C1SCHEDULE 1COMPANIES ACT INDIVIDUAL ACCOUNTS

Annotations:
Modifications etc. (not altering text)
C1

Sch. 1 applied (with modifications) (E.W.S.) (with application in accordance with reg. 2(2) of the amending S.I.) by The Small Limited Liability Partnerships (Accounts) Regulations 2008 (S.I. 2008/1912), regs. 2(1), 3(2), Sch. 1 (with reg. 2(3)) (as amended (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 34-41)

PART 2ACCOUNTING PRINCIPLES AND RULES

SECTION AACCOUNTING PRINCIPLES

13

The amount of any item must be determined on a prudent basis, and in particular—

a

only profits realised at the balance sheet date must be included in the profit and loss account, F1...

b

all liabilities which have arisen in respect of the financial year to which the accounts relate or a previous financial year must be taken into account, including those which only become apparent between the balance sheet date and the date on which it is signed on behalf of the board of directors in accordance with section 414 of the 2006 Act (approval and signing of accounts); F2and

F3c

all provisions for diminution of value must be recognised, whether the result of the financial year is a profit or a loss.