Companies Act 1985

[F1 Modifications where accounts prepared in accordance with special provisions for insurance companies] E+W+S

Textual Amendments

F1 Heading inserted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

[F2 7] Section 264 applies as if in subsection (2) for the words following “the aggregate of its liabilities” there were substituted “(“liabilities” to include any provision within the meaning of [F3 Part I of [F4 Schedule 9A]], except to the extent that that provision is taken into account in calculating the value of any asset of the company)”.

Textual Amendments

F2 Sch. 11 paras. 1-7 renumbered as Sch. 11 paras. 7-13 (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

F3 Words substituted (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1) by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(3)

F4 Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).

[F5 8] Section 265 applies as if—

(a) for subsection (2) there were substituted—

“(2) In subsection (1)(a), “liabilities” includes any provision (within the meaning of [F6 Part I of [F7 Schedule 9A]]) except to the extent that that provision is taken into account for the purposes of that subsection in calculating the value of any asset of the company”, and

(b) there were added at the end of the section—

“(7) In determining capital and revenue profits and losses, an asset which is not a fixed asset or a current asset is treated as a fixed asset”.

Textual Amendments

F5 Sch. 11 paras. 1-7 renumbered as Sch. 11 paras. 7-13 (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

F6 Words substituted (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1) by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(3)

F7 Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).

[F8 9] Section 269 does not apply.

Textual Amendments

F8 Sch. 11 paras. 1-7 renumbered as Sch. 11 paras. 7-13 (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

[F9 10] Section 270 applies as if—

(a) in subsection (2) the following were substituted for paragraph (b)—

“(b) provisions (within the meaning of [F10 Part I of [F11 Schedule 9A]])”;

(b), (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12

Textual Amendments

F9 Sch. 11 paras. 1-7 renumbered as Sch. 11 paras. 7-13 (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

F10 Words substituted by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(4)(a) (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1)

F11 Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).

F12 Sch. 11 Para. 4(b)(c) repealed (subject to the transitional and savings provisions in S.I. 1990/355, arts. 5–9, Sch. 3 para. 1) by Companies Act 1989 (c. 40, SIF 27), ss. 23, 212, 213(2), Sch. 10 para. 21(4)(b), Sch. 24

[F13 11] Section 271 applies as if—

(a) in subsection (2), immediately before paragraph (a) there were inserted “except where the company is entitled to avail itself, and has availed itself, of any of the provisions of [F14 paragraph F15 . . . 28 of [F16 Schedule 9A]]”, and

(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F17

Textual Amendments

F13 Sch. 11 paras. 1-7 renumbered as Sch. 11 paras. 7-13 (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

F14 Words substituted by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(5)(a) (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1)

F15 Words in Sch. 11 para. 11(a) omitted (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(b).

F16 Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).

F17 Sch. 11 para 5(b) repealed (subject to the transitional and savings provisions in S.I. 1990/355, arts. 5–9, Sch. 3 para. 1) by Companies Act 1989 (c. 40, SIF 27), ss. 23, 212, 213(2), Sch. 10 para. 21(5)(b), Sch. 24

[F18 X1 12] Sections 272 and 273 apply as if in section 272(3)—

(a) for the references to [F19 section 226] and Schedule 4 there were substituted references to [F19 section 255 and Part I of [F20 Schedule 9A]], and

(b) immediately before paragraph (a) there were inserted “except where the company is entitled to avail itself, and has availed itself, of any of the provisions of [F21 paragraph F22 . . . 28 of [F20 Schedule 9A]]”.

Editorial Information

X1 Sch. 11 paras. 7-11 were substituted (19.12.1993) for Sch. 11 paras. 7-13 by S.I. 1993/3246, regs. 5(1), 6, 7, Sch. 2 para.8

Textual Amendments

F18 Sch. 11 paras. 1-7 renumbered as Sch. 11 paras. 7-13 (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

F19 Words substituted by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(6)(a) (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1)

F20 Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).

F21 Words substituted by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(6)(b) (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1)

F22 Words in Sch. 11 para. 12(b) omitted (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(b).

[F23 X2 13] Section 275 applies as if—

(a) for subsection (1) there were substituted—

“(1) For purposes of section 263, any provision (within the meaning of [F24 Part I of [F25 Schedule 9A]]), other than one in respect of any diminution of value of a fixed asset appearing on a revaluation of all the fixed assets of the company, or of all its fixed assets other than goodwill, is to be treated as a realised loss”; and

(b) “fixed assets” were defined to include any other asset which is not a current asset.

Editorial Information

X2 Sch. 11 paras. 7-11 were substituted (19.12.1993) for Sch. 11 paras. 7-13 by S.I. 1993/3246, regs. 5(1), 6, 7, Sch. 2 para.8

Textual Amendments

F23 Sch. 11 paras. 1-7 renumbered as Sch. 11 paras. 7-13 (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

F24 Words substituted by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(7) (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1)

F25 Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).