale and option to resell transaction

   3. SCHEDULE 3

      INSURANCE COMPANIES: COMPANIES ACT INDIVIDUAL ACCOUNTS

      1. PART 1 GENERAL RULES AND FORMATS

         1. SECTION A GENERAL RULES

            1. 1. (1) Subject to the following provisions of this Schedule—

            2. 2. (1) Any item required to be shown in a company's...

            3. 3. (1) The directors may combine items to which Arabic numbers...

            4. 4. (1) Subject to sub-paragraph (2), the directors must not include...

            5. 5. (1) For every item shown in the balance sheet or...

            6. 6. Subject to the provisions of this Schedule, amounts in respect...

            7. 7. (1) The provisions of this Schedule which relate to long-term...

            8. 8. The company's directors must, in determining how amounts are presented...

         2. SECTION B THE REQUIRED FORMATS

            1. Preliminary

               1. 9. (1) Where in respect of any item to which an...

               2. 10. (1) In the profit and loss account format set out...

            2. Balance sheet format

               1. ASSETS

               2. LIABILITIES

            3. Notes on the balance sheet format

               1. 1. Called up share capital not paid (Assets items A and...

               2. 2. Concessions, patents, licences, trade marks and similar rights and assets...

               3. 3. Goodwill (Assets item B.3.) Amounts representing goodwill are only to...

               4. 4. Land and buildings (Assets item C.I.) The amount of any...

               5. 5. Debt securities and other fixed-income securities (Assets item C.III.2.) This...

               6. 6. Participation in investment pools (Assets item C.III.3.) This item is...

               7. 7. Loans secured by mortgages and other loans (Assets items C.III.4...

               8. 8. Deposits with credit institutions (Assets item C.III.6.) This item is...

               9. 9. Other (Assets item C.III.7.) This item is to comprise those...

               10. 10. Deposits with ceding undertakings (Assets item C.IV.) Where the company...

               11. 11. Assets held to cover linked liabilities (Assets item D.) In...

               12. 12. Reinsurance amounts (Assets item Da: liabilities items C.1.(b), 2.(b), 3.(b),...

               13. 13. Debtors (Assets item E.) Amounts owed by group undertakings and...

               14. 14. Own shares (Assets item F.IV.) The nominal value of the...

               15. 15. Other (Assets item F.V.) This item is to comprise those...

               16. 16. Accrued interest and rent (Assets item G.I.) This item is...

               17. 17. Deferred acquisition costs (Assets item G.II.) This item is to...

               18. 18. Subordinated liabilities (Liabilities item B.) This item is to comprise...

               19. 19. Fund for future appropriations (Liabilities item Ba.) This item is...

               20. 20. Provision for unearned premiums (Liabilities item C.1.) In the case...

               21. 21. Long-term business provision (Liabilities item C.2.) This item is to...

               22. 22. Claims outstanding (Liabilities item C.3.) This item is to comprise...

               23. 23. Provision for bonuses and rebates (Liabilities item C.4.) This item...

               24. 24. Equalisation provision (Liabilities item C.5.) This item is to comprise...

               25. 25. Other technical provisions (Liabilities item C.6.) This item is to...

               26. 26. Technical provisions for linked liabilities (Liabilities item D.) This item...

               27. 27. Deposits received from reinsurers (Liabilities item F.) Where the company...

               28. 28. Creditors (Liabilities item G.) Amounts owed to group undertakings and...

               29. 29. Debenture loans (Liabilities item G.III.) The amount of any convertible...

            4. Special rules for balance sheet format

               1. 11. Additional items

               2. 12. Managed funds

               3. 13. Deferred acquisition costs

            5. Profit and loss account format

               1. I. Technical account — General business (1) Earned premiums, net of...

               2. II. Technical account — Long-term business (1) Earned premiums, net of...

               3. III. Non-technical account (1) Balance on the general business technical account...

            6. Notes on the profit and loss account format

               1. 1. Gross premiums written (General business technical account: item I.1.(a). Long-term...

               2. 2. Outward reinsurance premiums (General business technical account: item I.1.(b). Long-term...

               3. 3. Change in the provision for unearned premiums, net of reinsurance...

               4. 4. Claims incurred, net of reinsurance (General business technical account: item...

               5. 5. Bonuses and rebates, net of reinsurance (General business technical account:...

               6. 6. Acquisition costs (General business technical account: item I.7.(a). Long-term business...

               7. 7. Administrative expenses (General business technical account: item I.7.(c). Long-term business...

               8. 8. Investment income, expenses and charges (General business technical account: items...

               9. 9. Unrealised gains and losses on investments (Long-term business technical account:...

               10. 10. Allocated investment return (General business technical account: item I.2. Long-term...

      2. PART 2 ACCOUNTING PRINCIPLES AND RULES

         1. SECTION A ACCOUNTING PRINCIPLES

            1. 14. Preliminary

            2. 15. But if it appears to the company's directors that there...

            3. 16. Accounting principles

            4. 17. Accounting policies must be applied consistently within the same accounts...

            5. 18. The amount of any item must be determined on a...

            6. 19. All income and charges relating to the financial year to...

            7. 20. In determining the aggregate amount of any item, the amount...

            8. 21. Valuation

         2. SECTION B CURRENT VALUE ACCOUNTING RULES

            1. 22. Valuation of assets: general

            2. 23. (1) Intangible assets other than goodwill may be shown at...

            3. 24. Alternative valuation of fixed-income securities

            4. 25. Meaning of “current value”

            5. 26. (1) In the case of land and buildings, current value...

            6. 27. Application of the depreciation rules

            7. 28. Additional information to be provided

            8. 29. Revaluation reserve

         3. SECTION C VALUATION AT FAIR VALUE

            1. 30. Inclusion of financial instruments at fair value

            2. 31. Determination of fair value

            3. 32. Hedged items

            4. 33. Other assets that may be included at fair value

            5. 34. Accounting for changes in value

            6. 35. The fair value reserve

         4. SECTION D HISTORICAL COST ACCOUNTING RULES

            1. Valuation of assets

               1. 36. General rules

               2. 37. In the case of any asset included under assets item...

               3. 38. (1) This paragraph applies to any asset included under assets...

               4. 39. (1) Where the reasons for which any provision was made...

               5. 40. (1) This paragraph applies to assets included under assets items...

               6. 41. Development costs

               7. 42. Goodwill

            2. Miscellaneous and supplementary provisions

               1. 43. Excess of money owed over value received as an asset item

               2. 44. Assets included at a fixed amount

               3. 45. Determination of cost

               4. 46. (1) The cost of any assets which are fungible assets...

               5. 47. Substitution of original amount where price or cost unknown

         5. SECTION E RULES FOR DETERMINING PROVISIONS

            1. 48. Preliminary

            2. 49. Technical provisions

            3. 50. Provision for unearned premiums

            4. 51. Provision for unexpired risks

            5. 52. Long-term business provision

            6. Provisions for claims outstanding

               1. 53. General business

               2. 54. (1) Explicit discounting or deductions to take account of investment...

               3. 55. Long-term business

               4. 56. Equalisation reserves

               5. 57. Accounting on a non-annual basis

               6. 58. (1) The excess of the premiums written over the claims...

               7. 59. (1) The figures shown in the technical account or in...

      3. PART 3 NOTES TO THE ACCOUNTS

         1. 60. Preliminary

         2. General

            1. 61. Disclosure of accounting policies

            2. 62. It must be stated whether the accounts have been prepared...

            3. 63. Sums denominated in foreign currencies

            4. 64. Reserves and dividends

         3. Information supplementing the balance sheet

            1. 65. Share capital and debentures

            2. 66. If the company has allotted any shares during the financial...

            3. 67. (1) With respect to any contingent right to the allotment...

            4. 68. (1) If the company has issued any debentures during the...

            5. 69. Assets

            6. 70. Where any assets of the company (other than listed investments)...

            7. 71. In relation to any amount which is included under assets...

            8. 72. Investments

            9. 73. Information about fair value of assets and liabilities

            10. 74. Where the company has derivatives that it has not included...

            11. 75. (1) This paragraph applies if— (a) the company has financial...

            12. 76. Information where investment property and living animals and plants included at fair value

            13. 77. Reserves and provisions

            14. 78. Provision for taxation

            15. 79. Details of indebtedness

            16. 80. If any fixed cumulative dividends on the company's shares are...

            17. 81. Guarantees and other financial commitments

            18. 82. Miscellaneous matters

         4. Information supplementing the profit and loss account

            1. 83. Separate statement of certain items of income and expenditure

            2. 84. Particulars of tax

            3. 85. Particulars of business

            4. 86. (1) As regards long-term business, the company must disclose—

            5. 87. (1) Subject to sub-paragraph (2), there must be disclosed as...

            6. 88. Commissions

            7. 89. Miscellaneous matters

            8. 90. Related party transactions

      4. PART 4 INTERPRETATION OF THIS SCHEDULE

         1. 91. Definitions for this Schedule

   4. SCHEDULE 4

      INFORMATION ON RELATED UNDERTAKINGS REQUIRED WHETHER PREPARING COMPANIES ACT OR IAS ACCOUNTS

      1. PART 1 PROVISIONS APPLYING TO ALL COMPANIES

         1. 1. Subsidiary undertakings

         2. 2. Financial information about subsidiary undertakings

         3. 3. Shares and debentures of company held by subsidiary undertakings

         4. 4. Significant holdings in undertakings other than subsidiary undertakings

         5. 5. (1) The name of the undertaking must be stated.

         6. 6. (1) Subject to paragraph 14, there must also be stated—...

         7. 7. Membership of certain undertakings

         8. 8. Parent undertaking drawing up accounts for larger group

         9. 9. Identification of ultimate parent company

      2. PART 2 COMPANIES NOT REQUIRED TO PREPARE GROUP ACCOUNTS

         1. 10. Reason for not preparing group accounts

         2. 11. Holdings in subsidiary undertakings

         3. 12. Financial years of subsidiary undertakings

         4. 13. Exemption from giving information about significant holdings in non-subsidiary undertakings

         5. 14. Construction of references to shares held by company

      3. PART 3 COMPANIES REQUIRED TO PREPARE GROUP ACCOUNTS

         1. 15. Introductory

         2. 16. Subsidiary undertakings

         3. 17. Holdings in subsidiary undertakings

         4. 18. Joint ventures

         5. 19. Associated undertakings

         6. 20. Requirement to give information about other significant holdings of parent company or group

         7. 21. Group's membership of certain undertakings

         8. 22. Construction of references to shares held by parent company or group

      4. PART 4 ADDITIONAL DISCLOSURES FOR BANKING COMPANIES AND GROUPS

         1. 23. (1) This paragraph applies where accounts are prepared in accordance...

      5. PART 5 INTERPRETATION OF REFERENCES TO “BENEFICIAL INTEREST”

         1. 24. Residual interests under pension and employees' share schemes

         2. 25. Employer's charges and other rights of recovery

         3. 26. Trustee's right to expenses, remuneration, indemnity etc.

         4. 27. Supplementary

   5. SCHEDULE 5

      INFORMATION ABOUT BENEFITS OF DIRECTORS

      1. PART 1 PROVISIONS APPLYING TO QUOTED AND UNQUOTED COMPANIES

         1. 1. Total amount of directors' remuneration etc.

      2. PART 2 PROVISIONS APPLYING ONLY TO UNQUOTED COMPANIES

         1. 2. Details of highest paid director's emoluments etc.

         2. 3. Excess retirement benefits of directors and past directors

         3. 4. Compensation to directors for loss of office

         4. 5. Sums paid to third parties in respect of directors' services

      3. PART 3 SUPPLEMENTARY PROVISIONS

         1. 6. General nature of obligations

         2. 7. Provisions as to amounts to be shown

         3. 8. Exclusion of sums liable to be accounted for to company etc.

         4. 9. Meaning of “remuneration”

         5. 10. Meaning of “highest paid director”

         6. 11. Meaning of “long term incentive scheme”

         7. 12. Meaning of “shares” and “share option” and related expressions

         8. 13. Meaning of “pension scheme” and related expressions

         9. 14. References to subsidiary undertakings

         10. 15. Other minor definitions

   6. SCHEDULE 6

      COMPANIES ACT GROUP ACCOUNTS

      1. PART 1 GENERAL RULES

         1. 1. General rules

         2. 2. (1) The consolidated balance sheet and profit and loss account...

         3. 3. (1) Where assets and liabilities to be included in the...

         4. 4. Any differences of accounting rules as between a parent company's...

         5. 5. Amounts that in the particular context of any provision of...

         6. 6. Elimination of group transactions

         7. 7. Acquisition and merger accounting

         8. 8. An acquisition must be accounted for by the acquisition method...

         9. 9. (1) The acquisition method of accounting is as follows.

         10. 10. (1) The conditions for accounting for an acquisition as a...

         11. 11. (1) The merger method of accounting is as follows.

         12. 12. (1) Where a group is acquired, paragraphs 9 to 11...

         13. 13. (1) The following information with respect to acquisitions taking place...

         14. 14. (1) There must also be stated in a note to...

         15. 15. Where during the financial year there has been a disposal...

         16. 16. The information required by paragraph 13, 14 or 15 need...

         17. 17. Minority interests

         18. 18. Joint ventures

         19. 19. Associated undertakings

         20. 20. (1) The formats set out in Schedule 1 to these...

         21. 21. (1) The interest of an undertaking in an associated undertaking,...

         22. 22. Related party transactions

      2. PART 2 MODIFICATIONS FOR BANKING GROUPS

         1. 23. General application of provisions applicable to individual accounts

         2. 24. In paragraph 1 of this Schedule— (a) the reference in...

         3. 25. Minority interests and associated undertakings

         4. 26. In paragraph 21(1) of this Schedule, for the references to...

         5. 27. Related party transactions

         6. 28. Foreign currency translation

         7. 29. Any income and expenditure of undertakings included in the consolidation...

         8. 30. Information as to undertaking in which shares held as a result of financial assistance operation

      3. PART 3 MODIFICATIONS FOR INSURANCE GROUPS

         1. 31. General application of provisions applicable to individual accounts

         2. 32. In paragraph 1 of this Schedule— (a) the reference in...

         3. 33. Financial years of subsidiary undertakings

         4. 34. Assets and liabilities to be included in group accounts

         5. 35. Elimination of group transactions

         6. 36. Minority interests

         7. 37. Associated undertakings

         8. 38. In paragraph 21(1) of this Schedule, for the references to...

         9. 39. Related party transactions

         10. 40. Modifications of Schedule 3 to these Regulations for purposes of paragraph 31

   7. SCHEDULE 7

      MATTERS TO BE DEALT WITH IN DIRECTORS' REPORT

      1. PART 1 MATTERS OF A GENERAL NATURE

         1. 1. Introduction

         2. 2. Asset values

         3. 3. Political donations and expenditure

         4. 4. (1) If the company (not being the wholly-owned subsidiary of...

         5. 5. Charitable donations

         6. 6. Financial instruments

         7. 7. Miscellaneous

      2. PART 2 DISCLOSURE REQUIRED BY COMPANY ACQUIRING ITS OWN SHARES ETC.

         1. 8. This Part of this Schedule applies where shares in a...

         2. 9. The directors' report for a financial year must state—

      3. PART 3 DISCLOSURE CONCERNING EMPLOYMENT ETC. OF DISABLED PERSONS

         1. 10. (1) This Part of this Schedule applies to the directors'...

      4. PART 4 EMPLOYEE INVOLVEMENT

         1. 11. (1) This Part of this Schedule applies to the directors'...

      5. PART 5 POLICY AND PRACTICE ON PAYMENT OF CREDITORS

         1. 12. (1) This Part of this Schedule applies to the directors'...

      6. PART 6 DISCLOSURE REQUIRED BY CERTAIN PUBLICLY-TRADED COMPANIES

         1. 13. (1) This Part of this Schedule applies to the directors'...

         2. 14. The directors' report must also contain any necessary explanatory material...

   8. SCHEDULE 8

      QUOTED COMPANIES: DIRECTORS' REMUNERATION REPORT

      1. PART 1 INTRODUCTORY

         1. 1. (1) In the directors' remuneration report for a financial year...

      2. PART 2 INFORMATION NOT SUBJECT TO AUDIT

         1. 2. Consideration by the directors of matters relating to directors' remuneration

         2. 3. Statement of company's policy on directors' remuneration

         3. 4. Statement of consideration of conditions elsewhere in company and group

         4. 5. Performance graph

         5. 6. Service contracts

      3. PART 3 INFORMATION SUBJECT TO AUDIT

         1. 7. Amount of each director's emoluments and compensation in the relevant financial year

         2. 8. Share options

         3. 9. The information required by sub-paragraph (1) of paragraph 8 in...

         4. 10. (1) If, in the opinion of the directors of the...

         5. 11. Long term incentive schemes

         6. 12. (1) The information required by sub-paragraph (1) of paragraph 11...

         7. 13. Pensions

         8. 14. Excess retirement benefits of directors and past directors

         9. 15. Compensation for past directors

         10. 16. Sums paid to third parties in respect of a director's services

      4. PART 4 INTERPRETATION AND SUPPLEMENTARY

         1. 17. (1) In this Schedule— “amount”, in relation to a gain...

         2. 18. (1) For the purposes of this Schedule emoluments paid or...

         3. 19. (1) The following applies with respect to the amounts to...

         4. 20. (1) The amounts to be shown for any financial year...

         5. 21. Where it is necessary to do so for the purpose...

         6. 22. The Schedule requires information to be given only so far...

   9. SCHEDULE 9

      INTERPRETATION OF TERM “PROVISIONS”

      1. PART 1 MEANING FOR PURPOSES OF THESE REGULATIONS

         1. 1. Definition of “Provisions”

         2. 2. References in these Regulations to provisions for liabilities or, in...

      2. PART 2 MEANING FOR PURPOSES OF PARTS 18 AND 23 OF THE 2006 ACT

         1. 3. Financial assistance for purchase of own shares

         2. 4. Redemption or purchase by private company out of capital

         3. 5. Net asset restriction on public companies distributions

         4. 6. Distributions by investment companies

         5. 7. Justification of distribution by references to accounts

   10. SCHEDULE 10

       GENERAL INTERPRETATION

       1. 1. Capitalisation

       2. 2. Financial instruments

       3. 3. (1) Save in Schedule 2 to these Regulations, the expressions...

       4. 4. Fixed and current assets

       5. 5. Fungible assets

       6. 6. Historical cost accounting rules

       7. 7. Leases

       8. 8. Listed investments

       9. 9. Loans

       10. 10. Materiality

       11. 11. Participating interests

       12. 12. Purchase price

       13. 13. Realised profits and realised losses

       14. 14. Staff costs

       15. 15. Scots land tenure

9. Explanatory Note