Companies Act 1985 (c. 6)

SCHEDULES

SCHEDULE 9A U.K. Form and Content of Accounts of Insurance Companies and Groups

Modifications etc. (not altering text)

C1 Sch. 9A applied in part (with modifications) (31.12.2004) by The Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2004 (S.I. 2004/3219), reg. 3(4)(d), Sch.

Sch. 9A applied in part (31.12.2004) by The Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2004 (S.I. 2004/3219), reg. 8(4)(5)

PART I U.K. Individual Accounts

Chapter II U.K. Accounting Principles and Rules

Section C U.K. Historical Cost Accounting Rules

Miscellaneous and supplemental U.K.

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

37 (1) Where the amount repayable on any debt owed by a company is greater than the value of the consideration received in the transaction giving rise to the debt, the amount of the difference may be treated as an asset.

(2) Where any such amount is so treated—

(a) it shall be written off by reasonable amounts each year and must be completely written off before repayment of the debt; and

(b) if the current amount is not shown as a separate item in the company’s balance sheet it must be disclosed in a note to the accounts.