The Companies (Northern Ireland) Order 1986 (revoked) No. 1032 (NI. 6)

SCHEDULES

[F1 SCHEDULE 8 N.I. FORM AND CONTENT OF ACCOUNTS PREPARED BY SMALL COMPANIES]

F1 SR 1997/436

PART II N.I. ACCOUNTING PRINCIPLES AND RULES

SECTION B N.I. HISTORICAL COST ACCOUNTING RULES

Miscellaneous and supplementary provisions N.I.

Assets included at a fixed amountF2 N.I.

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.

F2 Order repealed (prosp.) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16 and the repeal being partly in force, as to which see individual Articles (with savings (with adaptations) by Companies Act 2006 (Commencement No. 6, Saving and Commencement Nos. 3 and 5 (Amendment)) Order 2008 (S.I. 2008/674), arts. 2(3), {4}, Sch. 2) and subject to amendments (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b)(2), Sch. 1 paras. 135, 147, 148 {Sch. 2 Note 1} (with arts. 6, 11, 12) and subject to amendments (6.4.2008) by S.R. 2008/133, {regs. 2, 3}