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The Companies (Northern Ireland) Order 1986 (revoked)

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The Companies (Northern Ireland) Order 1986 (revoked) is up to date with all changes known to be in force on or before 14 July 2024. There are changes that may be brought into force at a future date. Help about Changes to Legislation

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  1. Introductory Text

  2. PART I INTRODUCTORY AND INTERPRETATION

    1. 1.Title and commencement

    2. 2.General interpretation

    3. 2A.{prosp. insertion of 2nd art. 2A by 1990 NI10}

    4. 2A.Relationship of this Order to Insolvency Order

    5. 2B.Relationship of this Order to Parts IV and V of the Financial Services Act 1986

    6. 3.“Company”, etc.

    7. 4.Subsidiary ”, “ holding company ” and “ wholly-owned subsidiary

    8. 4A.Provisions supplementing Article 4

    9. 4B.Power to amend Articles 4 and 4A

    10. 5.“Called-up share capital”

    11. 6.“Allotment” and “paid up”

    12. 7.“Non-cash asset”

    13. 8.“Body corporate” and “corporation”

    14. 9.“Director” and “shadow director”

    15. 10.Expressions used in connection with accounts

    16. 10A. Meaning of “offer to the public”

    17. 10B.Meaning of “banking company”

    18. 10C.Meaning of “insurance company” and “authorised insurance company”

    19. 11.“Employees' share scheme”

  3. PART II FORMATION AND REGISTRATION OF COMPANIES; JURIDICAL STATUS AND MEMBERSHIP

    1. CHAPTER I COMPANY FORMATION

      1. Memorandum of association

        1. 12.Mode of forming incorporated company

        2. 13.Requirements with respect to memorandum

        3. 14.Forms of memorandum

        4. 14A.Statement of company's objects: general commercial company

        5. 15.Resolution to alter objects

        6. 16.Procedure for objecting to alteration

        7. 17.Provisions supplementing Articles 15 and 16

      2. Articles of association

        1. 18.Regulation of companies by articles of association

        2. 19.Tables A, C, D and E

        3. 19A. {prosp. insertion of art. 19A by 1990 NI10}

        4. 20.Alteration of articles by special resolution

      3. Registration and its consequences

        1. 21.Documents to be sent to registrar

        2. 22.Minimum authorised capital (public companies)

        3. 23.Duty of registrar

        4. 24.Effect of registration

        5. 25.Effect of memorandum and articles

        6. 26.Memorandum and articles of company limited by guarantee

        7. 27.Effect of alteration on company's members

        8. 28.Conditions in memorandum which could have been in articles

        9. 29.Amendments of memorandum or articles to be recorded

        10. 30.Copies of memorandum and articles to be given to members

        11. 31.Issued copy of memorandum to embody alterations

      4. A company's membership

        1. 32.Definition of “member”

        2. 33.Membership of holding company

        3. 34.Minimum membership for carrying on business

    2. CHAPTER II COMPANY NAMES

      1. 35.Name as stated in memorandum

      2. 36.Prohibition on registration of certain names

      3. 37.Alternatives of statutory designations

      4. 38.Change of name

      5. 39.Regulations about names

      6. 40.Exemption from requirement of “limited” as part of the name

      7. 41.Provisions applying to company exempt under Article 40

      8. 42.Power to require company to abandon misleading name

      9. 43.Prohibition on trading under misleading name

      10. 44.Penalty for improper use of “limited”

      11. 44A.Penalty for improper use of “community interest company”

      12. 4A.{prosp. insertion of art. 44A by 2005 NI17}

    3. CHAPTER III A COMPANY'S CAPACITY; FORMALITIES OF CARRYING ON BUSINESS

      1. 45.A company's capacity not limited by its memorandum

      2. 45A.Power of directors to bind the company

      3. 45B.No duty to enquire as to capacity of company or authority of directors

      4. 46.Form of company contracts

      5. 46A.Execution of documents

      6. 46B.Pre-incorporation contracts and deeds

      7. 47.Bills of exchange and promissory notes

      8. 48.Execution of deeds abroad

      9. 49.Power of company to have official seal for use abroad

      10. 50.Official seal for share certificates, etc.

      11. 51.Authentication of documents

      12. 52.Events affecting a company's status

  4. PART III RE-REGISTRATION AS A MEANS OF ALTERING A COMPANY'S STATUS

    1. Private company becoming public

      1. 53.Re-registration of private company as public

      2. 54.Consideration for shares recently allotted to be valued

      3. 55.Additional requirements relating to share capital

      4. 56.Meaning of “unqualified report” in Article 53(3)

      5. 57.Certificate of re-registration under Article 53

      6. 58.Modification for unlimited company re-registering

    2. Limited company becoming unlimited

      1. 59.Re-registration of limited company as unlimited

      2. 60.Certificate of re-registration under Article 59

    3. Unlimited company becoming limited

      1. 61.Re-registration of unlimited company as limited

      2. 62.Certificate of re-registration under Article 61

    4. Public company becoming private

      1. 63.Re-registration of public company as private

      2. 64.Litigation objection to resolution under Article 63

      3. 65.Certificate of re-registration under Article 63

  5. PART IV CAPITAL ISSUES

    1. CHAPTER I ISSUES BY COMPANIES REGISTERED, OR TO BE REGISTERED, IN NORTHERN IRELAND

      1. The prospectus

        1. 66.Matters to be stated, and reports to be set out, in prospectus

        2. 67.Attempted evasion of Article 66 to be void

        3. 68.Document offering shares, etc. for sale deemed a prospectus

        4. Arts. 69, 70 rep. by SI 2001/3649

        5. 71.Prospectus containing statement by expert

        6. 72.Meaning of “expert”

        7. 73.Prospectus to be dated

      2. Registration of prospectus

        1. 74.Registration requirement applicable in all cases

        2. 75.Additional requirements in case of prospectus issued generally

      3. Liabilities and offences in connection with prospectus

        1. 76.Directors, etc. exempt from liability in certain cases

        2. 77.Compensation for subscribers misled by statement in prospectus

        3. 78.Exemption from Article 77 for those acting with propriety

        4. 79.Indemnity for innocent director or expert

        5. 80.Criminal liability for untrue statements

      4. Supplementary

        1. 81.Interpretation for Articles 66 to 80

    2. CHAPTER II ISSUES BY COMPANIES INCORPORATED, OR TO BE INCORPORATED, OUTSIDE THE UNITED KINGDOM

      1. 82.Prospectus of non-United Kingdom company

      2. 83.Attempted evasion of Article 82 to be void

      3. 84.Prospectus containing statement by expert

      4. 85.Restrictions on allotment to be secured in prospectus

      5. 86.Stock exchange certificate exempting from compliance with Schedule 3

      6. 87.Registration of prospectus before issue

      7. 88.Consequences (criminal and civil) of contravention of Articles 82 to 87

      8. 89.Supplementary

  6. PART V ALLOTMENT OF SHARES AND DEBENTURES

    1. General provisions as to allotment

      1. 90.Authority of company required for certain allotments

      2. 90A.Election by private company as to duration of authority

      3. 91.Restriction on public offers by private company

      4. 92.Application for, and allotment of, shares and debentures

      5. 93.No allotment unless minimum subscription received

      6. 94.Allotment where issue not fully subscribed

      7. 95.Effect of irregular allotment

      8. 96.Allotment of shares, etc. to be listed on a stock exchange

      9. 97.Operation of Article 96 where prospectus offers shares for sale

      10. 98.Return as to allotments, etc.

    2. Pre-emption rights

      1. 99.Offers to shareholders to be on pre-emptive basis

      2. 100.Communication of pre-emption offers to shareholders

      3. 101.Exclusion of Articles 99 and 100 by private company

      4. 102.Consequences of contravening Articles 99 and 100

      5. 103.Saving for other restrictions as to offers

      6. 104.Interpretation for Articles 99 to 106

      7. 105.Disapplication of pre-emption rights

      8. 106.Saving for company's pre-emption procedure operative before 1985

    3. Commissions and discounts

      1. 107.Power of company to pay commissions

      2. 108.Apart from Article 107, commissions and discounts barred

    4. Amount to be paid for shares; the means of payment

      1. 109.General rules as to payment for shares on allotment

      2. 110.Prohibition on allotment of shares at a discount

      3. 111.Shares to be allotted as at least one-quarter paid-up

      4. 112.Restriction on payment by long-term undertaking

      5. 113.Non-cash consideration to be valued before allotment

      6. 114.Transfer to public company of non-cash asset in initial period

      7. 115.Agreements contravening Article 114

      8. 116.Shares issued to subscribers of memorandum

      9. 117.Meaning of “the appropriate rate”

    5. Valuation provisions

      1. 118.Valuation and report (Articles 54 and 113)

      2. 119.Valuation and report (Article 114)

      3. 120.Entitlement of valuer to full disclosure

      4. 121.Matters to be communicated to registrar

    6. Other matters arising out of allotment, etc.

      1. 121A.Right to damages, etc. not affected

      2. 122.Liability of subsequent holders of shares allotted

      3. 123.Relief in respect of certain liabilities under Articles 109ff.

      4. 124.Penalty for contravention

      5. 125.Undertakings to do work, etc.

      6. 126.Application of Articles 109ff. to special cases

  7. PART VI SHARE CAPITAL, ITS INCREASE, MAINTENANCE AND REDUCTION

    1. CHAPTER I GENERAL PROVISIONS ABOUT SHARE CAPITAL

      1. 127.Public company share capital requirements

      2. 128.The authorised minimum

      3. 129.Provision for different amounts to be paid on shares

      4. 130.Reserve liability of limited company

      5. 131.Alteration of share capital (limited companies)

      6. 132.Notice to registrar of alteration

      7. 133.Notice to registrar of increased share capital

      8. 134.Reserve capital of unlimited company

    2. CHAPTER II CLASS RIGHTS

      1. 135.Variation of class rights

      2. 136.Saving for court's powers under other provisions

      3. 137.Shareholders' right to object to variation

      4. 138.Registration of particulars of special rights

      5. 139.Registration of newly created class rights

    3. CHAPTER III SHARE PREMIUMS

      1. 140.Appication of share premiums

      2. 141.Merger relief

      3. 142.Relief in respect of group reconstructions

      4. 143.Provisions supplementing Articles 141 and 142

      5. 144.Provision for extending or restricting relief from Article 140

    4. CHAPTER IV REDUCTION OF SHARE CAPITAL

      1. 145.Special resolution for reduction of share capital

      2. 146.Application to court for order of confirmation

      3. 147.Court order confirming reduction

      4. 148.Registration of order and minute of reduction

      5. 149.Public company reducing capital below authorised minimum

      6. 150.Liability of members on reduced shares

      7. 151.Penalty for concealing name of creditor, etc.

    5. CHAPTER V MAINTENANCE OF CAPITAL

      1. 152.Duty of directors on serious loss of capital

      2. 153.General rule against company acquiring own shares

      3. 154.Acquisition of shares by company's nominee

      4. 155.Exceptions from Article 154

      5. 156.Treatment of shares held by or for public company

      6. 157.Matters arising out of compliance with Article 156(2)

      7. 158.Further provisions supplementing Articles 156 and 157

      8. 159.Sanctions for non-compliance

      9. 160.Charges of public companies on own shares

    6. CHAPTER VI FINANCIAL ASSISTANCE BY A COMPANY FOR ACQUISITION OF ITS OWN SHARES

      1. Provisions applying to both public and private companies

        1. 161.Financial assistance generally prohibited

        2. 162.Interpretation for this Chapter

        3. 163.Transactions not prohibited by Article 161

        4. 164.Special restriction for public companies

      2. Private companies

        1. 165.Relaxation of Article 161 for private companies

        2. 166.Statutory declaration under Article 165

        3. 167.Special resolution under Article 165

        4. 168.Time for giving financial assistance under Article 165

    7. CHAPTER VII REDEEMABLE SHARES; PURCHASE BY A COMPANY OF ITS OWN SHARES

      1. Redemption and purchase generally

        1. 169.Power to issue redeemable shares

        2. 169A. {prosp. insertion of art. 169A by 1990 NI10}

        3. 170.Financing, etc. of redemption

        4. Art. 171 rep. by 1988 c. 39

        5. 172.Power of company to purchase own shares

        6. 172A.Treasury shares

        7. 172B.Treasury shares: maximum holdings

        8. 172C.Treasury shares: voting and other rights

        9. 172D.Treasury shares: disposal and cancellation

        10. 172E.Treasury shares: mandatory cancellation

        11. 172F.Treasury shares: proceeds of sale

        12. 172G.Treasury shares: penalty for contravention

        13. 173.Definitions of “off-market” and “market” purchase

        14. 174.Authority for off-market purchase

        15. 175.Authority for contingent purchase contract

        16. 176.Authority for market purchase

        17. 177.Assignment or release of company's right to purchase own shares

        18. 178.Payments apart from purchase price to be made out of distributable profits

        19. 179.Disclosure by company of purchase of own shares

        20. 179A.Disclosure by company of cancellation or disposal of treasury shares

        21. 180.The capital redemption reserve

      2. Redemption or purchase of own shares out of capital (private companies only)

        1. 181.Power of private companies to redeem or purchase own shares out of capital

        2. 182.Availability of profits for the purposes of Article 181

        3. 183.Conditions for payment out of capital

        4. 184.Procedure for special resolution under Article 183

        5. 185.Publicity for proposed payment out of capital

        6. 186.Objections by company's members or creditors

        7. 187.Powers of court on application under Article 186

      3. Supplementary

        1. 188.Effect of company's failure to redeem or purchase

        2. 189.Power of Department to modify this Chapter

        3. 190.Transitional cases arising under this Chapter; and savings

        4. 191.Interpretation for Chapter VII

    8. CHAPTER VIII MISCELLANEOUS PROVISIONS ABOUT SHARES AND DEBENTURES

      1. Share and debenture certificates, transfers and warrants

        1. 192.Nature, transfer and numbering of shares

        2. 193.Transfer and registration

        3. 194.Certification of transfers

        4. 195.Duty of company as to issue of certificates

        5. 196.Certificate to be evidence of title

        6. 197.Evidence of grant of representation or confirmation as executor

        7. 198.Issue and effect of share warrant to bearer

      2. Debentures

        1. 199.Register of debenture holders

        2. 200.Right to inspect register

        3. 201.Liability of trustees of debentures

        4. 202.Perpetual debentures

        5. 203.Power to re-issue redeemed debentures

        6. 204.Contract to subscribe for debentures

        7. 205.Payment of debts out of assets subject to floating charge

  8. PART VII DISCLOSURE OF INTERESTS IN SHARES

    1. Individual and group acquisitions

      1. 206.Obligation of disclosure; the cases in which it may arise and “the relevant time”

      2. 207.Interests to be disclosed

      3. 208.“Percentage level” in relation to notifiable interests

      4. Art. 209 rep. by 1990 NI 10

      5. 210.Particulars to be contained in notification

      6. 211.Notification of family and corporate interests

      7. 212.Agreement to acquire interests in a particular company

      8. 213.Obligation of disclosure arising under Article 212

      9. 214.Obligation of persons acting together to keep each other informed

      10. 215.Interests in shares by attribution

      11. 216.Interests in shares which are to be notified

      12. 217.Interests to be disregarded

      13. 218.Other provisions about notification under this Part

      14. 218A.Power to make further provision by regulations

    2. Registration and investigation of share acquisitions and disposals

      1. 219.Register of interests in shares

      2. 220.Company investigations

      3. 221.Registration of interests disclosed under Article 220

      4. 222.Company investigation on requisition by members

      5. 223.Company report to members

      6. 224.Penalty for failure to provide information

      7. 225.Removal of entries from register

      8. 226.Otherwise, entries not to be removed

      9. 227.Inspection of register and reports

    3. Supplementary

      1. 228.Interpretation of Part VII

  9. Part VIII Accounts and Audit

    1. Chapter 1 Provisions Applying to Companies Generally

      1. Accounting records

        1. 229.Duty to keep accounting records

        2. 230.Where and for how long records to be kept

      2. A company's financial and accounting reference periods

        1. 231.A company's financial year

        2. 232.Accounting reference periods and accounting reference date

        3. 233.Alteration of accounting reference date

      3. Annual accounts

        1. 234.Duty to prepare individual accounts

        2. 234A.Companies Order individual accounts

        3. 234B.IAS individual accounts

        4. 235.Duty to prepare group accounts

        5. 235A.Companies Order group accounts

        6. 235B.IAS group accounts

        7. 235C.Consistency of accounts

        8. 236.Exemption for parent companies included in accounts of larger group

        9. 236A.Exemption for parent companies included in non‐EEA group accounts

        10. 237.Subsidiary undertakings included in the consolidation

        11. 238.Treatment of individual profit and loss account where group accounts prepared

        12. 239.Disclosure required in notes to accounts: related undertakings

        13. 239A.Disclosure required in notes to annual accounts: particulars of staff

        14. 240.Disclosure required in notes to accounts: emoluments and other benefits of directors and others

      4. Approval and signing of accounts

        1. 241.Approval and signing of accounts

      5. DIRECTORS' REPORT

        1. 242.Duty to prepare directors' report

        2. 242ZZA.Directors' report: general requirements

        3. 242ZZB.Directors' report: business review

        4. 242A.Approval and signing of directors' report

      6. QUOTED COMPANIES: OPERATING AND FINANCIAL REVIEW

        1. 242AA.Duty to prepare operating and financial review

        2. 242AB.Approval and signing of operating and financial review

      7. Quoted companies: directors' remuneration report

        1. 242B.Duty to prepare directors' remuneration report

        2. 242C.Approval and signing of directors' remuneration report

      8. Auditors' report

        1. 243.Auditors' report

        2. 244.Signature of auditors' report

        3. 245.Duties of auditors

      9. Publication of accounts and reports

        1. 246.Persons entitled to receive copies of accounts and reports

        2. 246A.Time allowed for sending out copies of accounts and reports

        3. 247.Right to demand copies of accounts and reports

        4. 248.Requirements in connection with publication of accounts

      10. Laying and delivering of accounts and reports

        1. 249.Accounts and reports to be laid before company in general meeting

        2. 249A.Members' approval of directors' remuneration report

        3. 250.Accounts and reports to be delivered to the registrar

        4. 250A.Civil penalty for failure to deliver accounts

        5. 250B.Delivery and publication of accounts in ECUs

        6. Art. 251 rep. by SR 2004/496

        7. 252.Period allowed for laying and delivering accounts and reports

      11. Revision of defective accounts and reports

        1. 253.Voluntary revision of annual accounts or directors' report

        2. 253A.Department's notice in respect of annual accounts

        3. 253B.Application to court in respect of defective accounts

        4. 253C.Other persons authorised to apply to court

        5. 253D.Disclosure of information held by Inland Revenue to persons authorised to apply to court

        6. 253E.Restrictions on use and further disclosure of information disclosed under Article 253D

    2. CHAPTER II Exemptions, exceptions and special provisions

      1. Small and medium‐sized companies and groups

        1. 254.Special provisions for small companies

        2. 254A.Special provisions for medium‐sized companies

        3. 255.Qualification of company as small or medium‐sized

        4. 255A.Cases in which special provisions do not apply

        5. 255B.Special auditors' report

        6. 256.Exemption for small and medium‐sized groups

        7. 256A.Group accounts prepared by small company

        8. 257.Qualification of group as small or medium‐sized

      2. Exemptions from audit for certain categories of small company

        1. 257A.Exemptions from audit

        2. 257AA.Dormant Companies

        3. 257B.Cases where exemptions not available

        4. 257C.The report required for the purposes of Article 257A(2)

        5. 257D.The reporting accountant

        6. 257E.Effect of exemptions

        7. Art. 258 rep. by SR 2001/153

      3. Listed public companies

        1. 259.Summary financial statement

      4. Private companies

        1. 260.Election to dispense with laying of accounts and reports before general meeting

        2. 261.Right of shareholder to require laying of accounts

      5. Unlimited companies

        1. 262.Exemption from requirement to deliver accounts and reports

      6. Banking and insurance companies and groups

        1. 263.Special provisions for banking and insurance companies

        2. 263A.Special provisions for banking and insurance groups

        3. 263B.Modification of disclosure requirements in relation to banking company or group

        4. Art. 263C rep. by SR 1994/428

        5. 263D.Power to apply provisions to banking partnerships

    3. CHAPTER III SUPPLEMENTARY PROVISIONS

      1. Accounting standards

        1. 264.Accounting standards

      2. Power to alter accounting requirements

        1. 265.Power of Department to alter accounting requirements

      3. Parent and subsidiary undertakings

        1. 266.Parent and subsidiary undertakings

      4. Other interpretation provisions

        1. 267.Meaning of “undertaking” and related expressions

        2. 268.Participating interests

        3. 269.Notes to the accounts

        4. 270.Minor definitions

        5. 270A.Index of defined expressions

  10. PART IX DISTRIBUTION OF PROFITS AND ASSETS

    1. Limits of company's power of distribution

      1. 271.Certain distributions prohibited

      2. 272.Restriction on distribution of assets

      3. 273.Other distributors by investment companies

      4. 274.Meaning of “investment company”

      5. 275.Extension of Articles 273 and 274 to other companies

      6. 276.Realised profits of insurance company with long term business

      7. 277.Treatment of development costs

    2. Relevant accounts

      1. 278.Distribution to be justified by reference to company's accounts

      2. 279.Requirements for last annual accounts

      3. 280.Requirements for interim accounts

      4. 281.Requirements for initial accounts

      5. 282.Method of apply Article 278 so successive distributions

      6. 283.Treatment of assets in the relevant accounts

      7. 284.Distributors in kind

    3. Supplementary

      1. 285.Consequences of unlawful distribution

      2. 286.Saving for provision in a company's articles operative before the Order of 1981

      3. 287.Distributions by banking or insurance companies

      4. 288.Interpretation for Part IX

      5. 289.Saving for other restraints on distribution

  11. PART X A COMPANY'S MANAGEMENT; DIRECTORS AND SECRETARIES; THEIR QUALIFICATIONS, DUTIES AND RESPONSIBILITIES

    1. Officers and registered office

      1. 290.Directors

      2. 291.Secretary

      3. 292.Acts done by person in dual capacity

      4. 293.Validity of acts of directors

      5. 294.Qualifications of company secretaries

      6. 295.Registered office

      7. 296.Register of directors and secretaries

      8. 297.Particulars of directors to be registered under Article 296

      9. 298.Particulars of secretaries to be registered under Article 296

    2. Provisions governing appointment of directors

      1. 299.Share qualifications of directors

      2. 300.Appointment of directors to be voted on individually

      3. 301.Age limit for directors

      4. 302.Duty of director to disclose his age

      5. Arts. 303‐310 rep. by 1989 NI 18

    3. Removal of directors

      1. 311.Resolution to remove director

      2. 312.Director's right to protest removal

    4. Other provisions about directors and officers

      1. 313.Directors' names on company correspondence, etc.

      2. 314.Limited company may have directors with unlimited liability

      3. 315.Special resolution making liability of directors unlimited

      4. 316.Assignment of office by directors

      5. 317.Directors to have regard to interests of employees

      6. 317A.Provisions protecting directors from liability

      7. 317B.Qualifying third party indemnity provisions

      8. 317C.Disclosure of qualifying third party indemnity provisions

      9. 318.Provisions protecting auditors from liability

  12. PART XI ENFORCEMENT OF FAIR DEALING BY DIRECTORS

    1. Restrictions on directors taking financial advantage

      1. 319.Prohibition on tax-free payments to directors

      2. 320.Payment to director for loss of office, etc.

      3. 321.Company approval for property transfer

      4. 322.Director's duty of disclosure on takeover, etc.

      5. 323.Consequences of non-compliance with Article 322

      6. 324.Provisions supplementing Articles 320 to 323

      7. 325.Directors to disclose interest in contracts

      8. 326.Directors' service contracts to be open to inspection

      9. 327.Director's contract of employment for more than 5 years

      10. 328.Substantial property transactions involving directors, etc.

      11. 329.Exceptions from Article 328

      12. 330.Liabilities arising from contravention of Article 328

      13. 330A.Invalidity of certain transactions involving directors, etc.

      14. 330B.Contracts with sole members who are directors

    2. Share dealings by directors and their families

      1. 331.Prohibition on directors dealing in share options

      2. 332.Duty of director to disclose shareholdings in own company

      3. 333.Register of directors' interests notified under Article 332

      4. 334.Sanctions for non-compliance

      5. 335.Extension of Article 331 to spouses , civil partners and children

      6. 336.Extenstion of Article 332 to spouses , civil partners and children

      7. 337.Duty to notify stock exchange of matters notified under Articles 332 to 336

    3. Restrictions on a company's power to make loans, etc. to directors and persons connected with them

      1. 338.General restriction on loans, etc. to directors and persons connected with them

      2. 339.Interpretation for Articles 338ff.

      3. 340.Short-term quasi-loans

      4. 341.Inter-company loans in the same group

      5. 342.Loans of small amounts

      6. 343.Minor and business transactions

      7. 344.Transactions at behest of holding company

      8. 345.Funding of director's expenditure on duty to company

      9. 345A.Funding of director's expenditure on defending proceedings

      10. 346.Loan or quasi-loan by money-lending company

      11. 347.“Relevant amounts” for the purposes of Articles 342ff.

      12. 348.“Value” of transactions and arrangements

      13. 349.Civil remedies for breach of Article 338

      14. 350.Criminal penalties for breach of Article 338

      15. 351.Record of transactions not disclosed in company accounts

      16. 352.Exceptions from Article 351

    4. Supplementary

      1. 353.Power to increase financial limits

      2. 354.“Connected persons”, etc.

      3. 355.Transactions under foreign law

  13. PART XII COMPANY ADMINISTRATION AND PROCEDURE

    1. CHAPTER I Company Identification

      1. 356.Company name to appear outside place of business

      2. 357.Company's name to appear in its correspondence, etc.

      3. 358.Company seal

      4. 359.Particulars in correspondence, etc.

    2. CHAPTER II Register of Members

      1. 360.Obligation to keep and enter up register

      2. 360A.Statement that company has only one member

      3. 361.Location of register

      4. 362.Index of members

      5. 363.Entries in register in relation to share warrants

      6. 364.Inspection of register and index

      7. 365.Non-compliance with Articles 361, 362 and 364; agent's default

      8. 366.Power to close register

      9. 367.Power of court to rectify register

      10. 368.Trusts not be entered on register

      11. 369.Register to be evidence

      12. 370.External branch registers

    3. CHAPTER III ANNUAL RETURN

      1. 371.Duty to deliver annual returns

      2. 372.Contents of annual return: general

      3. 372A.Contents of annual return: particulars of share capital . . .

      4. 372B.Contents of annual return: information about shareholders: non-traded companies

      5. 372C.Contents of annual return: information about shareholders: traded companies

      6. 372D.Contents of annual return: information about shareholders: supplementary

      7. 373.Supplementary provisions: regulations and interpretation

    4. CHAPTER IV Meetings and Resolutions

      1. Meetings

        1. 374.Annual general meeting

        2. 374A.Election by private company to dispense with annual general meetings

        3. 375.Department's power to call meeting in default

        4. 376.Extraordinary general meeting on member's requisition

        5. 377.Length of notice for calling meetings

        6. 378.General provisions as to meetings and votes

        7. 378A.Quorum at meetings of the sole member

        8. 379.Power of court to order meeting

        9. 380.Proxies

        10. 381.Right to demand a poll

        11. 382.Voting on a poll

        12. 383.Representation of bodies corporate at meetings

      2. Resolutions

        1. 384.Circulation of members' resolutions

        2. 385.In certain cases, compliance with Article 384 not required

        3. 386.Extraordinary and special resolutions

        4. 387.Resolution requiring special notice

        5. 387A.Elective resolution of private company

        6. 388.Registration, etc. of resolutions and agreements

        7. 389.Resolution passed at adjourned meeting

      3. Written resolutions of private companies

        1. 389A.Written resolutions of private companies

        2. 389B.Duty to notify auditors of proposed written resolution

        3. 389C.Written resolutions: supplementary provisions

      4. Records of proceedings

        1. 390.Minutes of meetings

        2. 390A.Recording of written resolutions

        3. 390B.Recording of decisions by the sole member

        4. 391.Inspection of minute books

    5. Chapter V AUDITORS

      1. Appointment of auditors

        1. 392.Duty to appoint auditors

        2. 393.Appointment at general meeting at which accounts laid

        3. 393A.Appointment by private company which is not obliged to lay accounts

        4. 394.Election by private company to dispense with annual appointment

        5. 395.Appointment by Department in default of appointment by company

        6. 396.Filling of casual vacancies

        7. 396A.Certain companies exempt from obligation to appoint auditors

        8. Art. 397 rep. by 1990 NI 5

      2. Rights of auditors

        1. 397A.Rights to information

        2. 397B.Offences relating to the provision of information to auditors

        3. 398.Right to attend company meetings, &c.

      3. Remuneration of auditors

        1. 398A.Remuneration of auditors

        2. 398B.Remuneration of auditors or their associates for non-audit work

      4. Removal, resignation, &c. of auditors

        1. 399.Removal of auditors

        2. 399A.Rights of auditors who are removed or not re-appointed

        3. 400.Resignation of auditors

        4. 400A.Rights of resigning auditors

        5. 401.Termination of appointment of auditors not appointed annually

        6. 401A.Statement by person ceasing to hold office as auditor

        7. 401B.Offences of failing to comply with Article 401A

  14. PART XIII REGISTRATION OF CHARGES

    1. 402.Certain charges void if not registered

    2. 403.Charges which have to be registered

    3. 404.Formalities of registration (debentures)

    4. 405.Verification of charge on property outside Northern Ireland

    5. 406.Company's duty to notify registrar of charges it creates

    6. 407.Charges existing on property acquired

    7. 408.Registration of orders charging land, etc.

    8. 409.Register of charges to be kept by registrar

    9. 410.Endorsement of certificate on debentures

    10. 411.Entries of satisfaction and release

    11. 412.Rectification of register of charges

    12. 413.Registration of enforcement of security

    13. 414.Companies to keep copies of instruments creating charges

    14. 415.Company's register of charges

    15. 416.Right to inspect instruments which create charges, etc.

    16. 417.Application of this Part to companies incorporated outside Northern Ireland

  15. PART XIV ARRANGEMENTS AND RECONSTRUCTIONS

    1. 418.Power of company to compromise with creditors and members

    2. 419.Information as to compromise to be circulated

    3. 420.Provisions for facilitating company reconstruction or amalgamation

    4. 420A.Application of Articles 418 to 420 mergers and divisions of public companies

  16. PART XIVA TAKEOVER OFFERS

    1. 421.Takeover offers

    2. 422.Right of offeror to buy out minority shareholders

    3. 423.Effect of notice under Article 422

    4. 423A.Right of minority shareholder to be bought out by offeror

    5. 423B.Effect of requirement under Article 423A

    6. 423C.Applications to the court

    7. 423D.Joint offers

    8. 423E.Associates

    9. 423F.Convertible securities

  17. PART XV INVESTIGATION OF COMPANIES AND THEIR AFFAIRS; REQUISITION OF DOCUMENTS

    1. Appointment and functions of inspectors

      1. 424.Investigation of a company on its own application or that of its members

      2. 425.Other company investigations

      3. 426.Inspectors' powers during investigation

      4. 427.Production of documents and evidence to inspectors

      5. Art. 428 rep. by 1990 NI 10

      6. 429.Obstruction of inspectors treated as contempt of court

      7. 430.Inspectors' reports

      8. 431.Power to bring civil proceedings on company's behalf

      9. 432.Expenses of investigating a company's affairs

      10. Art. 433 rep. by 1990 NI 10

      11. 434.Inspectors' report to be evidence

    2. Other powers of investigation available to the Department

      1. 435.Power to investigate company ownership

      2. 436.Provisions applicable on investigation under Article 435

      3. 437.Power to obtain information as to those interested in shares, etc.

      4. 438.Power to impose restrictions on shares and debentures

      5. 439.Investigation of share dealings

    3. Requisition and seizure of books and papers

      1. 440.Department's power to require production of documents

      2. 441.Entry and search of premises

      3. 442.Provision for security of information obtained

      4. 443.Punishment for destroying, mutilating, etc. company documents

      5. 444.Punishment for furnishing false information

      6. 444A.Disclosure of information by Department or inspector

    4. Supplementary

      1. 445.Privileged information

      2. 446.Investigation of bodies incorporated outside Northern Ireland

      3. 446D.Offences by bodies corporate

  18. PART XVI ORDERS IMPOSING RESTRICTIONS ON SHARES (ARTICLE 438)

    1. 447.Consequence of order imposing restrictions

    2. 448.Punishment for attempted evasion of restrictions

    3. 449.Relaxation and removal of restrictions

    4. 450.Further provisions on sale by court order of restricted shares

  19. PART XVII FRAUDULENT TRADING BY A COMPANY

    1. 451.Punishment for fraudulent trading

  20. PART XVIII PROTECTION OF COMPANY'S MEMBERS AGAINST UNFAIR PREJUDICE

    1. 452.Order on application of company member

    2. 453.Order on application of the Department

    3. 454.Provisions as to petitions and orders under this Part

  21. Part XIX - rep. by 1989 NI 19

  22. PART XX WINDING UP OF COMPANIES REGISTERED UNDER THIS ORDER OR THE FORMER COMPANIES ACTS

    1. CHAPTER I - V - Rep. by 1989 NI 19

    2. CHAPTER VI PROVISIONS AS TO DISSOLUTION

      1. 602.Power of court to declare dissolution of company void

      2. 603.Registrar may strike defunct company off register

      3. 603A.Registrar may strike private company off register on application

      4. 603B.Duties in connection with making application under Article 603A

      5. 603C.Directors' duties following application under Article 603A

      6. 603D.Articles 603B and 603C: supplementary provisions

      7. 603E.Articles 603B and 603C: enforcement

      8. 603F.Other offences connected with Article 603A

      9. 604.Objection to striking off by person aggrieved

      10. 605.Property of dissolved company to be a bona vacantia

      11. 606.Effect on Article 605 of company's revival after dissolution

      12. 607.Crown disclaimer of property vesting as bona vacantia

      13. 608.Effect of Crown disclaimer under Article 607

      14. 609.Liability for rentcharge on company's land after dissolution

      15. Arts. 610-624 rep. by 1989 NI 19

    3. CHAPTER VII - rep. by 1989 NI 19

  23. PART XXI rep. by 1989 NI 19

  24. PART XXII BODIES CORPORATE SUBJECT, OR BECOMING SUBJECT, TO THIS ORDER (OTHERWISE THAN BY ORIGINAL FORMATION UNDER PART II)

    1. CHAPTER I COMPANIES FORMED OR REGISTERED UNDER FORMER COMPANIES ACTS

      1. 625.Companies formed and registered under former Companies Acts

      2. 626.Companies registered but not formed under former Companies Acts

      3. 627.Companies re-registered with altered status under former Companies Acts

      4. 628.Companies registered under Joint Stock Companies Acts

    2. CHAPTER II COMPANIES NOT FORMED UNDER COMPANIES LEGISLATION, BUT AUTHORISED TO REGISTER

      1. 629.Companies capable of being registered under this Chapter

      2. 630.Procedural requirements for registration

      3. 631.Change of name on registration

      4. 632.Definition of “joint stock company”

      5. 633.Requirements for registration by joint stock companies

      6. 634.Registration of joint stock company as public company

      7. 635.Other requirements for registration

      8. 636.Name of company registering

      9. 637.Certificate of registration under this Chapter

      10. 638.Effect of registration

      11. 639.Power to substitute memorandum and articles for deed of settlement

  25. PART XXIII COMPANIES INCORPORATED OUTSIDE NORTHERN IRELAND CARRYING ON BUSINESS IN NORTHERN IRELAND

    1. CHAPTER I REGISTRATION, ETC.

      1. 640.Application of this Part

      2. 640A.Branch registration under the Eleventh Company Law Directive (89/666/EEC)

      3. 640B.Scope of Articles 641 and 642

      4. 641.Documents to be delivered to registrar

      5. 642.Registration of altered particulars

      6. 642A.Change in registration regime

      7. 643.Obligation to state name and other particulars

      8. 644.Regulation of Part XXIII companies in respect of their names

      9. 644A.Service of documents: companies to which Article 640A applies

      10. 645.Service of documents on a Part XXIII company

      11. 645A.Documents to be filed on cessation of business: companies to which Article 640A applies

      12. 646.Documents to be filed on cessation of business

      13. 647.Penalties for non-compliance

      14. 648.Interpretation . . .

    2. CHAPTER II DELIVERY OF ACCOUNTS AND REPORTS

      1. 648A.Credit and financial institutions to which the Bank Branches Directive (89/117/EEC) applies

      2. 648AA.Companies to which the Eleventh Company Law Directive applies

      3. 648B.Scope of Articles 649 to 652

      4. 649.Preparation of accounts and reports by Part XXIII companies

      5. 650.Part XXIII company's financial year and accounting reference periods

      6. 651.Delivery to registrar of accounts and reports of Part XXIII company

      7. 652.Penalty for non-compliance

    3. CHAPTER III REGISTRATION OF CHARGES

      1. 652A-652M.{prosp insertion of arts. 652A-652M by 1990 NI 10}

    4. CHAPTER IV WINDING UP, ETC.

      1. 652N.Scope of Chapter

      2. 652O.Particulars to be delivered to the registrar: winding up

      3. 652P.Particulars to be delivered to the registrar: insolvency proceedings etc.

      4. 652Q.Penalty for non-compliance

  26. PART XXIV THE REGISTRAR OF COMPANIES, HIS FUNCTIONS AND OFFICE

    1. 653.Registration office and registrar

    2. 654.Companies' registered numbers

    3. 654A.Registration of branches of Part XXIII companies

    4. 655.Delivery to the registar of documents in legible form

    5. Art. 656 rep. by SR 2003/3

    6. 656A.The keeping of company records by the registrar

    7. 656B.Delivery to the registrar using electronic communications

    8. 657.Fees payable to registrar

    9. 658.Inspection, &c. of records kept by the registrar

    10. 659.Certificate of incorporation

    11. 659A.Provision and authentication by registrar of documents is non-legible form

    12. 660.Public notice by registrar of receipt or issue of certain documents

    13. Art. 661 rep. by 1990 NI 10

    14. 662.Enforcement of company's duty to make returns

    15. 663.Registrar's index of company and corporate names

    16. Art. 664 rep. by 1990 NI 10

    17. 664A.Interpretation

  27. PART XXV MISCELLANEOUS AND SUPPLEMENTARY PROVISIONS

    1. Arts. 665‐666 rep. by 2003 NI 17

    2. 667.Unregistered companies

    3. 668.Power of company to provide for employees on cessation or transfer of business

    4. 669.Certain companies to publish periodical statement

    5. 670.Production and inspection of books where offence suspected

    6. 671.Form of company registers, etc.

    7. 672.Use of computers for company records

    8. 672A.Obligations of company as to inspection of registers, &c.

    9. 673.Service of documents

    10. 674.Costs and expenses in actions by certain limited companies

    11. 675.Power of court to grant relief in certain cases

    12. 676.Enforcement of High Court orders

    13. 677.Annual report by the Department

    14. 678.Punishment of offences

    15. 679.Summary proceedings

    16. 680.Prosecution by public authorities

    17. 680A.Offences by bodies corporate

    18. 680B.Criminal proceedings against unincorporated bodies

    19. 681.Regulations

  28. SCHEDULES

    1. SCHEDULE 1

      PARTICULARS OF DIRECTORS, ETC. TO BE CONTAINED IN STATEMENT UNDER AERTICLE 21

      1. Directors

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 1.Subject to paragraph 2, the statement under Article 21(2) shall contain the following particulars with...

        3. This div-1 has a number but no title; creating a P1group with an empty Title

        4. 2.(1) It is not necessary for the statement to contain particulars of a directorship— (a)...

      2. Secretaries

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 3.(1) The statement shall contain the following particulars with respect to the person named as...

      3. Interpretation

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 4.In paragraphs 1(a) and 3(1)(a)— (a) “name” means a person's Christian name (or other forename)...

    2. SCHEDULE 2

      INTERPRETATION OF REFERNECES TO “BENEFICIAL INTEREST”

      1. PART I REFERENCES IN ARTICLES 33, 155, 156 AND 158

        1. Residual interests under pension and employees' share schemes

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 1.(1) Where shares in a company are held on trust for the purposes of a...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 2.(1) This paragraph has effect as regards the operation of Articles . . . 154,...

        2. Employer's charges and other rights of recovery

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 3.(1) Where shares in a company are held on trust, there are to be disregarded—...

        3. Trustee's right to expenses, remuneration, indemnity, etc.

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 4.(1) Where a company is a trustee . . . , there are to be...

        4. Supplementary

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 5.(1) This paragraph applies for the interpretation of this Part of this Schedule . (2)...

      2. PART II REFERENCES IN SCHEDULE 5

        1. Residual interests under pension and employees' share schemes

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 6.(1) Where shares in an undertaking are held on trust for the purposes of a...

        2. Employer's charges and other rights of recovery

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 7.(1) Where shares in an undertaking are held on trust, there shall be disregarded— (a)...

        3. Trustee's right to expenses, remuneration, indemnity, &c.

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 8.Where an undertaking is a trustee, there shall be disregarded any rights which the undertaking...

        4. Supplementary

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 9.(1) The following applies for the interpretation of this Part of this Schedule. (2) “Undertaking”,...

    3. SCHEDULE 3

      MANDATORY CONTENTS OF PROSPECTUS

      1. PART I MATTERS TO BE STATED

        1. The company's proprietorship, management and its capital requirement

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 1.(1) The prospectus must state— (a) the number of founders or management or deferred shares...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 2.Where shares are offered to the public for subscription, the prospectus must give particulars as...

        2. Details relating to the offer

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 3.(1) The prospectus must state— (a) the time of the opening of the subscription lists;...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 4.(1) There must be stated the number, description and amount of any shares in or...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 5.The prospectus must state the number and amount of shares and debentures which within the...

        3. Property acquired or to be acquired by the company

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 6.(1) For the purposes of paragraphs 7 and 8, “relevant property” is property purchased or...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 7.As respects any relevant property, the prospectus must state— (a) the names and addresses of...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 8.There must be stated the amount (if any) paid or payable as purchase money in...

          7. This div-1 has a number but no title; creating a P1group with an empty Title

          8. 9.(1) This paragraph applies for the interpretation of paragraphs 6, 7 and 8. (2) Every...

        4. Commissions, preliminary expenses, etc.

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 10.(1) The prospectus must state— (a) the amount (if any) paid within the 2 preceding...

        5. Contracts

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 11.(1) The prospectus must give the dates of, parties to and general nature of every...

        6. Auditors

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 12.The prospectus must state the names and addresses of the company's auditors (if any).

        7. Interests of directors

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 13.(1) The prospectus must give full particulars of— (a) the nature and extent of the...

        8. Other matters

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 14.If the prospectus invites the public to subscribe for shares in the company and the...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 15.In the case of a company which has been carrying on business, or of a...

      2. PART II AUDITORS' AND ACCOUNTANTS' REPORTS TO BE SET OUT IN PROSPECTUS

        1. Auditors' report

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 16.(1) The prospectus shall set out a report by the company's auditors with respect to—...

        2. Accountants' reports

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 17.If the proceeds of the issue of the shares or debentures are to be applied...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 18.(1) The following provisions apply if— (a) the proceeds of the issue are to be...

        3. Provisions interpreting preceding paragraphs, and modifying them in certain cases

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 19.If in the case of a company which has been carrying on business, or of...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 20.“Financial year” in this Part means the year in respect of which the accounts of...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 21.Any report required by this Part shall either indicate by way of note any adjustments...

          7. This div-1 has a number but no title; creating a P1group with an empty Title

          8. 22.(1) A report required by paragraph 17 or 18 shall be made by accountants qualified...

    4. SCHEDULE 4

      PART I GENERAL RULES AND FORMATS SECTION A GENERAL RULES (1) (1) Subject to the...

      1. PART I GENERAL RULES AND FORMATS

        1. SECTION A GENERAL RULES

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 1.(1) Subject to the following provisions of this Schedule— (a) every balance sheet of a...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 2.(1) Where in accordance with paragraph 1 a company's balance sheet or profit and loss...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 3.(1) Any item required in accordance with paragraph 1 to be shown in a company's...

          7. This div-1 has a number but no title; creating a P1group with an empty Title

          8. 4.(1) In respect of every item shown in a company's balance sheet or profit and...

          9. This div-1 has a number but no title; creating a P1group with an empty Title

          10. 5.Amounts in respect of items representing assets or income may not be set off against...

          11. This div-1 has a number but no title; creating a P1group with an empty Title

          12. 5A.The directors of a company must, in determining how amounts are presented within items in...

        2. SECTION B THE REQUIRED FORMATS FOR ACCOUNTS

          1. Preliminary

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 6.References in this Part to the items listed in any of the formats set out...

            3. This div-1 has a number but no title; creating a P1group with an empty Title

            4. 7.A number in brackets following any item in any of the formats set out below...

            5. This div-1 has a number but no title; creating a P1group with an empty Title

            6. 8.In the notes following the formats— (a) the heading of each note gives the required...

            7. Balance Sheet Formats

            8. Format 1

            9. This div-1 has a number but no title; creating a P1group with an empty Title

            10. A.Called-up share capital not paid (1)

            11. This div-1 has a number but no title; creating a P1group with an empty Title

            12. B.Fixed assets (I) Intangible assets (1) Development costs (2) Concessions, patents, licences, trade marks and...

            13. This div-1 has a number but no title; creating a P1group with an empty Title

            14. C.Current assets (I) Stocks (1) Raw materials and consumables (2) Work in progress (3) Finished...

            15. This div-1 has a number but no title; creating a P1group with an empty Title

            16. D.Prepayments and accrued income (6)

            17. This div-1 has a number but no title; creating a P1group with an empty Title

            18. E.Creditors: amounts falling due within one year (1) Debenture loans (7) (2) Bank loans and...

            19. This div-1 has a number but no title; creating a P1group with an empty Title

            20. F.Net current assets (liabilities) (11)

            21. This div-1 has a number but no title; creating a P1group with an empty Title

            22. G.Total assets less current liabilities

            23. This div-1 has a number but no title; creating a P1group with an empty Title

            24. H.Creditors: amounts falling due after more than one year (1) Debenture loans (7) (2) Bank...

            25. This div-1 has a number but no title; creating a P1group with an empty Title

            26. I.Provisions for liabilities (1) Pensions and similar obligations (2) Taxation, including deferred taxation (3) Other...

            27. This div-1 has a number but no title; creating a P1group with an empty Title

            28. J.Accruals and deferred income (10)

            29. This div-1 has a number but no title; creating a P1group with an empty Title

            30. K.Capital and reserves (I) Called-up share capital (12) (II ) Share premium account (III) Revaluation...

            31. Balance Sheet Formats

            32. Format 2

            33. ASSETS

            34. This div-1 has a number but no title; creating a P1group with an empty Title

            35. A.Called-up share capital not paid (1)

            36. This div-1 has a number but no title; creating a P1group with an empty Title

            37. B.Fixed assets (I) Intangible assets (1) Development costs (2) Concessions, patents, licences, trade marks and...

            38. This div-1 has a number but no title; creating a P1group with an empty Title

            39. C.Current assets (I) Stocks (1) Raw materials and consumables (2) Work in progress (3) Finished...

            40. This div-1 has a number but no title; creating a P1group with an empty Title

            41. D.Prepayments and accrued income (6)

            42. LIABILITIES

            43. This div-1 has a number but no title; creating a P1group with an empty Title

            44. A.Capital and reserves (I) Called-up share capital (12) (II) Share premium account (III) Revaluation reserve...

            45. This div-1 has a number but no title; creating a P1group with an empty Title

            46. B.Provisions for liabilities (1) Pensions and similar obligations (2) Taxation including deferred taxation (3) Other...

            47. This div-1 has a number but no title; creating a P1group with an empty Title

            48. C.Creditors (13) (1) Debenture loans (7) (2) Bank loans and overdrafts (3) Payments received on...

            49. This div-1 has a number but no title; creating a P1group with an empty Title

            50. D.Accruals and deferred income (10)

            51. Notes on the balance sheet formats Called-up share capital not paid (Formats 1 and 2,...

            52. Profit and loss account formats

            53. Format 1

            54. (see note (17) below) Turnover Cost of sales (14) Gross profit or loss Distribution costs...

            55. Profit and loss account formats

            56. Format 2 Turnover Change in stocks of finished goods and in work in progress Own...

            57. Profit and loss account formats

            58. Format 3

            59. (see note (17) below)

            60. This div-1 has a number but no title; creating a P1group with an empty Title

            61. A.Charges (1) Cost of sales (14) (2) Distribution costs (14) (3) Administrative expenses (14) (4)...

            62. This div-1 has a number but no title; creating a P1group with an empty Title

            63. B.Income (1) Turnover (2) Other operating income (3) Income from shares in group undertakings (4)...

            64. Profit and loss account formats

            65. Format 4

            66. This div-1 has a number but no title; creating a P1group with an empty Title

            67. A.Charges (1) Reduction in stocks of finished goods and in work in progress (2) (a)...

            68. This div-1 has a number but no title; creating a P1group with an empty Title

            69. B.Income (1) Turnover (2) Increase in stocks of finished goods and in work in progress...

            70. Notes on the profit and loss account formats Cost of sales: distribution costs: administrative expenses...

      2. PART II ACCOUNTING PRINCIPLES AND RULES

        1. SECTION A ACCOUNTING PRINCIPLES

          1. Preliminary

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 9.Subject to paragraph 15, the amounts to be included in respect of all items shown...

          2. Accounting principles

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 10.The company shall be presumed to be carrying on business as a going concern.

            3. This div-1 has a number but no title; creating a P1group with an empty Title

            4. 11.Accounting policies shall be applied consistently within the same accounts and from one financial year...

            5. This div-1 has a number but no title; creating a P1group with an empty Title

            6. 12.The amount of any item shall be determined on a prudent basis, and in particular—...

            7. This div-1 has a number but no title; creating a P1group with an empty Title

            8. 13.All income and charges relating to the financial year to which the accounts relate shall...

            9. This div-1 has a number but no title; creating a P1group with an empty Title

            10. 14.In determining the aggregate amount of any item the amount of each individual asset or...

          3. Departure from the accounting principles

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 15.If it appears to the directors of a company that there are special reasons for...

        2. SECTION B HISTORICAL COST ACCOUNTING RULESPreliminary

          1. (16) Subject to sections C and D , the amounts to be included in respect...

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 16.Subject to sections C and D , the amounts to be included in respect of...

          2. Fixed assets

            1. General rules

            2. 17.Subject to any provision for depreciation or diminution in value made in accordance with paragraph...

            3. This div-1 has a number but no title; creating a P1group with an empty Title

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

            5. This div-1 has a number but no title; creating a P1group with an empty Title

            6. 19.(1) Where a fixed asset investment of a description falling to be included under item...

            7. Rules for determining particular fixed asset items

            8. 20.(1) Notwithstanding that an item in respect of “development costs” is included under “fixed assets”...

            9. This div-1 has a number but no title; creating a P1group with an empty Title

            10. 21.(1) The application of paragraphs 17 to 19 in relation to goodwill (in any case...

          3. Current assets

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 22.Subject to paragraph 23, the amount to be included in respect of any current asset...

            3. This div-1 has a number but no title; creating a P1group with an empty Title

            4. 23.(1) If the net realisable value of any current asset is lower than its purchase...

          4. Miscellaneous and supplementary provisions

            1. Excess of money owed over value received as an asset item

            2. 24.(1) Where the amount repayable on any debt owed by a company is greater than...

            3. Assets included at a fixed amount

            4. 25.(1) Subject to sub-paragraph (2), assets which fall to be included— (a) amongst the fixed...

            5. Determination of purchase price or production cost

            6. 26.(1) The purchase price of an asset shall be determined by adding to the actual...

            7. This div-1 has a number but no title; creating a P1group with an empty Title

            8. 27.(1) Subject to the qualification mentioned below, the purchase price or production cost of— (a)...

            9. Substitution of original stated amount where price or cost unknown

            10. 28.Where there is no record of the purchase price or production cost of any asset...

        3. SECTION C ALTERNATIVE ACCOUNTING RULES

          1. Preliminary

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 29.(1) The rules set out in section B are referred to below in this Schedule...

            3. This div-1 has a number but no title; creating a P1group with an empty Title

            4. 30.Subject to paragraphs 32 to 34, the amounts to be included in respect of assets...

          2. Alternative accounting rules

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 31.(1) Intangible fixed assets, other than goodwill, may be included at their current cost. (2)...

          3. Application of the depreciation rules

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 32.(1) Where the value of any asset of a company is determined on any basis...

          4. Additional information to be provided in case of departure from historical cost accounting rules

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 33.(1) This paragraph applies where the amounts to be included in respect of assets covered...

          5. Revaluation reserve

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 34.(1) With respect to any determination of the value of an asset of a company...

        4. SECTION D FAIR VALUE ACCOUNTING

          1. Inclusion of financial instruments at fair value

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 34A.(1) Subject to sub-paragraphs (2) to (4), financial instruments (including derivatives) may be included at...

          2. Determination of fair value

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 34B.(1) The fair value of a financial instrument is determined in accordance with this paragraph....

          3. Inclusion of hedged items at fair value

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 34C.A company may include any assets and liabilities that qualify as hedged items under a...

          4. Other assets that may be included at fair value

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 34D.(1) This paragraph applies to— (a) investment property, and (b) living animals and plants, that,...

          5. Accounting for changes in value

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 34E.(1) This paragraph applies where a financial instrument is valued in accordance with paragraph 34A...

          6. The fair value reserve

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 34F.(1) The fair value reserve must be adjusted to the extent that the amounts shown...

      3. PART III NOTES TO THE ACCOUNTS

        1. Preliminary

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 35.Any information required in the case of any company by the following provisions of this...

        2. Reserves and dividends

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 35A.There must be stated— (a) any amount set aside or proposed to be set aside...

        3. Disclosure of accounting policies

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 36.The accounting policies adopted by the company in determining the amounts to be included in...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 36A.It shall be stated whether the accounts have been prepared in accordance with applicable accounting...

        4. Information supplementing the balance sheet

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 37.Paragraphs 38 to 51 require information which either supplements the information given with respect to...

          3. Share capital and debentures

          4. 38.(1) The following information shall be given with respect to the company's share capital— (a)...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 39.If the company has allotted any shares during the financial year, the following information shall...

          7. This div-1 has a number but no title; creating a P1group with an empty Title

          8. 40.(1) With respect to any contingent right to the allotment of shares in the company...

          9. This div-1 has a number but no title; creating a P1group with an empty Title

          10. 41.(1) If the company has issued any debentures during the financial year to which the...

          11. Fixed assets

          12. 42.(1) In respect of each item which is or would but for paragraph 3(4)(b) be...

          13. This div-1 has a number but no title; creating a P1group with an empty Title

          14. 43.Where any fixed assets of the company (other than listed investments) are included under any...

          15. This div-1 has a number but no title; creating a P1group with an empty Title

          16. 44.In relation to any amount which is or would but for paragraph 3(4)(b) be shown...

          17. Investments

          18. 45.(1) In respect of the amount of each item which is or would but for...

          19. Information about fair value of assets and liabilities

          20. 45A.(1) This paragraph applies where financial instruments have been valued in accordance with paragraph 34A...

          21. This div-1 has a number but no title; creating a P1group with an empty Title

          22. 45B.Where the company has derivatives that it has not included at fair value, there must...

          23. This div-1 has a number but no title; creating a P1group with an empty Title

          24. 45C.(1) Sub-paragraph (2) applies if— (a) the company has financial fixed assets that could be...

          25. Information where investment property and living animals and plants included at fair value

          26. 45D.(1) This paragraph applies where the amounts to be included in a company's accounts in...

          27. Reserves and provisions

          28. 46.(1) Where any amount is transferred— (a) to or from any reserves; or (b) to...

          29. Provision for taxation

          30. 47.The amount of any provision for deferred taxation shall be stated separately from the amount...

          31. Details of indebtedness

          32. 48.(1) In respect of each item shown under “creditors” in the company's balance sheet there...

          33. This div-1 has a number but no title; creating a P1group with an empty Title

          34. 49.If any fixed cumulative dividends on the company's shares are in arrear, there shall be...

          35. Guarantees and other financial commitments

          36. 50.(1) Particulars shall be given of any charge on the assets of the company to...

          37. Miscellaneous matters

          38. 51.(1) Particulars shall be given of any case where the purchase price or production cost...

        5. Information supplementing the profit and loss account

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 52.Paragraphs 53 to 57 require information which either supplements the information given with respect to...

          3. Separate statement of certain items of income and expenditure

          4. 53.(1) Subject to the following provisions of this paragraph, each of the amounts mentioned below...

          5. Particulars of tax

          6. 54.Sub-para. (1) rep. by SR 1997/314 (2) Particulars shall be given of any special circumstances...

          7. Particulars of turnover

          8. 55.(1) If in the course of the financial year the company has carried on business...

          9. Para. 56 rep. by SR 2004/496

          10. Miscellaneous matters

          11. 57.(1) Where any amount relating to any preceding financial year is included in any item...

        6. General

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 58.(1) Where sums originally denominated in foreign currencies have been brought into account under any...

          3. Dormant companies acting as agents

          4. 58A.Where the directors of a company take advantage of the exemption conferred by Article 257AA,...

      4. PART IV SPECIAL PROVISIONS WHERE COMPANY IS A PARENT COMPANY OR SUBSIDIARY UNDERTAKING

        1. Company's own accounts

          1. Para. 59 rep. by SR 1997/314

        2. Guarantees and other financial commitments in favour of group undertakings

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 59A.Commitments within any of sub‐paragraphs (1) to (5) of paragraph 50 (guarantees and other financial...

        3. Paras. 60‐70 rep. by 1990 NI 5

          1. Paras. 60‐70 rep. by 1990 NI 5

      5. PART V SPECIAL PROVISIONS WHERE THE COMPANY IS AN INVESTMENT COMPANY

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 71.(1) Paragraph 34 does not apply to the amount of any profit or loss arising...

        3. This div-1 has a number but no title; creating a P1group with an empty Title

        4. 72.(1) Any distribution made by an investment company which reduces the amount of its net...

        5. This div-1 has a number but no title; creating a P1group with an empty Title

        6. 73.A company shall be treated as an investment company for the purposes of this Part...

        7. Para. 74 rep. by 1990 NI 5

      6. PART VI SPECIAL PROVISIONS WHERE THE COMPANY HAS ENTERED INTO ARRANGEMENTS SUBJECT TO MERGER RELIEF

        1. Para. 75 rep. by 1990 NI 5

      7. PART VII INTERPRETATION OF SCHEDULE

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 76.The following paragraphs apply for the purposes of this Schedule and its interpretation.

        3. Financial instruments

        4. 76A.References to “derivatives” include commodity‐based contracts that give either contracting party the right to settle...

        5. This div-1 has a number but no title; creating a P1group with an empty Title

        6. 76B.(1) The expressions listed in sub‐paragraph (2) have the same meaning as they have in...

        7. Paras. 77‐80 rep. by 1990 NI 5

        8. Historical cost accounting rules

        9. 81.References to the historical cost accounting rules shall be read in accordance with paragraph 29.

        10. Investment property

        11. 81A.“Investment property” means land held to earn rent or for capital appreciation.

        12. Leases

        13. 82.(1) “Long lease” means a lease in the case of which the portion of the...

        14. Listed investments

        15. 83.(1) “Listed investment” means an investment as respects which there has been granted a listing...

        16. Loans

        17. 84.A loan is treated as falling due for repayment, and an instalment of a loan...

        18. Materiality

        19. 85.Amounts which in the particular context of any provision of this Schedule are not material...

        20. Para. 86 rep. by 1990 NI 5

        21. Provisions

        22. 87.(1) References to provisions for depreciation or diminution in value of assets are to any...

        23. This div-1 has a number but no title; creating a P1group with an empty Title

        24. 88.References to provisions for liabilities are to any amount retained as reasonably necessary for the...

        25. Paras. 89‐91 rep. by 1990 NI 5

        26. Staff costs

        27. 92.(1) “Social security costs” means any contributions by the company to any state social security...

        28. Para. 93 rep. by 1990 NI 5

    5. SCHEDULE 4A

      FORM AND CONTENT OF GROUP ACCOUNTS

      1. General rules

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 1.(1) Group accounts shall comply so far as practicable with the provisions of Article 398A(3)...

        3. This div-1 has a number but no title; creating a P1group with an empty Title

        4. 2.(1) The consolidated balance sheet and profit and loss account shall incorporate in full the...

        5. This div-1 has a number but no title; creating a P1group with an empty Title

        6. 3.(1) Where assets and liabilities to be included in the group accounts have been valued...

        7. This div-1 has a number but no title; creating a P1group with an empty Title

        8. 4.Any differences of accounting rules as between a parent company's individual accounts for a financial...

        9. This div-1 has a number but no title; creating a P1group with an empty Title

        10. 5.Amounts which in the particular context of any provision of this Schedule are not material...

      2. Elimination of group transactions

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 6.(1) Debts and claims between undertakings included in the consolidation, and income and expenditure relating...

      3. Acquisition and merger accounting

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 7.(1) The following provisions apply where an undertaking becomes a subsidiary undertaking of the parent...

        3. This div-1 has a number but no title; creating a P1group with an empty Title

        4. 8.An acquisition shall be accounted for by the acquisition method of accounting unless the conditions...

        5. This div-1 has a number but no title; creating a P1group with an empty Title

        6. 9.(1) The acquisition method of accounting is as follows. (2) The identifiable assets and liabilities...

        7. This div-1 has a number but no title; creating a P1group with an empty Title

        8. 10.(1) The conditions for accounting for an acquisition as a merger are— (a) that at...

        9. This div-1 has a number but no title; creating a P1group with an empty Title

        10. 11.(1) The merger method of accounting is as follows. (2) The assets and liabilities of...

        11. This div-1 has a number but no title; creating a P1group with an empty Title

        12. 12.(1) Where a group is acquired, paragraphs 9 to 11 apply with the following adaptations....

        13. This div-1 has a number but no title; creating a P1group with an empty Title

        14. 13.(1) The following information with respect to acquisitions taking place in the financial year shall...

        15. This div-1 has a number but no title; creating a P1group with an empty Title

        16. 14.(1) There shall also be stated in a note to the accounts the cumulative amount...

        17. This div-1 has a number but no title; creating a P1group with an empty Title

        18. 15.Where during the financial year there has been a disposal of an undertaking or group...

        19. This div-1 has a number but no title; creating a P1group with an empty Title

        20. 16.The information required by paragraph 13, 14 or 15 need not be disclosed with respect...

      4. Minority interests

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 17.(1) The formats set out in Schedule 4 have effect in relation to group accounts...

        3. Para. 18 rep. by SR 2004/496

      5. Joint ventures

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 19.(1) Where an undertaking included in the consolidation manages another undertaking jointly with one or...

      6. Associated undertakings

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 20.(1) An “associated undertaking” means an undertaking in which an undertaking included in the consolidation...

        3. This div-1 has a number but no title; creating a P1group with an empty Title

        4. 21.(1) The formats set out in Schedule 4 have effect in relation to group accounts...

        5. This div-1 has a number but no title; creating a P1group with an empty Title

        6. 22.(1) The interest of an undertaking in an associated undertaking, and the amount of profit...

    6. SCHEDULE 5

      DISCLOSURE OF INFORMATION: RELATED UNDERTAKINGS

      1. PART I COMPANIES NOT REQUIRED TO PREPARE GROUP ACCOUNTS

        1. Subsidiary undertakings

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 1.(1) The following information shall be given where at the end of the financial year...

        2. Holdings in subsidiary undertakings

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 2.(1) There shall be stated in relation to shares of each class held by the...

        3. Financial information about subsidiary undertakings

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 3.(1) There shall be disclosed with respect to each subsidiary undertaking— (a) the aggregate amount...

        4. Financial years subsidiary undertakings

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 4.Where— (a) disclosure is made under paragraph 3(1) with respect to a subsidiary undertaking, and...

          3. Para. 5 rep. by SR 1997/314

        5. Shares and debentures of company held by subsidiary undertakings

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 6.(1) The number, description and amount of the shares in . . . the company...

        6. Significant holdings in undertakings other than subsidiary undertakings

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 7.(1) The information required by paragraphs 8 and 9 shall be given where at the...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 8.(1) The name of the undertaking shall be stated. (2) There shall be stated— (a)...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 9.(1) . . . ,there shall also be stated— (a) the aggregate amount of the...

        7. Membership of certain undertakings

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 9A.(1) The information required by this paragraph shall be given where at the end of...

        8. Para. 10 rep. by SR 1997/314

          1. Para. 10 rep. by SR 1997/314

        9. Parent undertaking drawing up accounts for larger group

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 11.(1) Where the company is a subsidiary undertaking, the following information shall be given with...

        10. Identification of ultimate parent company

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 12.(1) Where the company is a subsidiary undertaking, the following information shall be given with...

        11. Constructions of references to shares held by company

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 13.(1) References in this Part to shares held by a company shall be construed as...

      2. PART II COMPANIES REQUIRED TO PREPARE GROUP ACCOUNTS

        1. Introductory

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 14.In this Part “the group” means the group consisting of the parent company and its...

        2. Subsidiary undertakings

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 15.(1) The following information shall be given with respect to the undertakings which are subsidiary...

        3. Holdings in subsidiary undertakings

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 16.(1) The following information shall be given with respect to the shares of a subsidiary...

        4. Financial information about subsidiary undertakings not included in the consolidation

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 17.(1) There shall be shown with respect to each subsidiary undertaking not included in the...

        5. Paras. 18, 19 rep. by SR 1997/314

          1. Paras. 18, 19 rep. by SR 1997/314

        6. Shares and debentures of company held by subsidiary undertakings

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 20.(1) The number, description and amount of the shares in . . . the company...

        7. Joint ventures

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 21.(1) The following information shall be given where an undertaking is dealt with in the...

        8. Associated undertakings

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 22.(1) The following information shall be given where an undertaking included in the consolidation has...

        9. Other significant holdings of parent company or group

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 23.(1) The information required by paragraphs 24 and 25 shall be given where at the...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 24.(1) The name of the undertaking shall be stated. (2) There shall be stated— (a)...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 25.(1) . . . there shall also be stated— (a) the aggregate amount of the...

          7. This div-1 has a number but no title; creating a P1group with an empty Title

          8. 26.(1) The information required by paragraphs 27 and 28 shall be given where at the...

          9. This div-1 has a number but no title; creating a P1group with an empty Title

          10. 27.(1) The name of the undertaking shall be stated. (2) There shall be stated— (a)...

          11. This div-1 has a number but no title; creating a P1group with an empty Title

          12. 28.(1) . . . there shall also be stated— (a) the aggregate amount of the...

        10. Parent company's or group's membership of certain undertakings

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 28A.(1) The information required by this paragraph shall be given where at the end of...

        11. Para. 29 rep. by SR 1997/314

          1. Para. 29 rep. by SR 1997/314

        12. Parent undertaking drawing up accounts for larger group

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 30.(1) Where the parent company is itself a subsidiary undertaking, the following information shall be...

        13. Identification of ultimate parent company

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 31.(1) Where the parent company is itself a subsidiary undertaking, the following information shall be...

        14. Construction of references to shares held by parent company or group

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 32.(1) References in this Part to shares held by the parent company or the group...

    7. SCHEDULE 6

      PART I CHAIRMAN'S AND DIRECTORS' EMOLUMENTS, PENSIONS AND COMPENSATION FOR LOSS OF OFFICE CHAPTER 1...

      1. PART I CHAIRMAN'S AND DIRECTORS' EMOLUMENTS, PENSIONS AND COMPENSATION FOR LOSS OF OFFICE

        1. CHAPTER 1 PROVISIONS APPLYING TO QUOTED AND UNQUOTED COMPANIES

          1. Aggregate amount of directors' emoluments etc.

          2. 1.(1) Subject to sub-paragraph (2), the following shall be shown, namely— (a) the aggregate amount...

        2. CHAPTER II PROVISIONS APPLYING ONLY TO UNQUOTED COMPANIES

          1. Details of highest paid director's emoluments etc.

          2. 2.(1) Where the aggregates shown under paragraph 1(1)(a), (b) and (c) total ÿ£200,000 or more,...

          3. Excess retirement benefits of directors and past directors

          4. 7.(1) Subject to sub-paragraph (2) there shall be shown the aggregate amount of— (a) so...

          5. Compensation to directors for loss of office

          6. 8.(1) There shall be shown the aggregate amount of any compensation to directors or past...

          7. Sums paid to third parties in respect of directors' services

          8. 9.(1) There shall be shown the aggregate amount of any consideration paid to or receivable...

          9. Supplementary

          10. 10.(1) The following applies with respect to the amounts to be shown under this Part...

          11. This div-1 has a number but no title; creating a P1group with an empty Title

          12. 11.(1) The amounts to be shown for any financial year under this Part are the...

          13. This div-1 has a number but no title; creating a P1group with an empty Title

          14. 12.Where it is necessary to do so for the purpose of making any distinction required...

          15. Interpretation

          16. 13.(1) The following applies for the interpretation of this Part. (2) A reference to a...

          17. Supplementary

          18. 14.This Part requires information to be given only so far as it is contained in...

      2. PART II LOANS, QUASI‐LOANS AND OTHER DEALINGS IN FAVOUR OF DIRECTORS

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 15.The group accounts of a holding company, or if it is not required to prepare...

        3. This div-1 has a number but no title; creating a P1group with an empty Title

        4. 16.The accounts prepared by a company other than a holding company shall contain the particulars...

        5. This div-1 has a number but no title; creating a P1group with an empty Title

        6. 17.(1) For the purposes of paragraphs 15(c) and 16(c) , a transaction or arrangement between...

        7. This div-1 has a number but no title; creating a P1group with an empty Title

        8. 18.Paragraphs 15 and 16 do not apply in relation to the following transactions, arrangements and...

        9. This div-1 has a number but no title; creating a P1group with an empty Title

        10. 19.Paragraphs 15 and 16 apply whether or not— (a) the transaction or arrangement was one...

        11. This div-1 has a number but no title; creating a P1group with an empty Title

        12. 20.Neither paragraph 15(c) nor paragraph 16(c) applies in relation to any transaction or arrangement if—...

        13. This div-1 has a number but no title; creating a P1group with an empty Title

        14. 21.Neither paragraph 15(c) nor paragraph 16(c) applies in relation to any transaction or arrangement if—...

        15. The particulars required by this Part

        16. 22.(1) Subject to paragraph 23 , the particulars by this Part are those of the...

        17. This div-1 has a number but no title; creating a P1group with an empty Title

        18. 23.In paragraph 22(2) , heads (c) to (f) do not apply in the case of...

        19. Excluded transactions

        20. 24.(1) In relation to a company's accounts for a financial year, compliance with this Part...

        21. This div-1 has a number but no title; creating a P1group with an empty Title

        22. 25.In relation to a company's accounts for a financial year, compliance with this Part is...

        23. For this purpose a company's net assets are the aggregate of its assets less the...

        24. This div-1 has a number but no title; creating a P1group with an empty Title

        25. 26.Section 258 of the Companies Act 2006 (power to increase financial limits) applies as if...

        26. Interpretation

        27. 27.(1) The following provisions of the Companies Act 2006 apply for the purposes of this...

      3. PART III OTHER TRANSACTIONS, ARRANGEMENTS AND AGREEMENTS

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 28.This Part applies in relation to the following classes of transactions, arrangements and agreements— (a)...

        3. This div-1 has a number but no title; creating a P1group with an empty Title

        4. 29.(1) To comply with this Part, the accounts must contain a statement, in relation to...

        5. This div-1 has a number but no title; creating a P1group with an empty Title

        6. 30.The following provisions of the Companies Act 2006 apply for the purposes of this Part—...

    8. SCHEDULE 7

      PART I MATTERS OF A GENERAL NATURE Asset values (1) Sub-para. (1) rep. by SR...

      1. PART I MATTERS OF A GENERAL NATURE

        1. Asset values

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 1.Sub-para. (1) rep. by SR 1997/314 (2) If, in the case of such of the...

        2. Directors' interests

          1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

          2. 2.. . . . . . . . . . . . . . ....

          3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

          4. 2A.. . . . . . . . . . . . . . ....

          5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

          6. 2B.. . . . . . . . . . . . . . ....

        3. Political and charitable gifts

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 3.(1) The following applies if the company (not being the wholly-owned subsidiary of a company...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 4.(1) Paragraph 3 does not apply to a company which, at the end of the...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 5.(1) This paragraph applies for the interpretation of paragraphs 3 and 4. (2) A company...

          7. Para. 5A rep. by SR 1997/314

        4. Miscellaneous

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 6.(1) The directors' report shall contain— (a) particulars of any important event affecting the company...

      2. PART II DISCLOSURE REQUIRED BY COMPANY ACQUIRING ITS OWN SHARES, ETC.

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 7.This Part applies where shares in a company— (a) are purchased by the company or...

        3. This div-1 has a number but no title; creating a P1group with an empty Title

        4. 8.The directors' report with respect to a financial year shall state— (a) the number and...

      3. PART III DISCLOSURE CONCERNING EMPLOYMENT, ETC. OF DISABLED PERSONS

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 9.(1) This Part applies to the directors' report where the average number of persons employed...

      4. Part IV rep. by SR 1997/314

      5. PART V EMPLOYEE INVOLVEMENT

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 11.(1) This part applies to the director's report where the average number of persons employed...

      6. Part VI Policy and Practice on Payment of Creditors

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 12.(1) This Part applies to the directors report for a financial year if— (a) the...

    9. SCHEDULE 7ZA

      OPERATING AND FINANCIAL REVIEW

      1. Review objective

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 1.An operating and financial review is a balanced and comprehensive analysis, consistent with the size...

      2. Other general requirements

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 2.The review must include— (a) a statement of the business, objectives and strategies of the...

      3. Details of particular matters

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 3.(1) To the extent necessary to comply with the general requirements of paragraphs 1 and...

        3. This div-1 has a number but no title; creating a P1group with an empty Title

        4. 4.(1) The review must include— (a) information about environmental matters (including the impact of the...

        5. This div-1 has a number but no title; creating a P1group with an empty Title

        6. 5.The review must also include— (a) information about persons with whom the company has contractual...

        7. This div-1 has a number but no title; creating a P1group with an empty Title

        8. 6.(1) The review must include analysis using financial and, where appropriate, other key performance indicators,...

      4. Reference to and explanation of company accounts

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 7.To the extent necessary to comply with the general requirements of paragraphs 1 and 2,...

      5. Application of Schedule to group operating and financial review

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 8.In relation to a group operating and financial review this Schedule has effect as if...

    10. SCHEDULE 7A

      PART I INTRODUCTORY (1) (1) In the directors' remuneration report for a financial year (...

      1. PART I INTRODUCTORY

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 1.(1) In the directors' remuneration report for a financial year ( “the relevant financial year”)...

      2. PART II INFORMATION NOT SUBJECT TO AUDIT

        1. Consideration by the directors of matters relating to directors' remuneration

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 2.(1) If a committee of the company's directors has considered matters relating to the directors'...

        2. Statement of company's policy on directors' remuneration

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 3.(1) The directors' remuneration report shall contain a statement of the company's policy on directors'...

        3. Performance graph

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 4.(1) The directors' remuneration report shall— (a) contain a line graph that shows for each...

        4. Service contracts

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 5.(1) The directors' remuneration report shall contain, in respect of the contract of service or...

      3. PART III INFORMATION SUBJECT TO AUDIT

        1. Amount of each director's emoluments and compensation in the relevant financial year

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 6.(1) The directors' remuneration report shall for the relevant financial year show, for each person...

        2. Share options

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 7.(1) The directors' remuneration report shall contain, in respect of each person who has served...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 8.The information required by sub‐paragraph (1) of paragraph 7 in respect of such a person...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 9.(1) If, in the opinion of the directors of the company, disclosure in accordance with...

        3. Long-term incentive schemes

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 10.(1) The directors' remuneration report shall contain, in respect of each person who has served...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 11.(1) The information required by sub‐paragraph (1) of paragraph 10 in respect of such a...

        4. Pensions

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 12.(1) The directors' remuneration report shall, for each person who has served as a director...

        5. Excess retirement benefits of directors and past directors

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 13.(1) Subject to sub‐paragraph (3), the directors' remuneration report shall show in respect of each...

        6. Compensation for past directors

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 14.The directors' remuneration report shall contain details of any significant award made in the relevant...

        7. Sums paid to third parties in respect of a director's services

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 15.(1) The directors' remuneration report shall show, in respect of each person who served as...

      4. PART IV INTERPRETATION AND SUPPLEMENTARY

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 16.(1) In this Schedule— “amount”, in relation to a gain made on the exercise of...

        3. This div-1 has a number but no title; creating a P1group with an empty Title

        4. 17.(1) For the purposes of this Schedule emoluments paid or receivable or share options granted...

        5. This div-1 has a number but no title; creating a P1group with an empty Title

        6. 18.(1) The following applies with respect to the amounts to be shown under this Schedule....

        7. This div-1 has a number but no title; creating a P1group with an empty Title

        8. 19.(1) The amounts to be shown for any financial year under Part III are the...

        9. This div-1 has a number but no title; creating a P1group with an empty Title

        10. 20.Where it is necessary to do so for the purpose of making any distinction required...

        11. This div-1 has a number but no title; creating a P1group with an empty Title

        12. 21.This Schedule requires information to be given only so far as it is contained in...

    11. Schedule

    12. SCHEDULE 8

      FORM AND CONTENT OF ACCOUNTS PREPARED BY SMALL COMPANIES

      1. PART I GENERAL RULES AND FORMATS

        1. SECTION A GENERAL RULES

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 1.(1) Subject to the following provisions of this Schedule— (a) every balance sheet of a...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 2.(1) Where in accordance with paragraph 1 a small company's balance sheet or profit and...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 3.(1) Any item required in accordance with paragraph 1 to be shown in a small...

          7. This div-1 has a number but no title; creating a P1group with an empty Title

          8. 4.(1) In respect of every item shown in a small company's balance sheet or profit...

          9. This div-1 has a number but no title; creating a P1group with an empty Title

          10. 5.Amounts in respect of items representing assets or income may not be set off against...

          11. This div-1 has a number but no title; creating a P1group with an empty Title

          12. 5A.The directors of a company must, in determining how amounts are presented within items in...

        2. SECTION B THE REQUIRED FORMATS FOR ACCOUNTS

          1. Preliminary

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 6.References in this Part to the items listed in any of the formats set out...

            3. This div-1 has a number but no title; creating a P1group with an empty Title

            4. 7.A number in brackets following any item in any of the formats set out below...

            5. This div-1 has a number but no title; creating a P1group with an empty Title

            6. 8.In the notes following the formats— (a) the heading of each note gives the required...

            7. Balance Sheet Formats

            8. Format 1

            9. This div-1 has a number but no title; creating a P1group with an empty Title

            10. A.Called-up share capital not paid (1)

            11. This div-1 has a number but no title; creating a P1group with an empty Title

            12. B.Fixed assets (I) Intangible assets (1) Goodwill (2) (2) Other intangible assets (3) (II) Tangible...

            13. This div-1 has a number but no title; creating a P1group with an empty Title

            14. C.Current assets (I) Stocks (1) Stocks (2) Payments on account (II) Debtors (5) (1) Trade...

            15. This div-1 has a number but no title; creating a P1group with an empty Title

            16. D.Prepayments and accrued income (6)

            17. This div-1 has a number but no title; creating a P1group with an empty Title

            18. E.Creditors: amounts falling due within one year (1) Bank loans and overdrafts (2) Trade creditors...

            19. This div-1 has a number but no title; creating a P1group with an empty Title

            20. F.Net current assets (liabilities) (8)

            21. This div-1 has a number but no title; creating a P1group with an empty Title

            22. G.Total assets less current liabilities

            23. This div-1 has a number but no title; creating a P1group with an empty Title

            24. H.Creditors: amounts falling due after more than one year (1) Bank loans and overdrafts (2)...

            25. This div-1 has a number but no title; creating a P1group with an empty Title

            26. I.Provisions for liabilities

            27. This div-1 has a number but no title; creating a P1group with an empty Title

            28. J.Accruals and deferred income (7)

            29. This div-1 has a number but no title; creating a P1group with an empty Title

            30. K.Capital and reserves (I) Called up share capital (9) (II) Share premium account (III) Revaluation...

            31. Balance Sheet Formats

            32. Format 2

            33. ASSETS

            34. This div-1 has a number but no title; creating a P1group with an empty Title

            35. A.Called up share capital not paid (1)

            36. This div-1 has a number but no title; creating a P1group with an empty Title

            37. B.Fixed assets (I) Intangible assets (1) Goodwill (2) (2) Other intangible assets (3) (II) Tangible...

            38. This div-1 has a number but no title; creating a P1group with an empty Title

            39. C.Current assets (I) Stocks (1) Stocks (2) Payments on account (II) Debtors (5) (1) Trade...

            40. This div-1 has a number but no title; creating a P1group with an empty Title

            41. D.Prepayments and accrued income (6)

            42. LIABILITIES

            43. This div-1 has a number but no title; creating a P1group with an empty Title

            44. A.Capital and reserves (I) Called up share capital (9) (II) Share premium account (III) Revaluation...

            45. This div-1 has a number but no title; creating a P1group with an empty Title

            46. B.Provisions for liabilities

            47. This div-1 has a number but no title; creating a P1group with an empty Title

            48. C.Creditors (10) (1) Bank loans and overdrafts (2) Trade creditors (3) Amounts owed to group...

            49. This div-1 has a number but no title; creating a P1group with an empty Title

            50. D.Accruals and deferred income (7)

            51. Notes on the balance sheet formats Called-up share capital not paid (Formats 1 and 2,...

            52. Profit and loss account formats

            53. Format 1

            54. (see note (14) below) Turnover Cost of sales (11) Gross profit or loss Distribution costs...

            55. Profit and loss account formats

            56. Format 2 Turnover Change in stocks of finished goods and in work in progress Own...

            57. Profit and loss account formats

            58. Format 3

            59. (see note (14) below)

            60. This div-1 has a number but no title; creating a P1group with an empty Title

            61. A.Charges (1) Cost of sales (11) (2) Distribution costs (11) (3) Administrative expenses (11) (4)...

            62. This div-1 has a number but no title; creating a P1group with an empty Title

            63. B.Income (1) Turnover (2) Other operating income (3) Income from shares in group undertakings (4)...

            64. Profit and loss account formats

            65. Format 4

            66. This div-1 has a number but no title; creating a P1group with an empty Title

            67. A.Charges (1) Reduction in stock of finished goods and in work in progress. (2) (a)...

            68. This div-1 has a number but no title; creating a P1group with an empty Title

            69. B.Income (1) Turnover (2) Increase in stocks of finished goods and in work in progress...

            70. Notes on the profit and loss account formats Cost of sales: distribution costs: administrative expenses...

      2. PART II ACCOUNTING PRINCIPLES AND RULES

        1. SECTION A ACCOUNTING PRINCIPLES

          1. Preliminary

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 9.Subject to paragraph 15, the amounts to be included in respect of all items shown...

          2. Accounting principles

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 10.The company shall be presumed to be carrying on business as a going concern.

            3. This div-1 has a number but no title; creating a P1group with an empty Title

            4. 11.Accounting policies shall be applied consistently within the same accounts and from one financial year...

            5. This div-1 has a number but no title; creating a P1group with an empty Title

            6. 12.The amount of any item shall be determined on a prudent basis, and in particular—...

            7. This div-1 has a number but no title; creating a P1group with an empty Title

            8. 13.All income and charges relating to the financial year to which the accounts relate shall...

            9. This div-1 has a number but no title; creating a P1group with an empty Title

            10. 14.In determining the aggregate amount of any item the amount of each individual asset or...

          3. Departure from the accounting principles

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 15.If it appears to the directors of a small company that there are special reasons...

        2. SECTION B HISTORICAL COST ACCOUNTING RULES

          1. Preliminary

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 16.Subject to sections C and D , the amounts to be included in respect of...

          2. Fixed assets

            1. General rules

            2. 17.Subject to any provision of depreciation or diminution in value made in accordance with paragraph...

            3. This div-1 has a number but no title; creating a P1group with an empty Title

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

            5. This div-1 has a number but no title; creating a P1group with an empty Title

            6. 19.(1) Where a fixed asset investment of a description falling to be included under item...

            7. Rules for determining particular fixed asset items

            8. 20.(1) Notwithstanding that an item in respect of “development costs” is included under “fixed assets”...

            9. This div-1 has a number but no title; creating a P1group with an empty Title

            10. 21.(1) The application of paragraphs 17 to 19 in relation to goodwill (if any case...

          3. Current assets

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 22.Subject to paragraph 23, the amount to be included in respect of any current asset...

            3. This div-1 has a number but no title; creating a P1group with an empty Title

            4. 23.(1) If the net realisable value of any current asset is lower than its purchase...

          4. Miscellaneous and supplementary provisions

            1. Excess of money owed over value received as an asset item

            2. 24.(1) Where the amount repayable on any debt owed by a small company is greater...

            3. Assets included at a fixed amount

            4. 25.(1) Subject to the following sub-paragraph, assets which fall to be included— (a) amongst the...

            5. Determination of purchase price or production cost

            6. 26.(1) The purchase price of an asset shall be determined by adding to the actual...

            7. This div-1 has a number but no title; creating a P1group with an empty Title

            8. 27.(1) Subject to the qualification mentioned below, the purchase price or production cost of— (a)...

            9. Substitution of original stated amount where price or cost unknown

            10. 28.Where there is no need of the purchase price or production cost of any asset...

        3. SECTION C ALTERNATIVE ACCOUNTING RULES

          1. Preliminary

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 29.(1) The rules set out in section B are referred to in this Schedule as...

            3. This div-1 has a number but no title; creating a P1group with an empty Title

            4. 30.Subject to paragraphs 32 to 34, the amounts to be included in respect of assets...

          2. Alternative accounting rules

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 31.(1) Intangible fixed assets, other than goodwill, may be included at their current cost. (2)...

          3. Application of the depreciation rules

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 32.Where the value of any asset of a small company is determined on any basis...

            3. Additional information to be provided in case of departure from historical cost accounting rules

            4. 33.(1) This paragraph applies where the amounts to be included in respect of assets covered...

          4. Revaluation reserve

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 34.(1) With respect to any determination of the value of an asset of a small...

        4. SECTION D FAIR VALUE ACCOUNTING

          1. Inclusion of financial instruments at fair value

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 34A.(1) Subject to sub‐paragraphs (2) to (4), financial instruments (including derivatives) may be included at...

          2. Determination of fair value

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 34B.(1) The fair value of a financial instrument is determined in accordance with this paragraph....

          3. Inclusion of hedged items at fair value

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 34C.A company may include any assets and liabilities that qualify as hedged items under a...

          4. Other assets that may be included at fair value

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 34D.(1) This paragraph applies to— (a) investment property, and (b) living animals and plants, that,...

          5. Accounting for changes in value

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 34E.(1) This paragraph applies where a financial instrument is valued in accordance with paragraph 34A...

          6. The fair value reserve

            1. This div-1 has a number but no title; creating a P1group with an empty Title

            2. 34F.(1) The fair value reserve must be adjusted to the extent that the amounts shown...

      3. PART III NOTES TO THE ACCOUNTS

        1. Preliminary

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 35.Any information required in the case of any small company by the following provisions of...

        2. Reserves and dividends

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 35A.There must be stated— (a) any amount set aside or proposed to be set aside...

        3. Disclosure of account policies

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 36.The accounting policies adopted by the company in determining the amounts to be included in...

        4. Information supplementing the balance sheet

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 37.Paragraphs 38 to 47 require information which either supplements the information given with respect to...

          3. Share capital and debentures

          4. 38.(1) The following information shall be given with respect to the company's share capital— (a)...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 39.If the company has allotted any shares during the financial year, the following information shall...

          7. Fixed assets

          8. 40.(1) In respect of each item which is or would but for paragraph 3(4)(b) be...

          9. This div-1 has a number but no title; creating a P1group with an empty Title

          10. 41.Where any fixed assets of the company (other than listed investments) are included under any...

          11. Investments

          12. 42.(1) In respect of the amount of each item which is or would but for...

          13. Information about fair value of assets and liabilities

          14. 42A.(1) This paragraph applies where financial instruments have been valued in accordance with paragraph 34A...

          15. This div-1 has a number but no title; creating a P1group with an empty Title

          16. 42B.(1) Sub‐paragraph (2) applies if— (a) the company has financial fixed assets that could be...

          17. Information where investment property and living animals and plants included at fair value

          18. 42C.(1) This paragraph applies where the amounts to be included in a company's accounts in...

          19. Reserves and provisions

          20. 43.(1) Where any amount is transferred— (a) to or from any reserves; or (b) to...

          21. Details of indebtedness

          22. 44.(1) For the aggregate of all items shown under “creditors” in the company's balance sheet...

          23. This div-1 has a number but no title; creating a P1group with an empty Title

          24. 45.If any fixed cumulative dividends on the company's shares are in arrear, there shall be...

          25. Guarantees and other financial commitments

          26. 46.(1) Particulars shall be given of any charge on the assets of the company to...

          27. Miscellaneous matters

          28. 47.Particulars shall be given of any case where the purchase price or production cost of...

        5. Information supplementing the profit and loss account

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 48.Paragraphs 49 and 50 require information which either supplements the information given with respect to...

          3. Particulars of turnover

          4. 49.(1) If the company has supplied geographical markets outside the United Kingdom during the financial...

          5. Miscellaneous matters

          6. 50.(1) Where any amount relating to any preceding financial year is included in any item...

        6. General

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 51.(1) Where sums originally denominated in foreign currencies have been brought into account under any...

          3. Dormant companies acting as agents

          4. 51A.Where the directors of a company take advantage of the exemption conferred by Article 257AA,...

      4. PART IV INTERPRETATION OF SCHEDULE

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 52.The following paragraphs apply for the purposes of this Schedule and its interpretation.

        3. Financial instruments

        4. 52A.References to “derivatives” include commodity‐based contracts that give either contracting party the right to settle...

        5. This div-1 has a number but no title; creating a P1group with an empty Title

        6. 52B.(1) The expressions listed in sub‐paragraph (2) have the same meaning as they have in...

        7. Historical cost accounting rules

        8. 53.References to the historical cost accounting rules shall be read in accordance with paragraph 29.

        9. Investment property

        10. 53A.“Investment property” means land held to earn rent or for capital appreciation.

        11. Listed investments

        12. 54.(1) “Listed investment” means an investment as respects which there has been granted a listing...

        13. Loans

        14. 55.A loan is treated as falling due for repayment, and an instalment of a loan...

        15. Materiality

        16. 56.Amounts which in the particular context of any provision of this Schedule are not material...

        17. Provisions

        18. 57.(1) References to provisions for depreciation or diminution in value of assets are to any...

        19. This div-1 has a number but no title; creating a P1group with an empty Title

        20. 58.References to provisions for liabilities are to any amount retained as reasonably necessary for the...

        21. Staff costs

        22. 59.(1) “Social security costs” means any contributions by the company to any state social security...

    13. SCHEDULE 8A

      Form and Content of Abbreviated Accounts of Small Companies delivered to Registrar

      1. PART I BALANCE SHEET FORMATS

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 1.A small company may deliver to the registrar a copy of the balance sheet showing...

        3. This div-1 has a number but no title; creating a P1group with an empty Title

        4. 2.The formats referred to in paragraph 1 are as follows—

        5. Balance Sheet Formats

        6. Format 1

        7. This div-1 has a number but no title; creating a P1group with an empty Title

        8. A.Called-up share capital not paid

        9. This div-1 has a number but no title; creating a P1group with an empty Title

        10. B.Fixed assets (I) Intangible assets (II) Tangible assets (III) Investments

        11. This div-1 has a number but no title; creating a P1group with an empty Title

        12. C.Current assets (I) Stocks (II) Debtors (1) (III) Investments (IV) Cash at bank and in...

        13. This div-1 has a number but no title; creating a P1group with an empty Title

        14. D.Prepayments and accrued income

        15. This div-1 has a number but no title; creating a P1group with an empty Title

        16. E.Creditors: amounts falling due within one year

        17. This div-1 has a number but no title; creating a P1group with an empty Title

        18. F.Net current assets (liabilities)

        19. This div-1 has a number but no title; creating a P1group with an empty Title

        20. G.Total assets less current liabilities

        21. This div-1 has a number but no title; creating a P1group with an empty Title

        22. H.Creditors: amounts falling due after more than one year

        23. This div-1 has a number but no title; creating a P1group with an empty Title

        24. I.Provisions for liabilities

        25. This div-1 has a number but no title; creating a P1group with an empty Title

        26. J.Accruals and deferred income

        27. This div-1 has a number but no title; creating a P1group with an empty Title

        28. K.Capital and reserves (I) Called up share capital (II) Share premium account (III) Revaluation reserve...

        29. Balance Sheet Formats

        30. Format 2

        31. ASSETS

        32. This div-1 has a number but no title; creating a P1group with an empty Title

        33. A.Called up share capital not paid

        34. This div-1 has a number but no title; creating a P1group with an empty Title

        35. B.Fixed assets (I) Intangible assets (II) Tangible assets (III) Investments

        36. This div-1 has a number but no title; creating a P1group with an empty Title

        37. C.Current assets (I) Stocks (II) Debtors (1) (III) Investments (IV) Cash at bank and in...

        38. This div-1 has a number but no title; creating a P1group with an empty Title

        39. D.Prepayments and accrued income

        40. LIABILITIES

        41. This div-1 has a number but no title; creating a P1group with an empty Title

        42. A.Capital and reserves (I) Called up share capital (II) Share premium account (III) Revaluation reserve...

        43. This div-1 has a number but no title; creating a P1group with an empty Title

        44. B.Provisions for liabilities

        45. This div-1 has a number but no title; creating a P1group with an empty Title

        46. C.Creditors (2)

        47. This div-1 has a number but no title; creating a P1group with an empty Title

        48. D.Accrurals and deferred income

        49. Notes on the balance sheet formats Debtors (Formats 1 and 2, item C.II.) The aggregate...

      2. PART II NOTES TO THE ACCOUNTS

        1. Preliminary

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 3.Any information required in the case of any small company by the following provisions of...

        2. Disclosure of accounting policies

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 4.The accounting policies adopted by the company in determining the amounts to be included in...

        3. Information supplementing the balance sheet

          1. Share capital and debentures

          2. 5.(1) The following information shall be given with respect to the company's share capital— (a)...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 6.If the company has allotted any shares during the financial year, the following information shall...

          5. Fixed assets

          6. 7.(1) In respect of each item to which a letter or Roman number is assigned...

          7. Financial fixed assets

          8. 7A.(1) Sub‐paragraph (2) applies if— (a) the company has financial fixed assets that could be...

          9. Details of indebtedness

          10. 8.(1) For the aggregate of all items shown under “creditors” in the company's balance sheet...

        4. General

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 9.(1) Where sums originally denominated in foreign currencies have been brought into account under any...

          3. Dormant companies acting as agents

          4. 9A.Where the directors of a company take advantage of the exemption conferred by Article 257AA,...

    14. SCHEDULE 9

      PART I INDIVIDUAL ACCOUNTS CHAPTER I GENERAL RULES AND FORMATS SECTION A GENERAL RULES (1)...

      1. PART I INDIVIDUAL ACCOUNTS

        1. CHAPTER I GENERAL RULES AND FORMATS

        2. SECTION A GENERAL RULES

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 1.(1) Subject to the following provisions of this Part: (a) every balance sheet of a...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 4.(1) In respect of every item shown in the balance sheet or profit and loss...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 5.(1) Subject to the following provisions of this paragraph and without prejudice to note (6)...

          7. This div-1 has a number but no title; creating a P1group with an empty Title

          8. 6.(1) Assets shall be shown under the relevant balance sheet headings even where the company...

          9. This div-1 has a number but no title; creating a P1group with an empty Title

          10. 7.Assets acquired in the name of and on behalf of third parties shall not be...

          11. Para. 8 rep. by SR 2004/496

          12. This div-1 has a number but no title; creating a P1group with an empty Title

          13. 8A.The directors of a company must, in determining how amounts are presented within items in...

        3. SECTION B THE REQUIRED FORMATS FOR ACCOUNTS

        4. Preliminary

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 9.(1) References in this Part to the balance sheet format or to profit and loss...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 10.A number in brackets following any item in any of the formats set out below...

        5. Balance Sheet Format

          1. ASSETS

          2. This div-1 has a number but no title; creating a P1group with an empty Title

          3. 1.Cash and balances at central [or post office] banks (1)

          4. This div-1 has a number but no title; creating a P1group with an empty Title

          5. 5.Debt securities [and other fixed income securities] (6), (20) (a) Issued by public bodies (b)...

          6. This div-1 has a number but no title; creating a P1group with an empty Title

          7. 6.Equity shares [and other variable-yield securities]

          8. This div-1 has a number but no title; creating a P1group with an empty Title

          9. 7.Participating interests

          10. This div-1 has a number but no title; creating a P1group with an empty Title

          11. 8.Shares in group undertakings

          12. This div-1 has a number but no title; creating a P1group with an empty Title

          13. 9.Intangible fixed assets (7)

          14. This div-1 has a number but no title; creating a P1group with an empty Title

          15. 10.Tangible fixed assets (8)

          16. This div-1 has a number but no title; creating a P1group with an empty Title

          17. 11.Called up capital not paid (9)

          18. This div-1 has a number but no title; creating a P1group with an empty Title

          19. 12.Own Shares (10)

          20. This div-1 has a number but no title; creating a P1group with an empty Title

          21. 13.Other assets

          22. This div-1 has a number but no title; creating a P1group with an empty Title

          23. 14.Called up capital not paid (9)

          24. This div-1 has a number but no title; creating a P1group with an empty Title

          25. 15.Prepayments and accrued income

          26. Total assets

          27. LIABILITIES

          28. This div-1 has a number but no title; creating a P1group with an empty Title

          29. 1.Deposits by banks (11), (20) (a) Repayable on demand (b) With agreed maturity dates or...

          30. This div-1 has a number but no title; creating a P1group with an empty Title

          31. 5.Accruals and deferred income

          32. This div-1 has a number but no title; creating a P1group with an empty Title

          33. 6.Provisions for liabilities (a) Provisions for pensions and similar obligations (b) Provisions for tax (c)...

          34. This div-1 has a number but no title; creating a P1group with an empty Title

          35. 7.Subordinated liabilities (14), (20)

          36. This div-1 has a number but no title; creating a P1group with an empty Title

          37. 8.Called up share capital (15)

          38. This div-1 has a number but no title; creating a P1group with an empty Title

          39. 9.Share premium account

          40. This div-1 has a number but no title; creating a P1group with an empty Title

          41. 10.Reserves (a) Capital redemption reserve (b) Reserve for own shares (c) Reserves provided for by...

          42. This div-1 has a number but no title; creating a P1group with an empty Title

          43. 11.Revaluation reserve

          44. This div-1 has a number but no title; creating a P1group with an empty Title

          45. 12.Profit and loss account

          46. Total liabilities

          47. MEMORANDUM ITEMS

          48. This div-1 has a number but no title; creating a P1group with an empty Title

          49. 1.Contingent liabilities (16) (1) Acceptances and endorsements (2) Guarantees and assets pledged as collateral security...

        6. Notes on the balance sheet format and memorandum items

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 1.Cash and balances at central [or post office] banks

          3. (Assets item 1)

          4. Cash shall comprise all currency including foreign notes and coins.

          5. Only those balances which may be withdrawn without notice and which are deposited with central...

          6. (Assets item 2(a))

          7. Treasury bills and similar securities shall comprise treasury bills and similar debt instruments issued by...

          8. (Assets item 2(b))

          9. Other eligible bills shall comprise all bills purchased to the extent that they are eligible,...

          10. (Assets item 3)

          11. Loans and advances to banks shall comprise all loans and advances to domestic or foreign...

          12. This div-1 has a number but no title; creating a P1group with an empty Title

          13. 5.Loans and advances to customers

          14. (Assets item 4)

          15. Loans and advances to customers shall comprise all types of assets in the form of...

          16. This div-1 has a number but no title; creating a P1group with an empty Title

          17. 6.Debt securities [and other fixed income securities]

          18. (Assets item 5)

          19. This item shall comprise transferable debt securities and any other transferable fixed income securities issued...

          20. Where a company holds its own debt securities these shall not be included under this...

          21. Securities bearing interest rates that vary in accordance with specific factors, for example the interest...

          22. This div-1 has a number but no title; creating a P1group with an empty Title

          23. 7.Intangible fixed assets

          24. (Assets item 9)

          25. This item shall comprise: development costs; concessions, patents, licences, trade marks and similar rights and...

          26. Amounts representing goodwill shall only be included to the extent that the goodwill was acquired...

          27. There shall be disclosed, in a note to the accounts, the amount of any goodwill...

          28. This div-1 has a number but no title; creating a P1group with an empty Title

          29. 8.Tangible fixed assets

          30. (Assets item 10)

          31. This item shall comprise: —land and buildings; —plant and machinery; —fixtures and fittings, tools and...

          32. This div-1 has a number but no title; creating a P1group with an empty Title

          33. 9.Called up capital not paid

          34. (Assets items 11 and 14)

          35. The two positions shown for this item are alternatives.

          36. This div-1 has a number but no title; creating a P1group with an empty Title

          37. 10.Own shares

          38. (Assets item 12)

          39. The nominal value of the shares held shall be shown separately under this item.

          40. This div-1 has a number but no title; creating a P1group with an empty Title

          41. 11.Deposits by banks

          42. (Liabilities item 1)

          43. Deposits by banks shall comprise all amounts arising out of banking transactions owed to other...

          44. This div-1 has a number but no title; creating a P1group with an empty Title

          45. 12.Customer accounts

          46. (Liabilities item 2)

          47. This item shall comprise all amounts owed to creditors that are not credit institutions. However...

          48. This div-1 has a number but no title; creating a P1group with an empty Title

          49. 13.Debt securities in issue

          50. (Liabilities item 3)

          51. This item shall include both debt securities and debts for which transferable certificates have been...

          52. This div-1 has a number but no title; creating a P1group with an empty Title

          53. 14.Subordinated liabilities

          54. (Liabilities item 7)

          55. This item shall comprise all liabilities in respect of which there is a contractual obligation...

          56. This div-1 has a number but no title; creating a P1group with an empty Title

          57. 15.Called up share capital

          58. (Liabilities item 8)

          59. The amount of allotted share capital and the amount of called up share capital which...

          60. This div-1 has a number but no title; creating a P1group with an empty Title

          61. 16.Contingent liabilities

          62. (Memorandum item 1)

          63. This item shall include all transactions whereby the company has underwritten the obligations of a...

          64. Liabilities arising out of the endorsement of rediscounted bills shall be included in this item....

          65. This div-1 has a number but no title; creating a P1group with an empty Title

          66. 17.Contingent liabilities: Guarantees and assets pledged as collateral security

          67. (Memorandum item 1(2))

          68. This item shall include all guarantee obligations incurred and assets pledged as collateral security on...

          69. This div-1 has a number but no title; creating a P1group with an empty Title

          70. 18.Commitments

          71. (Memorandum item 2)

          72. This item shall include every irrevocable commitment which could give rise to a credit risk.

          73. This div-1 has a number but no title; creating a P1group with an empty Title

          74. 19.Commitments: Commitments arising out of sale and option to resell transactions

          75. (Memorandum item 2(1))

          76. This sub-item shall comprise commitments entered into by the company in the context of sale...

          77. This div-1 has a number but no title; creating a P1group with an empty Title

          78. 20.Claims on, and liabilities to, undertakings in which a participating interest is held or group...

          79. (Assets items 2 to 5, Liabilities items 1 to 3 and 7)

          80. The following information must be given either by way of subdivision of the relevant items...

          81. The amount of the following must be shown for each of Assets items 2 to...

        7. Special Rules

          1. Subordinated assets

          2. 11.(1) The amount of any assets that are subordinated must be shown either as a...

          3. Syndicated loans

          4. 12.(1) Where a company is a party to a syndicated loan transaction the company shall...

          5. Sale and repurchase transactions

          6. 13.(1) The following rules apply where a company is a party to a sale and...

          7. Sale and option to resell transactions

          8. 14.(1) The following rules apply where a company is a party to a sale and...

          9. Managed funds

          10. 15.(1) For the purposes of this paragraph “managed funds” are funds which the company administers...

        8. Profit and Loss Account Formats

        9. FORMAT 1

          1. Vertical layout

          2. This div-1 has a number but no title; creating a P1group with an empty Title

          3. 1.Interest receivable (1) (1) Interest receivable and similar income arising from debt securities [and other...

          4. This div-1 has a number but no title; creating a P1group with an empty Title

          5. 5.Fees and commissions payable (4)

          6. This div-1 has a number but no title; creating a P1group with an empty Title

          7. 6.Dealing [profits] [losses] (5)

          8. This div-1 has a number but no title; creating a P1group with an empty Title

          9. 7.Other operating income

          10. This div-1 has a number but no title; creating a P1group with an empty Title

          11. 8.Administrative expenses (a) Staff costs (i) Wages and salaries (ii) Social security costs (iii) Other...

          12. This div-1 has a number but no title; creating a P1group with an empty Title

          13. 9.Depreciation and amortisation (6)

          14. This div-1 has a number but no title; creating a P1group with an empty Title

          15. 10.Other operating charges

          16. This div-1 has a number but no title; creating a P1group with an empty Title

          17. 11.Provisions (a) Provisions for bad and doubtful debts (7) (b) Provisions for contingent liabilities and...

          18. This div-1 has a number but no title; creating a P1group with an empty Title

          19. 12.Adjustments to provisions (a) Adjustments to provisions for bad and doubtful debts (9) (b) Adjustments...

          20. This div-1 has a number but no title; creating a P1group with an empty Title

          21. 13.Amounts written off fixed asset investments (11)

          22. This div-1 has a number but no title; creating a P1group with an empty Title

          23. 14.Adjustments to amounts written off fixed asset investments (12)

          24. This div-1 has a number but no title; creating a P1group with an empty Title

          25. 15.[Profit] [loss] on ordinary activities before tax

          26. This div-1 has a number but no title; creating a P1group with an empty Title

          27. 16.Tax on [profit] [loss] on ordinary activities

          28. This div-1 has a number but no title; creating a P1group with an empty Title

          29. 17.[Profit] [loss] on ordinary activities after tax

          30. This div-1 has a number but no title; creating a P1group with an empty Title

          31. 18.Extraordinary income

          32. This div-1 has a number but no title; creating a P1group with an empty Title

          33. 19.Extraordinary charges

          34. This div-1 has a number but no title; creating a P1group with an empty Title

          35. 20.Extraordinary [profit] [loss]

          36. This div-1 has a number but no title; creating a P1group with an empty Title

          37. 21.Tax on extraordinary [profit] [loss]

          38. This div-1 has a number but no title; creating a P1group with an empty Title

          39. 22.Extraordinary [profit] [loss] after tax

          40. This div-1 has a number but no title; creating a P1group with an empty Title

          41. 23.Other taxes not shown under the preceding items

          42. This div-1 has a number but no title; creating a P1group with an empty Title

          43. 24.[Profit] [loss] for the financial year

        10. FORMAT 2

          1. Horizontal layout

          2. This div-1 has a number but no title; creating a P1group with an empty Title

          3. A.Charges (1) Interest payable (2) (2) Fees and commissions payable (4) (3) Dealing losses (5)...

          4. This div-1 has a number but no title; creating a P1group with an empty Title

          5. B.Income (1) Interest receivable (1) (1) Interest receivable and similar income arising from debt securities...

        11. Notes on the profit and loss account formats

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 1.Interest receivable

          3. (Format 1, item 1; Format 2, item B1)

          4. This item shall include all income arising out of banking activities, including: income from assets,...

          5. (Format 1, item 2; Format 2, item A1)

          6. This item shall include all expenditure arising out of banking activities, including: charges arising out...

          7. (Format 1, item 4; Format 2, item B3)

          8. Fees and commissions receivable shall comprise income in respect of all services supplied by the...

          9. In particular the following fees and commissions receivable must be included (unless required to be...

          10. (Format 1, item 5; Format 2, item A2)

          11. Fees and commissions payable shall comprise charges for all services rendered to the company by...

          12. In particular the following fees and commissions payable must be included (unless required to be...

          13. This div-1 has a number but no title; creating a P1group with an empty Title

          14. 5.Dealing [profits] [losses]

          15. (Format 1, item 6; Format 2, items B4 and A3)

          16. This item shall comprise: the net profit or net loss on transactions in securities which...

          17. This div-1 has a number but no title; creating a P1group with an empty Title

          18. 6.Depreciation and amortisation

          19. (Format 1, item 9; Format 2, item A5)

          20. This item shall comprise depreciation and other amounts written off in respect of balance sheet...

          21. This div-1 has a number but no title; creating a P1group with an empty Title

          22. 7.Provisions: Provisions for bad and doubtful debts

          23. (Format 1, item 11(a); Format 2, item A7(a))

          24. Provisions for bad and doubtful debts shall comprise charges for amounts written off and for...

          25. This div-1 has a number but no title; creating a P1group with an empty Title

          26. 8.Provisions: Provisions for contingent liabilities and commitments

          27. (Format 1, item 11(b); Format 2, item A7(b))

          28. This item shall comprise charges for provisions for contingent liabilities and commitments of a type...

          29. This div-1 has a number but no title; creating a P1group with an empty Title

          30. 9.Adjustments to provisions: Adjustments to provisions for bad and doubtful debts

          31. (Format 1, item 12(a); Format 2, item B5(a))

          32. This item shall include credits from the recovery of loans that have been written off,...

          33. This div-1 has a number but no title; creating a P1group with an empty Title

          34. 10.Adjustments to provisions: Adjustments to provisions for contingent liabilities and commitments

          35. (Format 1, item 12(b); Format 2, item B5(b))

          36. This item comprises credits from the reduction of provisions previously made with respect to contingent...

          37. This div-1 has a number but no title; creating a P1group with an empty Title

          38. 11.Amounts written off fixed asset investments

          39. (Format 1, item 13; Format 2, item A8)

          40. Amounts written off fixed asset investments shall comprise amounts written off in respect of assets...

          41. This div-1 has a number but no title; creating a P1group with an empty Title

          42. 12.Adjustments to amounts written off fixed asset investments

          43. (Format 1, item 14; Format 2, item B6)

          44. Adjustments to amounts written off fixed asset investments shall include amounts written back following earlier...

        12. CHAPTER II ACCOUNTING PRINCIPLES AND RULES

        13. SECTION A ACCOUNTING PRINCIPLES

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 16.Subject to paragraph 22, the amounts to be included in respect of all items shown...

        14. Accounting principles

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 17.The company shall be presumed to be carrying on business as a going concern.

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 18.Accounting policies shall be applied consistently within the same accounts and from one financial year...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 19.The amount of any item shall be determined on a prudent basis, and in particular:...

          7. This div-1 has a number but no title; creating a P1group with an empty Title

          8. 20.All income and charges relating to the financial year to which the accounts relate shall...

          9. This div-1 has a number but no title; creating a P1group with an empty Title

          10. 21.In determining the aggregate amount of any item the amount of each individual asset or...

        15. Departure from the accounting principles

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 22.If it appears to the directors of a company that there are special reasons for...

        16. SECTION B VALUATION RULES

        17. HISTORICAL COST ACCOUNTING RULES

        18. Preliminary

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 23.Subject to paragraphs 39 to 44F , the amounts to be included in respect of...

        19. Fixed assets

          1. General rules

          2. 24.Subject to any provision for depreciation or diminution in value made in accordance with paragraph...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 25.In the case of any fixed asset which has a limited useful economic life, the...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 26.(1) Where a fixed asset investment of a description falling to be included under Assets...

          7. Development costs

          8. 27.(1) Notwithstanding that amounts representing “development costs” may be included under Assets item 9 in...

          9. Goodwill

          10. 28.(1) The application of paragraphs 24 to 26 in relation to goodwill (in any case...

          11. Intangible and tangible fixed assets

          12. 29.Assets included in Assets items 9 (Intangible fixed assets) and 10 (Tangible fixed assets) in...

          13. Other fixed assets

          14. 30.Other assets falling to be included in the balance sheet shall be valued as fixed...

          15. Financial fixed assets

          16. 31.(1) Debt securities, including fixed income securities, held as financial fixed assets shall be included...

        20. Current Assets

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 32.The amount to be included in respect of loans and advances, debt or other fixed...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 33.(1) If the net realisable value of any asset referred to in paragraph 32 is...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 34.(1) Subject to paragraph 33, the amount to be included in the balance sheet in...

        21. Miscellaneous and supplementary provisions

          1. Excess of money owed over value received as an asset item

          2. 35.(1) Where the amount repayable on any debt owed by a company is greater than...

          3. Determination of cost

          4. 36.(1) The cost of an asset that has been acquired by the company shall be...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 37.(1) Subject to the qualification mentioned below, the cost of any assets which are fungible...

          7. Substitution of original amount where price or cost unknown

          8. 38.Where there is no record of the purchase price of any asset acquired by a...

        22. ALTERNATIVE ACCOUNTING RULES

        23. Preliminary

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 39.(1) The rules set out in paragraphs 24 to 38 are referred to below in...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 40.Subject to paragraphs 42 to 44, the amounts to be included in respect of assets...

        24. Alternative accounting rules

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 41.(1) Intangible fixed assets, other than goodwill, may be included at their current cost. (2)...

        25. Application of the depreciation rules

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 42.(1) Where the value of any asset of a company is determined in accordance with...

        26. Additional information to be provided in case of departure from historical cost accounting rules

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 43.(1) This paragraph applies where the amounts to be included in respect of assets covered...

        27. Revaluation reserve

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 44.(1) With respect to any determination of the value of an asset of a company...

        28. FAIR VALUE ACCOUNTING

        29. Inclusion of financial instruments at fair value

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 44A.(1) Subject to sub-paragraphs (2) to (4), financial instruments (including derivatives) may be included at...

        30. Determination of fair value

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 44B.(1) The fair value of a financial instrument is determined in accordance with this paragraph....

        31. Inclusion of hedged items at fair value

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 44C.A company may include any assets and liabilities that qualify as hedged items under a...

        32. Other assets that may be included at fair value

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 44D.(1) This paragraph applies to— (a) investment property, and (b) living animals and plants, that,...

        33. Accounting for changes in value

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 44E.(1) This paragraph applies where a financial instrument is valued in accordance with paragraph 44A...

        34. The fair value reserve

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 44F.(1) The fair value reserve must be adjusted to the extent that the amounts shown...

        35. ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 45.(1) Subject to the following sub-paragraphs, amounts to be included in respect of assets and...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 46.(1) Subject to sub-paragraph (2), any difference between the amount to be included in respect...

        36. CHAPTER III NOTES TO THE ACCOUNTS

        37. Preliminary

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 47.(1) Any information required in the case of a company by the following provisions of...

        38. General

          1. Disclosure of accounting policies

          2. 48.The accounting policies adopted by the company in determining the amounts to be included in...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 49.It shall be stated whether the accounts have been prepared in accordance with applicable accounting...

          5. Sums denominated in foreign currencies

          6. 50.Where any sums originally denominated in foreign currencies have been brought into account under any...

          7. Reserves and dividends

          8. 50A.There must be stated— (a) any amount set aside or proposed to be set aside...

        39. Information supplementing the balance sheet

          1. Share capital and debentures

          2. 51.(1) The following information shall be given with respect to the company's share capital: (a)...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 52.If the company has allotted any shares during the financial year, the following information shall...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 53.(1) With respect to any contingent right to the allotment of shares in the company...

          7. This div-1 has a number but no title; creating a P1group with an empty Title

          8. 54.(1) If the company has issued any debentures during the financial year to which the...

          9. Fixed assets

          10. 55.(1) In respect of any fixed assets of the company included in any assets item...

          11. This div-1 has a number but no title; creating a P1group with an empty Title

          12. 56.Where any fixed assets of the company (other than listed investments) are included under any...

          13. This div-1 has a number but no title; creating a P1group with an empty Title

          14. 57.In relation to any amount which is included under Assets item 10 in the balance...

          15. This div-1 has a number but no title; creating a P1group with an empty Title

          16. 58.There shall be disclosed separately the amount of: (a) any participating interests; and (b) any...

          17. Information about fair value of assets and liabilities

          18. 58A.(1) This paragraph applies where financial instruments have been valued in accordance with paragraph 44A...

          19. This div-1 has a number but no title; creating a P1group with an empty Title

          20. 58B.Where the company has derivatives that it has not included at fair value, there must...

          21. This div-1 has a number but no title; creating a P1group with an empty Title

          22. 58C.(1) Sub‐paragraph (2) applies if— (a) the company has financial fixed assets that could be...

          23. Information where investment property and living animals and plants included at fair value

          24. 58D.(1) This paragraph applies where the amounts to be included in a company's accounts in...

          25. Reserves and provisions

          26. 59.(1) Where any amount is transferred: (a) to or from any reserves; (b) to any...

          27. Provision for taxation

          28. 60.The amount of any provision for deferred taxation shall be stated separately from the amount...

          29. Maturity analysis

          30. 61.(1) A company shall disclose separately for each of Assets items 3(b) and 4 and...

          31. Debt and other fixed income securities

          32. 62.A company shall disclose the amount of debt and fixed income securities included in Assets...

          33. Subordinated liabilities

          34. 63.(1) The following information must be disclosed in relation to any borrowing included in Liabilities...

          35. Fixed cumulative dividends

          36. 64.If any fixed cumulative dividends on the company's shares are in arrear, there shall be...

          37. Details of assets charged

          38. 65.(1) There shall be disclosed, in relation to each liabilities and memorandum item of the...

          39. Guarantees and other financial commitments

          40. 66.(1) There shall be stated, where practicable: (a) the aggregate amount or estimated amount of...

          41. Memorandum items: Group undertakings

          42. 67.(1) With respect to contingent liabilities required to be included under Memorandum item 1 in...

          43. Transferable securities

          44. 68.(1) There shall be disclosed for each of Assets items 5 to 8 in the...

          45. Leasing transactions

          46. 69.The aggregate amount of all property (other than land) leased by the company to other...

          47. Assets and liabilities denominated in a currency other than sterling (or the currency in which the accounts are drawn up)

          48. 70.(1) The aggregate amount, in sterling (or the currency in which the accounts are drawn...

          49. Sundry assets and liabilities

          50. 71.Where any amount shown under either of the following items is material, particulars shall be...

          51. Unmatured forward transactions

          52. 72.(1) The following shall be disclosed with respect to unmatured forward transactions outstanding at the...

          53. Miscellaneous matters

          54. 73.(1) Particulars shall be given of any case where the cost of any asset is...

        40. Information supplementing the profit and loss account

          1. Para. 74 rep. by SR 1997/314

          2. Particulars of tax

          3. 75.Sub-para. (1) rep. by SR 1997/314 (2) Particulars shall be given of any special circumstances...

          4. Particulars of income

          5. 76.(1) A company shall disclose, with respect to income included in the following items in...

          6. Para. 77 rep. by SR 2004/496

          7. Management and agency services

          8. 78.A company providing any management and agency services to customers shall disclose that fact, if...

          9. Subordinated liabilities

          10. 79.Any amounts charged to the profit and loss account representing charges incurred during the year...

          11. Sundry income and charges

          12. 80.Where any amount to be included in any of the following items is material, particulars...

          13. Miscellaneous matters

          14. 81.(1) Where any amount relating to any preceding financial year is included in any item...

        41. CHAPTER IV INTERPRETATION OF PART I

          1. General

          2. 82.The following definitions apply for the purposes of this Part and its interpretation: “banking activities”...

          3. Financial instruments

          4. 82A.For the purposes of this Part, references to “derivatives” include commodity‐based contracts that give either...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 82B.(1) The expressions listed in sub‐paragraph (2) have the same meaning in paragraphs 44A to...

          7. Loans

          8. 83.For the purposes of this Part a loan or advance (including a liability comprising a...

          9. Materiality

          10. 84.For the purposes of this Part amounts which in the particular context of any provision...

          11. Provisions

          12. 85.For the purposes of this Part and its interpretation: (a) references in this Part to...

          13. Staff costs

          14. 86.For the purposes of this Part and its interpretation: (a) “social security costs” means any...

      2. PART II CONSOLIDATED ACCOUNTS

        1. Para. 1 rep. by SR 2004/496

        2. Foreign currency translation

        3. 5.Any difference between: (a) the amount included in the consolidated accounts for the previous financial...

        4. This div-1 has a number but no title; creating a P1group with an empty Title

        5. 6.Any income and expenditure of undertakings included in the consolidation and associated undertakings in a...

        6. Information as to undertaking in which shares held as a result of financial assistance operation

        7. 7.(1) The following provisions apply where the parent company of a banking group has a...

      3. PART III ADDITIONAL DISCLOSURE: RELATED UNDERTAKINGS

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 1.(1) Where accounts are prepared in accordance with the special provisions of this Schedule relating...

      4. PART IV ADDITIONAL DISCLOSURE: EMOLUMENTS AND OTHER BENEFITS OF DIRECTORS AND OTHERS

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 1.The provisions of this Part have effect with respect to the application of Schedule 6...

        3. Loans, quasi-loans and other dealings

        4. 2.Part II of Schedule 6 (loans, quasi-loans and other dealings) does not apply for the...

        5. Other transactions, arrangements and agreements

        6. 3.(1) Part III of Schedule 6 (other transactions, arrangements and agreements) applies for the purposes...

    15. SCHEDULE 9A

      Form and Content of Accounts of Insurance Companies and Groups

      1. PART 1 INDIVIDUAL ACCOUNTS

        1. CHAPTER 1 GENERAL RULES AND FORMATS

        2. SECTION A

        3. GENERAL RULES

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 1.(1) Subject to the following provisions of this Part— (a) every balance sheet of a...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 2.(1) Any item required in accordance with paragraph 1 to be shown in a company's...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 3.(1) In respect of every item shown in the balance sheet or profit and loss...

          7. This div-1 has a number but no title; creating a P1group with an empty Title

          8. 4.Subject to the provisions of this Schedule, amounts in respect of items representing assets or...

          9. Para. 5 rep. by SR 2004/496

          10. This div-1 has a number but no title; creating a P1group with an empty Title

          11. 6.(1) The provisions of this Schedule which relate to long term business shall apply, with...

          12. This div-1 has a number but no title; creating a P1group with an empty Title

          13. 6A.The directors of a company must, in determining how amounts are presented within items in...

        4. SECTION B THE REQUIRED FORMATS FOR ACCOUNTS

        5. Preliminary

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 7.(1) References in the Part to the balance sheet format or profit and loss account...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 8.A number in brackets following any item in either of the formats set out below...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 9.(1) In the profit and loss account format set out below— (a) the heading “Technical...

        6. Balance Sheet Format

          1. ASSETS

          2. This div-1 has a number but no title; creating a P1group with an empty Title

          3. A.Called up share capital not paid (1)

          4. This div-1 has a number but no title; creating a P1group with an empty Title

          5. B.Intangible assets (1) Development costs (2) Concessions, patents, licences, trade marks and similar rights and...

          6. This div-1 has a number but no title; creating a P1group with an empty Title

          7. C.Investments

          8. This div-1 has a number but no title; creating a P1group with an empty Title

          9. I.Land and buildings (4)

          10. This div-1 has a number but no title; creating a P1group with an empty Title

          11. II.Investments in group undertakings and participating interests (1) Shares in group undertakings (2) Debt securities...

          12. This div-1 has a number but no title; creating a P1group with an empty Title

          13. III.Other financial investments (1) Shares and other variable-yield securities and units in unit trusts (2)...

          14. This div-1 has a number but no title; creating a P1group with an empty Title

          15. IV.Deposits with ceding undertakings (10)

          16. This div-1 has a number but no title; creating a P1group with an empty Title

          17. D.Assets held to cover linked liabilities (11)

          18. This div-1 has a number but no title; creating a P1group with an empty Title

          19. Da.Reinsurers' share of technical provisions (12) (1) Provision for unearned premiums (2) Long-term business provision...

          20. This div-1 has a number but no title; creating a P1group with an empty Title

          21. E.Debtors (13)

          22. This div-1 has a number but no title; creating a P1group with an empty Title

          23. I.Debtors arising out of direct insurance operations (1) Policy holders (2) Intermediaries

          24. This div-1 has a number but no title; creating a P1group with an empty Title

          25. II.Debtors arising out of reinsurance operations

          26. This div-1 has a number but no title; creating a P1group with an empty Title

          27. III.Other debtors

          28. This div-1 has a number but no title; creating a P1group with an empty Title

          29. IV.Called up share capital not paid (1)

          30. This div-1 has a number but no title; creating a P1group with an empty Title

          31. F.Other assets

          32. This div-1 has a number but no title; creating a P1group with an empty Title

          33. I.Tangible assets (1) Plant and machinery (2) Fixtures, fittings, tools and equipment (3) Payments on...

          34. This div-1 has a number but no title; creating a P1group with an empty Title

          35. II.Stocks (1) Raw materials and consumables (2) Work in progress (3) Finished goods and goods...

          36. This div-1 has a number but no title; creating a P1group with an empty Title

          37. III.Cash at bank and in hand

          38. This div-1 has a number but no title; creating a P1group with an empty Title

          39. IV.Own shares (14)

          40. This div-1 has a number but no title; creating a P1group with an empty Title

          41. V.Other (15)

          42. This div-1 has a number but no title; creating a P1group with an empty Title

          43. G.Repayments and accrued income

          44. This div-1 has a number but no title; creating a P1group with an empty Title

          45. I.Accrued interest and rent (16)

          46. This div-1 has a number but no title; creating a P1group with an empty Title

          47. II.Deferred acquisition costs (17)

          48. This div-1 has a number but no title; creating a P1group with an empty Title

          49. III.Other repayments and accrued income

          50. LIABILITIES

          51. This div-1 has a number but no title; creating a P1group with an empty Title

          52. A.Capital and reserves

          53. This div-1 has a number but no title; creating a P1group with an empty Title

          54. I.Called up share capital or equivalent funds

          55. This div-1 has a number but no title; creating a P1group with an empty Title

          56. II.Share premium account

          57. This div-1 has a number but no title; creating a P1group with an empty Title

          58. III.Revaluation reserve

          59. This div-1 has a number but no title; creating a P1group with an empty Title

          60. IV.Reserves (1) Capital redemption reserves (2) Reserve for own shares (3) Reserves provided for by...

          61. This div-1 has a number but no title; creating a P1group with an empty Title

          62. V.Profit and loss account

          63. This div-1 has a number but no title; creating a P1group with an empty Title

          64. B.Subordinated liabilities (18)

          65. This div-1 has a number but no title; creating a P1group with an empty Title

          66. Ba.Fund for future appropriations (19)

          67. This div-1 has a number but no title; creating a P1group with an empty Title

          68. C.Technical provisions (1) Provision for unearned premiums (20) (a) gross amount (b) reinsurance amount (12)...

          69. This div-1 has a number but no title; creating a P1group with an empty Title

          70. D.Technical provisions for linked liabilities (26) (a) gross amount (b) reinsurance amount (12)

          71. This div-1 has a number but no title; creating a P1group with an empty Title

          72. E.Provisions for other risks (1) Provisions for pensions and similar obligations (2) Provisions for taxation...

          73. This div-1 has a number but no title; creating a P1group with an empty Title

          74. F.Deposits received from reinsurers (27)

          75. This div-1 has a number but no title; creating a P1group with an empty Title

          76. G.Creditors (28)

          77. This div-1 has a number but no title; creating a P1group with an empty Title

          78. I.Creditors arising out of direct insurance operations

          79. This div-1 has a number but no title; creating a P1group with an empty Title

          80. II.Creditors arising out of reinsurance operations

          81. This div-1 has a number but no title; creating a P1group with an empty Title

          82. III.Debenture loans (29)

          83. This div-1 has a number but no title; creating a P1group with an empty Title

          84. IV.Amounts owed to credit institutions

          85. This div-1 has a number but no title; creating a P1group with an empty Title

          86. V.Other creditors including taxation and social security

          87. This div-1 has a number but no title; creating a P1group with an empty Title

          88. H.Accruals and deferred income

        7. Notes on the Balance Sheet Format

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 1.Called up share capital not paid

          3. (Assets items A and E.IV)

          4. This item may be shown in either of the positions given in the format.

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 2.Concessions, patents, licences, trade marks and similar rights and assets

          7. (Assets item B.2)

          8. Amounts in respect of assets shall only be included in a company's balance sheet under...

          9. (Assets item B.3)

          10. Amounts representing goodwill shall only be included to the extent that the goodwill was acquired...

          11. This div-1 has a number but no title; creating a P1group with an empty Title

          12. 4.Land and Buildings

          13. (Assets item C.1)

          14. The amount of any land and buildings occupied by the company for its own activities...

          15. This div-1 has a number but no title; creating a P1group with an empty Title

          16. 5.Debt securities and other fixed income securities

          17. (Assets item C.III.2)

          18. This item shall comprise transferable debt securities and any other transferable fixed income securities issued...

          19. Securities bearing interest rates that vary in accordance with specific factors, for example the interest...

          20. This div-1 has a number but no title; creating a P1group with an empty Title

          21. 6.Participation in investment pools

          22. (Assets item C.III.3)

          23. This item shall comprise shares held by the company in joint investments constituted by several...

          24. This div-1 has a number but no title; creating a P1group with an empty Title

          25. 7.Loans secured by mortgages and other loans

          26. (Assets items C.III.4 and C.III.5)

          27. Loans to policy holders for which the policy is the main security shall be included...

          28. This div-1 has a number but no title; creating a P1group with an empty Title

          29. 8.Deposits with credit institutions

          30. (Assets item C.III.6)

          31. This item shall comprise sums the withdrawal of which is subject to a time restriction....

          32. This div-1 has a number but no title; creating a P1group with an empty Title

          33. 9.Other

          34. (Assets item C.III.7)

          35. This item shall comprise those investments which are not covered by Assets items C.III.1 to...

          36. This div-1 has a number but no title; creating a P1group with an empty Title

          37. 10.Deposits with ceding undertakings

          38. (Assets item C.IV)

          39. Where the company accepts reinsurance this item shall comprise amounts, owned by the ceding undertakings...

          40. These amounts may not be combined with other amounts owed by the ceding insurer to...

          41. Securities deposited with ceding undertakings or third parties which remain the property of the company...

          42. This div-1 has a number but no title; creating a P1group with an empty Title

          43. 11.Assets held to cover linked liabilities

          44. (Assets item D)

          45. In respect of long-term business, this item shall comprise investments made pursuant to long-term policies...

          46. This item shall also comprise investments which are held on behalf of the members of...

          47. This div-1 has a number but no title; creating a P1group with an empty Title

          48. 12.Reinsurance amounts

          49. (Assets item Da: Liabilities items C.1(b), 2(b), 3(b), 4(b) and 6(b) and D(b))

          50. The reinsurance amounts may be shown either under Assets item Da or under Liabilities items...

          51. The reinsurance amounts shall comprise the actual or estimated amounts which, under the contractual reinsurance...

          52. As regards the provision for unearned premiums, the reinsurance amounts shall be calculated according to...

          53. This div-1 has a number but no title; creating a P1group with an empty Title

          54. 13.Debtors

          55. (Assets item E)

          56. Amounts owned by group undertakings and undertakings in which the company has a participating interest...

          57. This div-1 has a number but no title; creating a P1group with an empty Title

          58. 14.Own shares

          59. (Assets item F.IV)

          60. The nominal value of the shares shall be shown separately under this item.

          61. This div-1 has a number but no title; creating a P1group with an empty Title

          62. 15.Other

          63. (Assets item F.V)

          64. This item shall comprise those assets which are not covered by Assets F.I to IV....

          65. This div-1 has a number but no title; creating a P1group with an empty Title

          66. 16.Accrued interest and rent

          67. (Assets item G.I)

          68. This item shall comprise those items that represent interest and rent that have been earned...

          69. This div-1 has a number but no title; creating a P1group with an empty Title

          70. 17.Deferred acquisition costs

          71. (Assets item G.II)

          72. This item shall comprise the costs of acquiring insurance policies which are incurred during a...

          73. Deferred acquisition costs arising in general business shall be distinguished from those arising in long...

          74. In the case of general business, the amount of any deferred acquisition costs shall be...

          75. There shall be disclosed in the notes to the accounts— how the deferral of acquisition...

          76. This div-1 has a number but no title; creating a P1group with an empty Title

          77. 18.Subordinated liabilities

          78. (Liabilities item B)

          79. This item shall comprise all liabilities in respect of which there is a contractual obligation...

          80. This div-1 has a number but no title; creating a P1group with an empty Title

          81. 19.Fund for future appropriations

          82. (Liabilities item Ba)

          83. This item shall comprise all funds the allocation of which either to policy holders or...

          84. Transfers to and from this item shall be shown in item II.12a in the profit...

          85. This div-1 has a number but no title; creating a P1group with an empty Title

          86. 20.Provision for unearned premiums

          87. (Liabilities item C.1)

          88. In the case of long-term business the provision for unearned premiums may be included in...

          89. The provision for unearned premiums shall comprise the amount representing that part of gross premiums...

          90. This div-1 has a number but no title; creating a P1group with an empty Title

          91. 21.Long term business provision

          92. (Liabilities item C.2)

          93. This items shall comprise the actuarially estimated value of the company's liabilities (excluding technical provisions...

          94. This item shall also comprise claims incurred but not reported, plus the estimated costs of...

          95. This div-1 has a number but no title; creating a P1group with an empty Title

          96. 22.Claims outstanding

          97. (Liabilities item C.3)

          98. This item shall comprise the total estimated ultimate cost to the company of settling all...

          99. This div-1 has a number but no title; creating a P1group with an empty Title

          100. 23.Provision for bonuses and rebates

          101. (Liabilities item C.4)

          102. This item shall comprise amounts intended for policy holders or contract beneficiaries by way of...

          103. This div-1 has a number but no title; creating a P1group with an empty Title

          104. 24.Equalisation provision

          105. (Liabilities item C.5)

          106. This item shall comprise the amount of any equalisation reserve maintained in respect of general...

          107. This item shall also comprise any amounts which, in accordance with Council Directive 87/343/EEC ,...

          108. A company which otherwise constitutes reserves to equalise fluctuations in loss ratios in future years...

          109. This div-1 has a number but no title; creating a P1group with an empty Title

          110. 25.Other technical provisions

          111. (Liabilities item C.6)

          112. This item shall comprise, inter alia, the provision for unexpired risks as defined in paragraph...

          113. This div-1 has a number but no title; creating a P1group with an empty Title

          114. 26.Technical provisions for linked liabilities

          115. (Liabilities item D)

          116. This item shall comprise technical provisions constituted to cover liabilities relating to investment in the...

          117. Any additional technical provisions constituted to cover death risks, operating expenses or other risks (such...

          118. This item shall also comprise technical provisions representing the obligations of a tontine's organiser in...

          119. This div-1 has a number but no title; creating a P1group with an empty Title

          120. 27.Deposits received from reinsurers

          121. (Liabilities item F)

          122. Where the company cedes reinsurance, this item shall comprise amounts deposited by or withheld from...

          123. Where the company cedes reinsurance and has received as a deposit securities which have been...

          124. This div-1 has a number but no title; creating a P1group with an empty Title

          125. 28.Creditors

          126. (Liabilities item G)

          127. Amounts owed to group undertakings and undertakings in which the company has a participating interest...

          128. This div-1 has a number but no title; creating a P1group with an empty Title

          129. 29.Debenture loans

          130. (Liabilities item G.III)

          131. The amount of any convertible loans shall be shown separately.

        8. Special Rules for Balance Sheet Format

          1. Additional items

          2. 10.(1) Every balance sheet of a company which carries on long term business shall show...

          3. Managed funds

          4. 11.(1) For the purposes of this paragraph “managed funds” are funds of a group pension...

          5. Deferred acquisition costs

          6. 12.The costs of acquiring insurance policies which are incurred during a financial year but which...

        9. Profit and loss account format

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. I.Technical account—General business (1) Earned premiums, net of reinsurance (a) gross premiums written (1) (b)...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. II.Technical account—long term business (1) Earned premiums, net of reinsurance (a) gross premiums written (1)...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. III.Non-technical account (1) Balance on the general business technical account—(item I.10) (2) Balance on the...

        10. Notes on the profit and loss account format

        11. CHAPTER II ACCOUNTING PRINCIPALS AND RULES

        12. SECTION A ACCOUNTING PRINICPLES

        13. Preliminary

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 13.Subject to paragraph 19, the amounts to be included in respect of all items shown...

        14. Accounting principles

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 14.The company shall be presumed to be carrying on business as a going concern.

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 15.Accounting policies shall be applied consistently within the same accounts and from one financial year...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 16.The amount of any item shall be determined on a prudent basis, and in particular—...

          7. This div-1 has a number but no title; creating a P1group with an empty Title

          8. 17.All income and charges relating to the financial year to which the accounts relate shall...

          9. This div-1 has a number but no title; creating a P1group with an empty Title

          10. 18.In determining the aggregate amount of any item the amount of each individual asset or...

        15. Departure from accounting principles

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 19.If it appears to the directors of a company that there are special reasons for...

        16. Valuation

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 19A.(1) The amounts to be included in respect of assets of any description mentioned in...

        17. SECTION B CURRENT VALUE ACCOUNTING RULES

        18. Para. 20 rep. by SR 2004/496 Para. 21 rep. by SR 1997/314

          1. Para. 20 rep. by SR 2004/496

          2. Para. 21 rep. by SR 1997/314

        19. Valuation of assets: general

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 22.(1) Subject to paragraph 24, investments falling to be included under Assets item C (investments)...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 23.(1) Intangible assets other than goodwill may be shown at their current cost. (2) Assets...

        20. Alternative valuation of fixed-income securities

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 24.(1) This paragraph applies to debt securities and other fixed-income securities shown as assets under...

        21. Meaning of “ current value ”

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 25.(1) Subject to sub-paragraph (5), in the case of investments other than land and buildings,...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 26.(1) In the case of land and buildings, current value shall mean the market value...

        22. Application of the depreciation rules

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 27.(1) Where (a) the value of any asset of a company is determined in accordance...

        23. Additional information to be provided

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 28.(1) This paragraph applies where the amounts to be included in respect of assets covered...

        24. Revaluation reserve

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 29.(1) Subject to sub-paragraph (7), with respect to any determination of the value of an...

        25. SECTION BA VALUATION AT FAIR VALUE

        26. Inclusion of financial instruments at fair value

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 29A.(1) Subject to sub-paragraphs (2) to (4), financial instruments (including derivatives) may be included at...

        27. Determination of fair value

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 29B.(1) The fair value of a financial instrument is determined in accordance with this paragraph....

        28. Inclusion of hedged items at fair value

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 29C.A company may include any assets and liabilities that qualify as hedged items under a...

        29. Other assets that may be included at fair value

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 29D.(1) This paragraph applies to— (a) investment property, and (b) living animals and plants, that,...

        30. Accounting for changes in value

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 29E.(1) This paragraph applies where a financial instrument is valued in accordance with paragraph 29A...

        31. The fair value reserve

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 29F.(1) The fair value reserve must be adjusted to the extent that the amounts shown...

        32. SECTION C HISTORICAL COST ACCOUNTING RULES

        33. Para. 30 rep. by SR 2004/496

          1. Para. 30 rep. by SR 2004/496

        34. Valuation of assets

          1. General rules

          2. 31.Subject to any provision for depreciation or diminution in value made in accordance with paragraph...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 32.In the case of any asset included under Assets item B (intangible assets), C.I. (land...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 33.(1) This paragraph applies to any asset included under Assets item B (intangible assets), C...

          7. This div-1 has a number but no title; creating a P1group with an empty Title

          8. 34.(1) This paragraph applies to assets included under Assets items E.I, II and III (debtors)...

          9. Development costs

          10. 35.(1) Notwithstanding that amounts representing “development costs” may be included under Assets item B (intangible...

          11. Goodwill

          12. 36.(1) The application of paragraphs 31 to 33 in relation to goodwill (in any case...

        35. Miscellaneous and supplemental

          1. Excess of money owed over value received as an asset item

          2. 37.(1) Where the amount repayable on any debt owned by a company is greater than...

          3. Assets included at a fixed amount

          4. 38.(1) Subject to sub-paragraph (2), assets which fall to be included under Assets item F.I...

          5. Determination of cost

          6. 39.(1) The cost of an asset that has been acquired by the company shall be...

          7. This div-1 has a number but no title; creating a P1group with an empty Title

          8. 40.(1) Subject to the qualification mentioned below, the cost of any assets which are fungible...

          9. Substitution of original amount where price or cost unknown

          10. 41.Where there is no record of the purchase price of any asset acquired by a...

        36. SECTION D RULES FOR DETERMINING PROVISIONS

          1. Preliminary

          2. 42.Provisions which are to be shown in a company's accounts shall be determined in accordance...

          3. Technical provisions

          4. 43.The amount of technical provisions must at all times be sufficient to cover any liabilities...

          5. Provision for unearned premiums

          6. 44.(1) The provision for unearned premiums shall in principle be computed separately for each insurance...

          7. Provision for unexpired risks

          8. 45.The provision for unexpired risks (as defined in paragraph 81) shall be computed on the...

          9. Long term business provision

          10. 46.(1) The long-term business provision shall in principal be computed separately for each long-term contract,...

        37. Provisions for claims outstanding

          1. General business

          2. 47.(1) A provision shall in principle be computed separately for each claim on the basis...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 48.(1) Explicit discounting or deductions to take account of investment income is permitted, subject to...

          5. Long term business

          6. 49.The amount of the provision for claims shall be equal to the sums due to...

          7. Equalisation reserves

          8. 50.The amount of any equalisation reserve maintained in respect of general business, in accordance with...

          9. Accounting on a non-annual basis

          10. 51.(1) Either of the methods described in paragraphs 52 and 53 may be applied where,...

          11. This div-1 has a number but no title; creating a P1group with an empty Title

          12. 52.(1) The excess of the premiums written over the claims and expenses paid in respect...

          13. This div-1 has a number but no title; creating a P1group with an empty Title

          14. 53.(1) The figures shown in the technical account or in certain items within it shall...

      2. CHAPTER III NOTES TO THE ACCOUNTS

        1. Preliminary

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 54.(1) Any information required in the case of any company by the following provisions of...

        2. General

          1. Disclosure of accounting policies

          2. 55.The accounting policies adopted by the company in determining the amounts to be included in...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 56.It shall be stated whether the accounts have been prepared in accordance with applicable accounting...

          5. Sums denominated in foreign currencies

          6. 57.Where any sums originally denominated in foreign currencies have been brought into account under any...

        3. Reserves and dividends

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 57A.There must be stated— (a) any amount set aside or proposed to be set aside...

        4. Information supplementing the balance sheet

          1. Share capital and debentures

          2. 58.(1) The following information shall be given with respect to the company's share capital— (a)...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 59.If the company has allotted any shares during the financial year, the following information shall...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 60.(1) With respect to any contingent right to the allotment of shares in the company...

          7. This div-1 has a number but no title; creating a P1group with an empty Title

          8. 61.(1) If the company has issued any debentures during the financial year to which the...

          9. Assets

          10. 62.(1) In respect of any assets of the company included in Assets items B (intangible...

          11. This div-1 has a number but no title; creating a P1group with an empty Title

          12. 63.Where any assets of the company (other than listed investments) are included under any item...

          13. This div-1 has a number but no title; creating a P1group with an empty Title

          14. 64.In relation to any amount which is included under Assets item C.I (land and buildings)...

          15. Investments

          16. 65.In respect of the amount of each item which is shown in the company's balance...

          17. Information about fair value of assets and liabilities

          18. 65A.(1) This paragraph applies where financial instruments have been valued in accordance with paragraph 29A...

          19. This div-1 has a number but no title; creating a P1group with an empty Title

          20. 65B.Where the company has derivatives that it has not included at fair value, there must...

          21. This div-1 has a number but no title; creating a P1group with an empty Title

          22. 65C.(1) Sub-paragraph (2) applies if— (a) the company has financial fixed assets that could be...

          23. Information where investment property and living animals and plants included at fair value

          24. 65D.(1) This paragraph applies where the amounts to be included in a company's accounts in...

          25. Reserves and provisions

          26. 66.(1) Where any amount is transferred— (a) to or from any reserves; (b) to any...

          27. Provision for taxation

          28. 67.The amount of any provision for deferred taxation shall be stated separately from the amount...

          29. Details of indebtedness

          30. 68.(1) In respect of each item shown under “creditors” in the company's balance sheet there...

          31. This div-1 has a number but no title; creating a P1group with an empty Title

          32. 69.If any fixed cumulative dividends on the company's shares are in arrears, there shall be...

          33. Guarantees and other financial commitments

          34. 70.(1) Particulars shall be given of any charge on the assets of the company to...

          35. Para. 71 rep. by SR 1997/314

          36. Miscellaneous matters

          37. 72.(1) Particulars shall be given of any case where the cost of any asset is...

        5. Information supplementing the profit and loss account

          1. Separate statement of certain items of income and expenditure

          2. 73.(1) Subject to the following provisions of this paragraph, each of the amounts mentioned below...

          3. Particulars of tax

          4. 74.Sub-paras. (1) rep. by SR 1997/314 (2) Particulars shall be given of any special circumstances...

          5. Particulars of business

          6. 75.(1) As regards general business a company shall disclose— (a) gross premiums written, (b) gross...

          7. This div-1 has a number but no title; creating a P1group with an empty Title

          8. 76.(1) As regards long term business, the company shall disclose— (a) gross premiums written, and...

          9. This div-1 has a number but no title; creating a P1group with an empty Title

          10. 77.(1) Subject to sub-paragraph (2) there shall be disclosed as regards both general and long...

          11. Commissions

          12. 78.There shall be disclosed the total amount of commissions for direct insurance business accounted for...

          13. Para. 79 rep. by SR 2004/496

          14. Miscellaneous matters

          15. 80.(1) Where any amount relating to any preceding financial year is included in any item...

        6. CHAPTER IV INTERPRETATION OF PART I

          1. General

          2. 81.(1) The following definitions apply for the purposes of this Part and its Interpretation— Definition...

          3. Financial instruments

          4. 81A.For the purposes of this Part, references to “derivatives” include commodity‐based contracts that give either...

          5. This div-1 has a number but no title; creating a P1group with an empty Title

          6. 81B.(1) The expressions listed in sub‐paragraph (2) have the same meaning in section BA of...

          7. Loans

          8. 82.For the purposes of this Part a loan or advance (including a liability comprising a...

          9. Materiality

          10. 83.For the purposes of this Part amounts which in the particular context of any provision...

          11. Provisions

          12. 84.For the purposes of this Part and its interpretation— (a) references in the Part to...

          13. Staff costs

          14. 85.For the purposes of this Part and its interpretation— (a) “social security costs” means any...

      3. PART II CONSOLIDATED ACCOUNTS

        1. Schedule 4A to apply Part I of this Schedule with modifications

        2. 1.(1) In its application to insurance groups, Schedule 4A shall have effect with the following...

        3. Modifications of Part I of this Schedule for purposes of paragraph 1

        4. 2.(1) For the purposes of paragraph 1, Part I of this Schedule shall be modified...

    16. Schedule 10 rep. by SR 1994/428

    17. SCHEDULE 10A

      PARENT AND SUBSIDIARY UNDERTAKINGS: SUPPLEMENTARY PROVISIONS

      1. Introduction

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 1.The provisions of this Schedule explain expressions used in Article 266 (parent and subsidiary undertakings)...

      2. Voting rights in an undertaking

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 2.(1) In Article 266(2)(a) and (d) the references to the voting rights in an undertaking...

      3. Right to appoint or remove a majority of the directors

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 3.(1) In Article 266(2)(b) the reference to the right to appoint or remove a majority...

      4. Right to exercise dominant influence

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 4.(1) For the purposes of Article 266(2)(c) an undertaking shall not be regarded as having...

      5. Rights exercisable only in certain circumstances or temporarily incapable of exercise

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 5.(1) Rights which are exercisable only in certain circumstances shall be taken into account only—...

      6. Rights held by one person on behalf of another

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 6.Rights held by a person in a fiduciary capacity shall be treated as not held...

        3. This div-1 has a number but no title; creating a P1group with an empty Title

        4. 7.(1) Rights held by a person as nominee for another shall be treated as held...

      7. Rights attached to shares held by way of security

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 8.Rights attached to shares held by way of security shall be treated as held by...

      8. Rights attributed to parent undertaking

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 9.(1) Rights shall be treated as held by a parent undertaking if they are held...

      9. Disregard of certain rights

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 10.The voting rights in an undertaking shall be reduced by any rights held by the...

      10. Supplementary

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 11.References in any provision of paragraphs 6 to 10 to rights held by a person...

    18. SCHEDULE 11

      (1) Paragraphs 2 to 6 apply where a company has prepared accounts in accordance with...

      1. This div-1 has a number but no title; creating a P1group with an empty Title

      2. 1.Paragraphs 2 to 6 apply where a company has prepared accounts in accordance with the...

      3. Modifications where accounts prepared in accordance with special provisions for banking companies

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 2.Article 272(2) shall apply as if the reference to paragraph 88 of Schedule 4 therein...

        3. This div-1 has a number but no title; creating a P1group with an empty Title

        4. 3.Article 277 shall apply as if: (a) there were substituted for the words “are shown...

        5. This div-1 has a number but no title; creating a P1group with an empty Title

        6. 4.Articles 278(2) and 283 shall apply as if the references therein to paragraphs 87 and...

        7. This div-1 has a number but no title; creating a P1group with an empty Title

        8. 5.Articles 280 and 281 shall apply as if in Article 280(3) there were substituted, for...

        9. This div-1 has a number but no title; creating a P1group with an empty Title

        10. 6.Article 284 shall apply as if the references to paragraphs 12(a) and 34(3)(a) of Schedule...

      4. Modifications where accounts prepared in accordance with special provisions for insurance companies

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 7.Article 272(2) shall apply as if for the words in parentheses there were substituted “(“liabilities”...

        3. This div-1 has a number but no title; creating a P1group with an empty Title

        4. 8.Article 277 shall apply as if the reference to paragraph 20 of Schedule 4 in...

        5. This div-1 has a number but no title; creating a P1group with an empty Title

        6. 9.In the case of Companies Order accounts, Articles 278(2) and 283 shall apply as if...

        7. This div-1 has a number but no title; creating a P1group with an empty Title

        8. 10.Articles 280 and 281 shall apply as if the references in Article 280(3) to Articles...

        9. This div-1 has a number but no title; creating a P1group with an empty Title

        10. 11.Article 284 shall apply as if the references to paragraphs 12(a) and 34(3)(a) of Schedule...

    19. Schedule 12 rep. by 1989 NI 18

    20. SCHEDULE 13

      PROVISIONS SUPPLEMENTING AND INTERPRETING ARTICLES 332 TO 336

      1. PART I RULES FOR INTERPRETATION OF THOSE ARTICLES AND ALSO ARTICLE 354(4) AND (5)

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 1.(1) A reference to an interest in shares or debentures is to be read as...

        3. This div-1 has a number but no title; creating a P1group with an empty Title

        4. 2.Where the property is held on trust and any interest in shares or debentures is...

        5. This div-1 has a number but no title; creating a P1group with an empty Title

        6. 3.(1) A person is taken to have an interest in shares or debentures if— (a)...

        7. This div-1 has a number but no title; creating a P1group with an empty Title

        8. 4.A person is taken to be interested in shares or debentures if a body corporate...

        9. This div-1 has a number but no title; creating a P1group with an empty Title

        10. 5.Where a person is entitled to exercise or control the exercise of one-third or more...

        11. This div-1 has a number but no title; creating a P1group with an empty Title

        12. 6.(1) A person is taken to have an interest in shares or debentures if, otherwise...

        13. This div-1 has a number but no title; creating a P1group with an empty Title

        14. 7.Persons having a joint interest are deemed each of them to have that interest.

        15. This div-1 has a number but no title; creating a P1group with an empty Title

        16. 8.It is immaterial that shares or debentures in which a person has an interest are...

        17. This div-1 has a number but no title; creating a P1group with an empty Title

        18. 9.So long as a person is entitled to receive, during the lifetime of himself or...

        19. This div-1 has a number but no title; creating a P1group with an empty Title

        20. 10.A person is to be treated as uninterested in shares or debentures if, and so...

        21. This div-1 has a number but no title; creating a P1group with an empty Title

        22. 11.(1) There is to be disregarded an interest of a person subsisting by virtue of—...

        23. This div-1 has a number but no title; creating a P1group with an empty Title

        24. 12.Delivery to a person's order of shares or debentures in fulfilment of a contract for...

      2. PART II PERIODS WITHIN WHICH OBLIGATIONS IMPOSED BY ARTICLE 332 MUST BE FULFILLED

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 13.(1) An obligation imposed on a person by Article 332(1) to notify an interest must,...

        3. This div-1 has a number but no title; creating a P1group with an empty Title

        4. 14.(1) An obligation imposed on a person by Article 332(2) to notify the occurrence of...

        5. This div-1 has a number but no title; creating a P1group with an empty Title

        6. 15.In reckoning, for the purposes of paragraphs 13 and 14, any period of 5 days,...

      3. PART III CIRCUMSTANCES IN WHICH OBLIGATION IMPOSED BY ARTICLE 332 IS NOT DISCHARGED

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 16.(1) Where an event of whose occurrence a director is, by virtue of Article 332(2)(a),...

        3. This div-1 has a number but no title; creating a P1group with an empty Title

        4. 17.(1) An obligation imposed on a director by virtue of Article 332(2)(c) to notify a...

        5. This div-1 has a number but no title; creating a P1group with an empty Title

        6. 18.(1) Where an event of whose occurrence a director is, by virtue of Article 332(2)(d),...

        7. This div-1 has a number but no title; creating a P1group with an empty Title

        8. 19.In this Part, a reference to price paid or received includes any consideration other than...

      4. PART IV PROVISIONS WITH RESPECT TO REGISTER OF DIRECTORS' INTERESTS TO BE KEPT UNDER ARTICLE 333

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 20.The register must be so made up that the entries in it against the several...

        3. This div-1 has a number but no title; creating a P1group with an empty Title

        4. 21.An obligation imposed by Article 333(2) to (4) must be fulfilled before the expiration of...

        5. This div-1 has a number but no title; creating a P1group with an empty Title

        6. 22.The nature and extent of an interest recorded in the register of a director in...

        7. This div-1 has a number but no title; creating a P1group with an empty Title

        8. 23.The company is not, by virtue of anything done for the urposes of Article 333...

        9. This div-1 has a number but no title; creating a P1group with an empty Title

        10. 24.The register shall— (a) if the company's register of members is kept at its registered...

        11. This div-1 has a number but no title; creating a P1group with an empty Title

        12. 25.(1) Any member of the company or other person may require a copy of the...

        13. This div-1 has a number but no title; creating a P1group with an empty Title

        14. 26.The company shall send notice in the prescribed form to the registrar of the place...

        15. This div-1 has a number but no title; creating a P1group with an empty Title

        16. 27.Unless the register is in such a form as to constitute in itself an index,...

        17. This div-1 has a number but no title; creating a P1group with an empty Title

        18. 28.The register shall be produced at the commencement of the company's annual general meeting and...

    21. SCHEDULE 14

      EXTERNAL BRANCH REGISTERS

      1. PART I COUNTRIES AND TERRITORIES IN WHICH EXTERNAL BRANCH REGISTER MAY BE KEPT

        1. Great Britain

        2. Any part of Her Majesty's dominions outside the United Kingdom, the Channel Islands or the...

        3. Bangladesh

        4. Cyprus

        5. Dominica

        6. The Gambia

        7. Ghana

        8. Guyana

        9. The Hong Kong Special Administrative Region of the People's Republic of China

        10. India

        11. Kenya

        12. Kiribati

        13. Lesotho

        14. Malawi

        15. Malaysia

        16. Malta

        17. Nigeria

        18. Pakistan

        19. Republic of Ireland

        20. Seychelles

        21. Sierra Leone

        22. Singapore

        23. South Africa

        24. Sri Lanka

        25. Swaziland

        26. Trinidad and Tobago

        27. Uganda

        28. Zimbabwe

      2. PART II GENERAL PROVISIONS WITH RESPECT TO EXTERNAL BRANCH REGISTERS

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 1.(1) A company keeping an external branch register shall give to the registrar notice in...

        3. This div-1 has a number but no title; creating a P1group with an empty Title

        4. 2.(1) An external branch register is deemed to be part of the company's register of...

        5. This div-1 has a number but no title; creating a P1group with an empty Title

        6. 3.(1) The company shall— (a) transmit to its registered office a copy of every entry...

        7. This div-1 has a number but no title; creating a P1group with an empty Title

        8. 4.Subject to the above provisions with respect to the duplicate register, the shares registered in...

        9. This div-1 has a number but no title; creating a P1group with an empty Title

        10. 5.A company may discontinue to keep an external branch register, and thereupon all entries in...

        11. This div-1 has a number but no title; creating a P1group with an empty Title

        12. 6.Subject to the provisions of this Order, any company may, by its articles, make such...

        13. This div-1 has a number but no title; creating a P1group with an empty Title

        14. 7.An instrument of transfer of a share register in an external branch register (other than...

    22. Schedule 15 rep. by 1990 NI 10

    23. SCHEDULE 15A

      WRITTEN RESOLUTIONS OF PRIVATE COMPANIES

      1. PART I EXCEPTIONS

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 1.Article 389A does not apply to— (a) a resolution under Article 311 removing a director...

      2. PART II ADAPTATION OF PROCEDURAL REQUIREMENTS

        1. Introductory

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 2.(1) In this Part (which adapts certain requirements of this Order in relation to proceedings...

        2. Article 105 (disapplication of pre-emption rights)

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 3.(1) The following adaptations have effect in relation to a written resolution under Article 105(2)...

        3. Article 165 (financial assistance for purchase of company's own shares or those of holding company)

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 4.In relation to a written resolution giving approval under Article 165(4) or (5) (financial assistance...

        4. Articles 174, 175 and 177 (authority for off-market purchase or contingent purchase contract of company's own shares)

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 5.(1) The following adaptations have effect in relation to a written resolution— (a) conferring authority...

        5. Article 183 (approval for payment out of capital)

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 6.(1) The following adaptations have effect in relation to a written resolution giving approval under...

        6. Article 327 (approval of director's service contract)

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 7.In relation to a written resolution approving any such term as is mentioned in Article...

        7. Article 345 (funding of director's expenditure in performing his duties)

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 8.In relation to a written resolution giving approval under Article 345(3)(a) (funding a director's expenditure...

    24. SCHEDULE 15B

      Meeting of transferee company (1) Subject to paragraphs 10(1), 12(4) and 14(2), the court shall...

      1. Meeting of transferee company

      2. 1.Subject to paragraphs 10(1), 12(4) and 14(2), the court shall not sanction a compromise or...

      3. Draft terms of merger

      4. 2.(1) The court shall not sanction the compromise or arrangement under Article 418(2) unless— (a)...

      5. Documents and information to be made available

      6. 3.Subject to paragraphs 10 to 14, the court shall not sanction the compromise or arrangement...

      7. Directors' report

      8. 4.(1) The directors' report shall consist of— (a) the statement required by Article 419, and...

      9. Expert's report

      10. 5.(1) Except where a joint expert is appointed under sub-paragraph (2), an expert's report shall...

      11. Inspection of documents

      12. 6.(1) The documents referred to in paragraph 3(e) are, in relation to any company,— (a)...

      13. Transferor company holding its own shares

      14. 7.The court shall not sanction under Article 418(2) a compromise or arrangement under which any...

      15. Securities other than shares to which special rights are attached

      16. 8.(1) Where any security of a transferor company to which special rights are attached is...

      17. Date and consequences of the compromise or arrangement

      18. 9.(1) The following provisions of this paragraph shall apply where the court sanctions a compromise...

      19. Exceptions

      20. 10.(1) The court may sanction a compromise or arrangement under Article 418(2) notwithstanding that— (a)...

      21. This div-1 has a number but no title; creating a P1group with an empty Title

      22. 11.(1) The following sub-paragraphs apply where the scheme is a Case 3 Scheme. (2) Heads...

      23. Transferee company or companies holding shares in the transferor company

      24. 12.(1) Where the scheme is a Case 1 Scheme and in the case of every...

      25. This div-1 has a number but no title; creating a P1group with an empty Title

      26. 13.(1) Where the scheme is a Case 3 Scheme and— (a) the shares in the...

      27. This div-1 has a number but no title; creating a P1group with an empty Title

      28. 14.(1) Where the scheme is a Case 1 Scheme and in the case of every...

      29. Liability of transferee companies for the default of another

      30. 15.(1) Where the scheme is a Case 3 Scheme, each transferee company shall be jointly...

    25. Schs. 15C, 15D prosp. insertion by 2005 NI 17, Sch. 2 para. 19 (which is...

    26. Schedules 16‐19 rep. by 1989 NI 19

    27. SCHEDULE 20

      EFFECT OF REGISTRATION UNDER ARTICLE 629

      1. Interpretation

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 1.In this Schedule— “registration” means registration in pursuance of Article 629, and “instrument” includes deed...

      2. Vesting of property

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 2.All property belonging to or vested in the company at the date of its registration...

      3. Existing liabilities

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 3.Registration does not affect the company's rights or liabilities in respect of any debt or...

      4. Pending actions at law

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 4.(1) All actions and other legal proceedings which at the time of the company's registration...

      5. The company's constitution

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 5.(1) All provisions contained in any statutory provision or other instrument constituting or regulating the...

        3. This div-1 has a number but no title; creating a P1group with an empty Title

        4. 6.(1) All the provisions of this Order apply to the company, and to its members,...

      6. Capital structure

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 7.Provisions of this Order with respect to— (a) the registration of an unlimited company as...

      7. Supplementary

        1. This div-1 has a number but no title; creating a P1group with an empty Title

        2. 8.Nothing in paragraphs 5 to 7 authorises a company to alter any such provisions contained...

        3. This div-1 has a number but no title; creating a P1group with an empty Title

        4. 9.None of the provisions of this Order, and none of the provisions of the Companies...

    28. SCHEDULE 20A

      Branch Registration under the Eleventh Company Law Directive (89/666/EEC)

      1. Duty to Register

      2. 1.(1) A company shall, within one month of having opened a branch in Northern Ireland,...

      3. Particulars required

      4. 2.(1) The particulars referred to in paragraph 1(1)(a) are— (a) the corporate name of the...

      5. This div-1 has a number but no title; creating a P1group with an empty Title

      6. 3.The particulars referred to in paragraph 1(1)(b) are— (a) the address of the branch, (b)...

      7. This div-1 has a number but no title; creating a P1group with an empty Title

      8. 4.The particulars referred to in paragraph 1(1)(c) are— (a) whether it is intended to register...

      9. Documents required

      10. 5.The first documents referred to in paragraph 1(2) are— (a) a certified copy of the...

      11. This div-1 has a number but no title; creating a P1group with an empty Title

      12. 6.(1) The second documents referred to in paragraph 1(2) are— (a) copies of the latest...

      13. Alterations

      14. 7.(1) If, after a company has delivered a return under paragraph (1), any alteration is...

      15. This div-1 has a number but no title; creating a P1group with an empty Title

      16. 8.(1) Sub-paragraph (2) applies where— (a) a company's return under paragraph 1(1) includes a statement...

    29. SCHEDULE 20B

      Change in Registration Regime: Transitional Provisions

      1. This div-1 has a number but no title; creating a P1group with an empty Title

      2. 1.(1) This paragraph applies where a company which becomes a company to which Article 640A...

      3. This div-1 has a number but no title; creating a P1group with an empty Title

      4. 2.(1) This paragraph applies where a company which becomes a company to which Article 641...

    30. SCHEDULE 20C

      Delivery of Reports and Accounts: Credit and Financial Institutions to which The Bank Branches Directive (89/117/EEC) applies

      1. PART I INSTITUTIONS REQUIRED TO PREPARE ACCOUNTS UNDER PARENT LAW

        1. Scope of Part

        2. 1.(1) This Part applies to any institution to which Article 648A applies which is required...

        3. Duty to deliver copies in Northern Ireland

        4. 2.(1) An institution to which this Part applies shall, within one month of becoming such...

        5. This div-1 has a number but no title; creating a P1group with an empty Title

        6. 3.(1) An institution to which this Part applies shall deliver to the registrar for registration—...

        7. This div-1 has a number but no title; creating a P1group with an empty Title

        8. 5.(1) Neither paragraph 2 nor paragraph 3 shall require an institution to deliver documents to...

        9. Penalty for non-compliance

        10. 6.(1) If an institution fails to comply with paragraph 2, 3 or 5(2) before the...

        11. Interpretation

        12. 7.(1) In this Part— “financial period”, in relation to an institution means a period for...

      2. PART II INSTITUTIONS NOT REQUIRED TO PREPARE ACCOUNTS UNDER PARENT LAW

        1. Scope of Part

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 8.(1) This part applies to any institution to which Article 648A applies which— (a) is...

        2. Preparation of accounts and reports

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 9.An institution to which this Part applies shall in respect of each financial year of...

          3. This div-1 has a number but no title; creating a P1group with an empty Title

          4. 10.Sections 390 to 392 of the Companies Act 2006 (financial year and accounting reference periods)...

        3. Duty to deliver accounts and reports

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 11.(1) An institution to which this Part applies shall in respect of each financial year...

        4. Time for delivery

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 12.(1) The period allowed for delivering accounts and reports under paragraph 11 is 13 months...

        5. Penalty for non-compliance

          1. This div-1 has a number but no title; creating a P1group with an empty Title

          2. 13.(1) If the requirements of paragraph 11 are not complied with before the end of...

    31. SCHEDULE 20D

      Delivery of Reports and Accounts: Companies to which the Eleventh Company Law Directive applies

      1. PART I COMPANIES REQUIRED TO MAKE DISCLOSURE UNDER PARENT LAW

        1. Scope of Part

        2. 1.This Part applies to any company to which Article 648AA applies which is required by...

        3. Duty to deliver copies in Northern Ireland

        4. 2.(1) This paragraph applies in respect of each branch which a company to which this...

        5. This div-1 has a number but no title; creating a P1group with an empty Title

        6. 3.Paragraph 2 shall not require documents to be delivered in respect of a branch if—...

        7. Time for delivery

        8. 4.The period allowed for delivery, in relation to a document required to be delivered under...

        9. Penalty for non-compliance

        10. 5.(1) If a company fails to comply with paragraph 2 before the end of the...

        11. Interpretation

        12. 6.(1) In this Part— “financial period”, in relation to a company, means a period for...

      2. PART II COMPANIES NOT REQUIRED TO MAKE DISCLOSURE UNDER PARENT LAW

        1. Scope of Part

        2. 7.This Part applies to any company to which Article 648AA applies which is not required...

        3. Preparation of accounts and reports

        4. 8.A company to which this Part applies shall in respect of each financial year of...

        5. This div-1 has a number but no title; creating a P1group with an empty Title

        6. 9.Sections 390 to 392 of the Companies Act 2006 (financial year and accounting reference periods)...

        7. Duty to delivery accounts and reports

        8. 10.(1) A company to which this Part applies shall in respect of each financial year...

        9. This div-1 has a number but no title; creating a P1group with an empty Title

        10. 11.Paragraph 10 shall not require documents to be delivered in respect of a branch if—...

        11. Time for delivery

        12. 12.(1) The period allowed for delivery accounts and reports under paragraph 10 is 13 months...

        13. Penalty for non-compliance

        14. 13.(1) If the requirements of paragraph 10 are not complied with before the end of...

    32. SCHEDULE 21

      PROVISIONS OF THIS ORDER APPLYING TO UNREGISTERED COMPANIES

      1. Provisions of this Order applied Subject matter Limitation and exceptions (if any) Part I Interpretation....

    33. SCHEDULE 22

      *The share capital of the company is , divided into  shares of   each. The number...

      1. *The share capital of the company is , divided into  shares of   each.

      2. The number of shares issued is  Calls to the amount of pounds per share have...

      3. The liabilities of the company on 1st January ( or July) were— Debts owing to...

      4. *If the company has no share capital the portion of the statement relating to capital...

    34. SCHEDULE 23

      PUNISHMENT OF OFFENCES UNDER THIS ORDER

      1. Article creating offence General nature of offence Mode of Prosecution Punishment Daily default fine (where...

      2. This div-1 has a number but no title; creating a P1group with an empty Title

      3. 1.On indictment

      4. This div-1 has a number but no title; creating a P1group with an empty Title

      5. 2.Summary

      6. This div-1 has a number but no title; creating a P1group with an empty Title

      7. 1.On indictment.

      8. This div-1 has a number but no title; creating a P1group with an empty Title

      9. 2.Summary

      10. This div-1 has a number but no title; creating a P1group with an empty Title

      11. 1.On indictment.

      12. This div-1 has a number but no title; creating a P1group with an empty Title

      13. 2.Summary

      14. This div-1 has a number but no title; creating a P1group with an empty Title

      15. 1.On indictment.

      16. This div-1 has a number but no title; creating a P1group with an empty Title

      17. 2.Summary

      18. This div-1 has a number but no title; creating a P1group with an empty Title

      19. 1.On indictment.

      20. This div-1 has a number but no title; creating a P1group with an empty Title

      21. 2.Summary.

      22. This div-1 has a number but no title; creating a P1group with an empty Title

      23. 1.On indictment.

      24. This div-1 has a number but no title; creating a P1group with an empty Title

      25. 2.Summary.

      26. This div-1 has a number but no title; creating a P1group with an empty Title

      27. 1.On indictment.

      28. This div-1 has a number but no title; creating a P1group with an empty Title

      29. 2.Summary.

      30. This div-1 has a number but no title; creating a P1group with an empty Title

      31. 1.On indictment.

      32. This div-1 has a number but no title; creating a P1group with an empty Title

      33. 2.Summary.

      34. This div-1 has a number but no title; creating a P1group with an empty Title

      35. 1.On indictment.

      36. This div-1 has a number but no title; creating a P1group with an empty Title

      37. 2.Summary.

      38. This div-1 has a number but no title; creating a P1group with an empty Title

      39. 1.On indictment.

      40. This div-1 has a number but no title; creating a P1group with an empty Title

      41. 2.Summary.

      42. This div-1 has a number but no title; creating a P1group with an empty Title

      43. 1.On indictment.

      44. This div-1 has a number but no title; creating a P1group with an empty Title

      45. 2.Summary.

      46. This div-1 has a number but no title; creating a P1group with an empty Title

      47. 1.On indictment.

      48. This div-1 has a number but no title; creating a P1group with an empty Title

      49. 2.Summary.

      50. This div-1 has a number but no title; creating a P1group with an empty Title

      51. 1.On indictment.

      52. This div-1 has a number but no title; creating a P1group with an empty Title

      53. 2.Summary.

      54. This div-1 has a number but no title; creating a P1group with an empty Title

      55. 1.On indictment.

      56. This div-1 has a number but no title; creating a P1group with an empty Title

      57. 2.Summary.

      58. This div-1 has a number but no title; creating a P1group with an empty Title

      59. 1.On indictment.

      60. This div-1 has a number but no title; creating a P1group with an empty Title

      61. 2.Summary.

      62. This div-1 has a number but no title; creating a P1group with an empty Title

      63. 1.On indictment

      64. This div-1 has a number but no title; creating a P1group with an empty Title

      65. 2.Summary

      66. This div-1 has a number but no title; creating a P1group with an empty Title

      67. 1.On indictment.

      68. This div-1 has a number but no title; creating a P1group with an empty Title

      69. 2.Summary.

      70. This div-1 has a number but no title; creating a P1group with an empty Title

      71. 1.On indictment

      72. This div-1 has a number but no title; creating a P1group with an empty Title

      73. 2.Summary

      74. This div-1 has a number but no title; creating a P1group with an empty Title

      75. 1.On indictment.

      76. This div-1 has a number but no title; creating a P1group with an empty Title

      77. 2.Summary.

      78. This div-1 has a number but no title; creating a P1group with an empty Title

      79. 1.On indictment.

      80. This div-1 has a number but no title; creating a P1group with an empty Title

      81. 2.Summary.

      82. This div-1 has a number but no title; creating a P1group with an empty Title

      83. 1.On indictment.

      84. This div-1 has a number but no title; creating a P1group with an empty Title

      85. 2.Summary.

      86. This div-1 has a number but no title; creating a P1group with an empty Title

      87. 1.On indictment.

      88. This div-1 has a number but no title; creating a P1group with an empty Title

      89. 2.Summary.

      90. This div-1 has a number but no title; creating a P1group with an empty Title

      91. 1.On indictment

      92. This div-1 has a number but no title; creating a P1group with an empty Title

      93. 2.Summary

      94. This div-1 has a number but no title; creating a P1group with an empty Title

      95. 1.On indictment.

      96. This div-1 has a number but no title; creating a P1group with an empty Title

      97. 2.Summary.

      98. This div-1 has a number but no title; creating a P1group with an empty Title

      99. 1.On indictment.

      100. This div-1 has a number but no title; creating a P1group with an empty Title

      101. 2.Summary.

      102. This div-1 has a number but no title; creating a P1group with an empty Title

      103. 1.On indictment.

      104. This div-1 has a number but no title; creating a P1group with an empty Title

      105. 2.Summary.

      106. This div-1 has a number but no title; creating a P1group with an empty Title

      107. 1.On indictment.

      108. This div-1 has a number but no title; creating a P1group with an empty Title

      109. 2.Summary.

      110. This div-1 has a number but no title; creating a P1group with an empty Title

      111. 1.On indictment.

      112. This div-1 has a number but no title; creating a P1group with an empty Title

      113. 2.Summary.

      114. This div-1 has a number but no title; creating a P1group with an empty Title

      115. 1.On indictment.

      116. This div-1 has a number but no title; creating a P1group with an empty Title

      117. 2.Summary.

      118. This div-1 has a number but no title; creating a P1group with an empty Title

      119. 1.On indictment.

      120. This div-1 has a number but no title; creating a P1group with an empty Title

      121. 2.Summary.

      122. This div-1 has a number but no title; creating a P1group with an empty Title

      123. 1.On indictment.

      124. This div-1 has a number but no title; creating a P1group with an empty Title

      125. 2.Summary.

      126. This div-1 has a number but no title; creating a P1group with an empty Title

      127. 1.On indictment.

      128. This div-1 has a number but no title; creating a P1group with an empty Title

      129. 2.Summary.

      130. This div-1 has a number but no title; creating a P1group with an empty Title

      131. 1.On indictment.

      132. This div-1 has a number but no title; creating a P1group with an empty Title

      133. 2.Summary.

      134. This div-1 has a number but no title; creating a P1group with an empty Title

      135. 1.On indictment.

      136. This div-1 has a number but no title; creating a P1group with an empty Title

      137. 2.Summary.

      138. This div-1 has a number but no title; creating a P1group with an empty Title

      139. 1.On indictment.

      140. This div-1 has a number but no title; creating a P1group with an empty Title

      141. 2.Summary.

      142. This div-1 has a number but no title; creating a P1group with an empty Title

      143. 1.On indictment.

      144. This div-1 has a number but no title; creating a P1group with an empty Title

      145. 2.Summary.

      146. This div-1 has a number but no title; creating a P1group with an empty Title

      147. 1.On indictment

      148. This div-1 has a number but no title; creating a P1group with an empty Title

      149. 2.Summary

      150. This div-1 has a number but no title; creating a P1group with an empty Title

      151. 1.On indictment

      152. This div-1 has a number but no title; creating a P1group with an empty Title

      153. 2.Summary

      154. This div-1 has a number but no title; creating a P1group with an empty Title

      155. 1.On indictment

      156. This div-1 has a number but no title; creating a P1group with an empty Title

      157. 2.Summary

      158. This div-1 has a number but no title; creating a P1group with an empty Title

      159. 1.On indictment.

      160. This div-1 has a number but no title; creating a P1group with an empty Title

      161. 2.Summary.

      162. This div-1 has a number but no title; creating a P1group with an empty Title

      163. 1.On indictment.

      164. This div-1 has a number but no title; creating a P1group with an empty Title

      165. 2.Summary.

      166. This div-1 has a number but no title; creating a P1group with an empty Title

      167. 1.On indictment.

      168. This div-1 has a number but no title; creating a P1group with an empty Title

      169. 2.Summary.

      170. This div-1 has a number but no title; creating a P1group with an empty Title

      171. 1.On indictment.

      172. This div-1 has a number but no title; creating a P1group with an empty Title

      173. 2.Summary.

      174. This div-1 has a number but no title; creating a P1group with an empty Title

      175. 1.On indictment.

      176. This div-1 has a number but no title; creating a P1group with an empty Title

      177. 2.Summary.

      178. This div-1 has a number but no title; creating a P1group with an empty Title

      179. 1.On indictment.

      180. This div-1 has a number but no title; creating a P1group with an empty Title

      181. 2.Summary.

      182. This div-1 has a number but no title; creating a P1group with an empty Title

      183. 1.On indictment.

      184. This div-1 has a number but no title; creating a P1group with an empty Title

      185. 2.Summary.

      186. This div-1 has a number but no title; creating a P1group with an empty Title

      187. 1.On indictment.

      188. This div-1 has a number but no title; creating a P1group with an empty Title

      189. 2.Summary.

    35. SCHEDULE 24

      ARTICLE 39 OF THE ORDER OF 1982, AS ORIGINALLY ENACTED

      1. Relief from section 56 in respect of group reconstructions

      2. 39.(1) This Article applies where the issuing company— (a) is a wholly-owned subsidiary of another...

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