Companies (1986 Order) (Accounts of Small and Medium-sized Companies and Minor Accounting Amendments) Regulations (Northern Ireland) 1997

Assets included at a fixed amount

25.—(1) Subject to the following sub-paragraph, assets which fall to be included—

(a) amongst the fixed assets of a small company under the item “tangible assets”; or

(b) amongst the current assets of a small company under the item “raw materials and consumables”;

may be included at a fixed quantity and value.

(2) Sub-paragraph (1) applies to assets of a kind which are constantly being replaced, where—

(a) their overall value is not material to assessing the company’s state of affairs; and

(b) their quantity, value and composition are not subject to material variation.