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SCHEDULE 1[Schedule 8 to the Companies (Northern Ireland) Order 1986]Form and Content of Accounts prepared by small Companies

Part IIAccounting Principles and Rules

Section BHistorical Cost Accounting Rules

Fixed assets
General rules

18.  In the case of any fixed asset which has a limited useful economic life, the amount of—

(a)its purchase price or production cost; or

(b)where it is estimated that any such asset will have a residual value at the end of the period of its useful economic life, its purchase price or production cost less that estimated residual value;

shall be reduced by provisions for depreciation calculated to write off that amount systematically over the period of the asset’s useful economic life.