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

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Minor and consequential amendments

7.—(1) In paragraph (5)(b) of Article 181 of the 1986 Order (power of private companies to redeem or purchase own shares out of capital) after “paragraph 34 of Schedule 4” there shall be inserted “or paragraph 34 of Schedule 8”.

(2) In Article 255(5) of the 1986 Order (calculation of balance sheet total for determining whether company small or medium-sized) after “Part 1 of Schedule 4” there shall be inserted “or Part I of Schedule 8”.

(3) In Article 257C(6) of the 1986 Order (provisions of Part VIII on which reporting accountant has to give opinion)(1), for “Article 254(1)(a) and (1A) and Section A of Part 1 of Schedule 8” there shall be substituted “Article 254(2) and (3)”.

(4) In Article 258 of the 1986 Order (resolution not to appoint auditors)(2)—

(a)in paragraph (1)(b), for head (i) there shall be substituted—

(i)is entitled in respect of its individual accounts for that year to prepare accounts in accordance with Article 254(2), or would be so entitled but for the application of paragraph (1)(a)(i) or (b) of Article 255A, and, and

(b)in paragraph (4), for sub-paragraph (d) there shall be substituted—

(d)the company shall be treated as a company entitled to prepare accounts in accordance with Article 254(2) notwithstanding that it is a member of an ineligible group..

(5) In Article 268(6) of the 1986 Order (meaning of “participating interest” in balance sheet and profit and loss account formats(3) after “Schedule 4,” there shall be inserted “Part 1 of Schedule 8, Schedule 8A,”.

(6) In the index of defined expressions set out in Article 270A of the 1986 Order(4)—

(a)in the entry relating to “historical cost accounting rules”, there shall be inserted at the appropriate place the words—

  • in Schedule 8 paragraph 29 of that Schedule;

(b)in the entry relating to “listed investment” there shall be inserted at the appropriate place the words—

  • in Schedule 8 paragraph 54 of that Schedule;

(c)for the entry relating to “pension costs” there shall be substituted the following entry—

  • pension costs

    • in Schedule 4 paragraph 92(2) of that Schedule

    • in Schedule 8 paragraph 59(2) of that Schedule

    • in Schedule 9 paragraph 86(b) of Part 1 of that Schedule

    • in Schedule 9A paragraph 85(b) of Part 1 of that Schedule;

(d)in the entry relating to “provision”, there shall be inserted at the appropriate place—

  • in Schedule 8 paragraphs 57 and 58 of that Schedule; and

(e)in the entry relating to “social security costs”, there shall be inserted at the appropriate place—

  • in Schedule 8 paragraph 59(1) and (3) of that Schedule.

(7) In paragraph (2)(b) of Article 277 of the 1986 Order (treatment of development costs), after “paragraph 20 of Schedule 4” there shall be inserted “or paragraph 20 of Schedule 8”.

(8) In paragraph (b) of Article 284 of the 1986 Order (distributions in kind)(5) after “???QUOTATION NOT OPEN???Schedule 4” there shall be inserted “or paragraphs 12(a) and 34(3)(a) of Schedule 8”.

(9) In paragraph 48(1) of Schedule 4 and paragraph 68(1) of Schedule 9A to the 1986 Order (statement in notes to accounts of details of indebtedness)(6), for head (b) there shall be substituted—

(b)in the case of any debts so included which are payable or repayable by instalments, the amount of any instalments which fall due for payment after the end of that period..

(10) In Schedule 4A to the 1986 Order—

(a)paragraph 1(2) (application of paragraph 59 of Schedule 4 to group accounts)(7) is hereby repealed; and

(b)in paragraph 19(2) (application of provisions of Schedule 4A to proportional consolidation) for “this Part” substitute “this Schedule”.

(11) Paragraph 2(1)(a) in Part II of Schedule 9 to the 1986 Order (application to accounts of banking groups of individual accounts provisions)(8) is hereby repealed.

(12) Paragraph 1(2)(b) in Part II of Schedule 9A to the 1986 Order (application to accounts of insurance groups of individual accounts provisions)(9) is hereby repealed.

(1)

Article 257C was inserted into the 1986 Order by regulation 2 of S.R. 1995 No. 128

(2)

Article 258 was inserted into the 1986 Order by Article 16 of the Companies (Northern Ireland) Order 1990 in place of an existing Article of that number and was amended by regulation 2 of S.R. 1993 No. 220 and by regulation 10 of S.R. 1997 No. 314

(3)

Article 268 was inserted into the 1986 Order by Article 24 of the Companies (Northern Ireland) Order 1990 in place of an existing Article of that number and was amended by regulation 5 of, and paragraph 4 of Schedule 2 to, S.R. 1994 No. 428

(4)

Article 270A was inserted into the 1986 Order by Article 24 of the Companies (Northern Ireland) Order 1990. It was subsequently amended by regulation 6 of, and paragraph 3 of Schedule 2 to, S.R. 1992 No. 258, by regulation 5 of, and paragraph 5 of Schedule 2 to, S.R. 1994 No. 428, by regulation 4 of, and paragraph 3 of Schedule 1 to, S.R. 1995 No. 128, and by regulation 11(2) of S.R. 1997 No. 314

(5)

Article 284(b) was amended by Article 25 of, and paragraph 9 of Schedule 10 to, the Companies (Northern Ireland) Order 1990

(6)

Paragraph 48 of Schedule 4 was amended by regulation 13(1) of, and paragraph 8 of Schedule 1 to, S.R. 1997 No. 314, and paragraph 68 of that Schedule was amended by regulation 13(7) of, and paragraph 11 of Schedule 5 to, S.R. 1997 No. 314

(7)

Schedule 4A was inserted by Article 7(2) of, and Schedule 2 to, the Companies (Northern Ireland) Order 1990, paragraph 1 of Schedule 4A was amended by regulation 13(2) of, and paragraph 2 of Schedule 2 to, S.R. 1997 No. 314

(8)

Parts I to III of Schedule 9 were inserted before a re-numbered Schedule 9A by regulation 5(4) of, and Schedule 1 to, S.R. 1992 No. 258, and were amended by regulation 13(6) of, and Schedule 4 to, S.R. 1997 No. 314

(9)

Parts I and II of Schedule 9 were formed into a new Schedule 9A by regulation 5(1) of S.R. 1992 No. 258. A new Schedule 9A was substituted by regulation 4 of, and Schedule 1 to, S.R. 1994 No. 428 and amended by regulation 13(7) of, and Schedule 5 to, S.R. 1997 No. 314

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