The Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008

1Citation and interpretation

2Commencement and application

3Companies Act individual accounts

4Information about related undertakings (Companies Act or IAS individual accounts)

5Information about directors’ benefits: remuneration (Companies Act or IAS individual accounts)

6Accounts for delivery to registrar of companies (Companies Act individual accounts)

7Directors’ report

8Companies Act group accounts

9Information about directors’ benefits: remuneration (Companies Act or IAS group accounts)

10Information about related undertakings (Companies Act or IAS group accounts)

11Accounts for delivery to registrar of companies (Companies Act group accounts)

12Definition of “provisions”

13General interpretation

SCHEDULE 1COMPANIES ACT INDIVIDUAL ACCOUNTS

PART 1GENERAL RULES AND FORMATS

SECTION AGENERAL RULES

1(1) Subject to the following provisions of this Schedule—

2(1) Where in accordance with paragraph 1 a company’s balance...

3(1) Any item required to be shown in a company’s...

4(1) Where the special nature of the company’s business requires...

5(1) Subject to sub-paragraph (2), the directors must not include...

6Every profit and loss account must show the amount of...

7(1) For every item shown in the balance sheet or...

8Amounts in respect of items representing assets or income may...

9The company’s directors must, in determining how amounts are presented...

SECTION BTHE REQUIRED FORMATS FOR ACCOUNTS

PART 2ACCOUNTING PRINCIPLES AND RULES

SECTION AACCOUNTING PRINCIPLES

11Accounting principles

12Accounting policies must be applied consistently within the same accounts...

13The amount of any item must be determined on a...

14All income and charges relating to the financial year to...

15In determining the aggregate amount of any item, the amount...

SECTION BHISTORICAL COST ACCOUNTING RULES

17General rules

18Rules for depreciation and diminution in value

19(1) Where a fixed asset investment of a description falling...

20(1) Where the reasons for which any provision was made...

21Development costs

23Current assets

24(1) If the net realisable value of any current asset...

Miscellaneous and supplementary provisions

25Excess of money owed over value received as an asset item

26Assets included at a fixed amount

27Determination of purchase price or production cost

28(1) The purchase price or production cost of—

29Substitution of original stated amount where price or cost unknown

SECTION CALTERNATIVE ACCOUNTING RULES

31Subject to paragraphs 33 to 35, the amounts to be...

32Alternative accounting rules

33Application of the depreciation rules

34Additional information to be provided in case of departure from historical cost accounting rules

35Revaluation reserve

SECTION DFAIR VALUE ACCOUNTING

36Inclusion of financial instruments at fair value

37Determination of fair value

39Other assets that may be included at fair value

40Accounting for changes in value

41The fair value reserve

PART 3NOTES TO THE ACCOUNTS

43Reserves and dividends

44Disclosure of accounting policies

Information supplementing the balance sheet

45Paragraphs 46 to 58 require information which either supplements the...

46Share capital

47If the company has allotted any shares during the financial...

49Where any fixed assets of the company (other than listed...

51Information about fair value of assets and liabilities

52(1) This paragraph applies if— (a) the company has financial...

53Information where investment property and living animals and plants included at fair value

54Reserves and provisions

55Details of indebtedness

56If any fixed cumulative dividends on the company’s shares are...

57Guarantees and other financial commitments

58Miscellaneous matters

59Information supplementing the profit and loss account

60Particulars of turnover

61Miscellaneous matters

62Sums denominated in foreign currencies

63Dormant companies acting as agents

SCHEDULE 2INFORMATION ABOUT RELATED UNDERTAKINGS WHERE COMPANY NOT PREPARING GROUP ACCOUNTS (COMPANIES ACT OR IAS INDIVIDUAL ACCOUNTS)

PART 1REQUIRED DISCLOSURES

1Subsidiary undertakings

2Holdings in subsidiary undertakings

3Financial information about subsidiary undertakings

4Shares of company held by subsidiary undertakings

5Significant holdings in undertakings other than subsidiary undertakings

6(1) The name of the undertaking must be stated.

7(1) There must also be stated— (a) the aggregate amount...

8Membership of certain undertakings

9Parent undertaking drawing up accounts for larger group

10Identification of ultimate parent company

11Construction of references to shares held by company

PART 2INTERPRETATION OF REFERENCES TO “BENEFICIAL INTEREST”

13Residual interests under pension and employees’ share schemes

14Employer’s charges and other rights of recovery

15Trustee’s right to expenses, remuneration, indemnity etc.

16Meaning of “pension scheme”

17Application of provisions to directors

SCHEDULE 3INFORMATION ABOUT DIRECTORS’ BENEFITS: REMUNERATION (COMPANIES ACT OR IAS ACCOUNTS)

PART 1INFORMATION REQUIRED TO BE DISCLOSED

1Total amount of directors’ remuneration etc.

2Compensation to directors for loss of office

3Sums paid to third parties in respect of directors’ services

PART 2SUPPLEMENTARY PROVISIONS

4General nature of obligations

5Provisions as to amounts to be shown

6Exclusion of sums liable to be accounted for to company etc.

7Meaning of “remuneration”

8Meaning of “long term incentive scheme”

9Meaning of “shares” and “share option” and related expressions

10Meaning of “pension scheme” and related expressions

11References to subsidiary undertakings

12Other minor definitions

SCHEDULE 4COMPANIES ACT ABBREVIATED ACCOUNTS FOR DELIVERY TO REGISTRAR OF COMPANIES

PART 1THE REQUIRED BALANCE SHEET FORMATS

1(1) A company may deliver to the registrar a copy...

PART 2NOTES TO THE ACCOUNTS

3Disclosure of accounting policies

Information supplementing the balance sheet

4Share capital and debentures

5If the company has allotted any shares during the financial...

7Financial fixed assets

8Details of indebtedness

9Sums denominated in foreign currencies

10Dormant companies acting as agents

SCHEDULE 5MATTERS TO BE DEALT WITH IN DIRECTORS’ REPORT

2Political donations and expenditure

3(1) If the company (not being the wholly-owned subsidiary of...

4Charitable donations

5Disclosure concerning employment etc. of disabled persons

6Disclosure required by company acquiring its own shares etc.

SCHEDULE 6GROUP ACCOUNTS

PART 1FORM AND CONTENT OF COMPANIES ACT GROUP ACCOUNTS

2(1) The consolidated balance sheet and profit and loss account...

3(1) Where assets and liabilities to be included in the...

4Any differences of accounting rules as between a parent company’s...

5Amounts that in the particular context of any provision of...

6Elimination of group transactions

7Acquisition and merger accounting

8An acquisition must be accounted for by the acquisition method...

9(1) The acquisition method of accounting is as follows.

10(1) The conditions for accounting for an acquisition as a...

11(1) The merger method of accounting is as follows.

12(1) Where a group is acquired, paragraphs 9 to 11...

13(1) The following information with respect to acquisitions taking place...

14(1) There must also be stated in a note to...

15Where during the financial year there has been a disposal...

16The information required by paragraph 13, 14 or 15 need...

17Minority interests

18Joint ventures

19Associated undertakings

20(1) The interest of an undertaking in an associated undertaking,...

PART 2INFORMATION ABOUT RELATED UNDERTAKINGS WHERE COMPANY PREPARING GROUP ACCOUNTS (COMPANIES ACT OR IAS GROUP ACCOUNTS)

21Introduction and interpretation

22Subsidiary undertakings

23Holdings in subsidiary undertakings

24Financial information about subsidiary undertakings not included in the consolidation

25Shares of company held by subsidiary undertakings

26Joint ventures

27Associated undertakings

28Other significant holdings of parent company or group

29(1) The name of the undertaking must be stated.

30(1) There must also be stated— (a) the aggregate amount...

31(1) The information required by paragraphs 32 and 33 must...

32(1) The name of the undertaking must be stated.

33(1) There must also be stated— (a) the aggregate amount...

34Parent company’s or group’s membership of certain undertakings

35Parent undertaking drawing up accounts for larger group

36Identification of ultimate parent company

37Construction of references to shares held by parent company or group

SCHEDULE 7INTERPRETATION OF TERM “PROVISIONS”

PART 1MEANING FOR PURPOSES OF THESE REGULATIONS

1Definition of “Provisions”

2References in these Regulations to provisions for liabilities are to...

PART 2MEANING FOR PURPOSES OF PARTS 18 AND 23 OF THE 2006 ACT

3Financial assistance for purchase of own shares

4Redemption or purchase by private company out of capital

5Justification of distribution by references to accounts

SCHEDULE 8GENERAL INTERPRETATION

1Financial instruments

2(1) The expressions listed in sub-paragraph (2) have the same...

3Fixed and current assets

4Historical cost accounting rules

5Listed investments

8Participating interests

9Purchase price

10Realised profits and losses

2008 No. 409

COMPANIES

The Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008

Made19th February 2008

Coming into force6th April 2008

The Secretary of State makes the following Regulations in exercise of the powers conferred by sections 396(3), 404(3), 409(1) to (3), 412(1) to (3), 416(4), 444(3)(a) and (b), 677(3)(a), 712(2)(b)(i), 836(1)(b)(i) and 1292(1)(a) and (c) of the Companies Act 20061.

In accordance with sections 473(3) and 1290 of the Companies Act 2006 a draft of this instrument was laid before Parliament and approved by a resolution of each House of Parliament.