SCHEDULES

SCHEDULE 11F1Modifications of Part VIII Where Company’s Accounts Prepared in Accordance with Special Provisions for Banking or Insurance Companies

Annotations:
Amendments (Textual)
F1

Sch. 11 : heading substituted (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1) by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(2)

F2Modifications where accounts prepared in accordance with special provisions for insurance companies

Annotations:
Amendments (Textual)
F2

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

F37

Section 264 applies as if in subsection (2) for the words following “the aggregate of its liabilities” there were substituted “(“liabilities” to include any provision within the meaning of F4Part I of F5Schedule 9A, except to the extent that that provision is taken into account in calculating the value of any asset of the company)”.

F68

Section 265 applies as if—

a

for subsection (2) there were substituted—

2

In subsection (1)(a), “liabilities” includes any provision (within the meaning of F7Part I of F8Schedule 9A) except to the extent that that provision is taken into account for the purposes of that subsection in calculating the value of any asset of the company

b

there were added at the end of the section—

7

In determining capital and revenue profits and losses, an asset which is not a fixed asset or a current asset is treated as a fixed asset

F99

Section 269 does not apply.

F1010

Section 270 applies as if—

a

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

b

provisions (within the meaning of F11Part I of F12Schedule 9A)

b

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F13

F1411

Section 271 applies as if—

a

in subsection (2), immediately before paragraph (a) there were inserted “except where the company is entitled to avail itself, and has availed itself, of any of the provisions of F15paragraph F16. . . 28 of F17Schedule 9A”, and

b

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F18

F19X112

Sections 272 and 273 apply as if in section 272(3)—

a

for the references to F20section 226 and Schedule 4 there were substituted references to F20section 255 and Part I of F21Schedule 9A, and

b

immediately before paragraph (a) there were inserted “except where the company is entitled to avail itself, and has availed itself, of any of the provisions of F22paragraph F23. . . 28 of F21Schedule 9A”.

F24X213

Section 275 applies as if—

a

for subsection (1) there were substituted—

1

For purposes of section 263, any provision (within the meaning of F25Part I of F26Schedule 9A), other than one in respect of any diminution of value of a fixed asset appearing on a revaluation of all the fixed assets of the company, or of all its fixed assets other than goodwill, is to be treated as a realised loss

b

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