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| Companies Act 1989 |
| 1989 c. 40 - continued
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SCHEDULE 6 |
| Section 13(2). |
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[Schedule 8 to the Companies Act 1985] Exemptions for
Small and Medium-sized Companies |
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Part I |
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Small Companies |
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Balance sheet |
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1.(1) The
company may deliver a copy of an abbreviated version of the full balance
sheet, showing only those items to which a letter or Roman number is assigned
in the balance sheet format adopted under Part I of Schedule 4, but in
other respects corresponding to the full balance sheet. (2) If a copy of an abbreviated
balance sheet is delivered, there shall be disclosed in it or in a note to
the company's accounts delivered
(a) the aggregate of the amounts required by note (5) of
the notes on the balance sheet formats set out in Part I of Schedule 4
to be shown separately for each item included under debtors (amounts
falling due after one year), and
(b) the aggregate of the amounts required by note (13) of
those notes to be shown separately for each item included under
creditors in Format 2 (amounts falling due within one year or after more
than one year). (3) The provisions of
section 233 as to the signing of the copy of the balance sheet delivered
to the registrar apply to a copy of an abbreviated balance sheet delivered
in accordance with this paragraph. |
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Profit and loss account |
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2. A
copy of the company's profit and loss account need not be delivered. |
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Disclosure of information in notes to accounts |
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3.(1) Of
the information required by Part III of Schedule 4 (information to be
given in notes to accounts if not given in the accounts themselves) only
the information required by the following provisions need be given
paragraph 36 (accounting policies),
paragraph 38 (share capital),
paragraph 39 (particulars of allotments),
paragraph 42 (fixed assets), so far as it relates to those items to
which a letter or Roman number is assigned in the balance sheet format
adopted,
paragraph 48(1) and (4) (particulars of debts),
paragraph 58(1) (basis of conversion of foreign currency amounts
into sterling),
paragraph 58(2) (corresponding amounts for previous financial year),
so far as it relates to amounts stated in a note to the company's
accounts by virtue of a requirement of Schedule 4 or under any other
provision of this Act. (2) Of the
information required by Schedule 5 to be given in notes to the accounts,
the information required by the following provisions need not be given
paragraph 4 (financial years of subsidiary undertakings),
paragraph 5 (additional information about subsidiary
undertakings),
paragraph 6 (shares and debentures of company held by subsidiary
undertakings),
paragraph 10 (arrangements attracting merger
relief). (3) Of the information required
by Schedule 6 to be given in notes to the accounts, the information
required by Part I (directors' and chairman's emoluments, pensions and
compensation for loss of office) need not be given. |
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Directors' report |
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4. A
copy of the directors' report need not be delivered. |
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Part II |
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Profit and loss account |
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5. The
company may deliver a profit and loss account in which the following items
listed in the profit and loss account formats set out in Part I of
Schedule 4 are combined as one item under the heading "gross profit or
loss"
Items 1, 2, 3 and 6 in Format 1;
Items 1 to 5 in Format 2;
Items A.1, B.1 and B.2 in Format 3;
Items A.1, A.2 and B.1 to B.4 in Format 4. |
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Disclosure of information in notes to accounts |
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6. The
information required by paragraph 55 of Schedule 4 (particulars of
turnover) need not be given. |
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Part III |
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Supplementary Provisions |
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Statement that advantage taken of exemptions |
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7.(1) Where
the directors of a company take advantage of the exemptions conferred by
Part I or Part II of this Schedule, the company's balance sheet shall
contain
(a) a statement that advantage is taken of the exemptions
conferred by Part I or, as the case may be, Part II of this Schedule,
and
(b) a statement of the grounds on which, in the
directors' opinion, the company is entitled to those
exemptions. (2) The statements shall
appear in the balance sheet immediately above the signature required by
section 233. |
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Special auditors' report |
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8.(1) If
the directors of a company propose to take advantage of the exemptions
conferred by Part I or II of this Schedule, it is the auditors' duty to
provide them with a report stating whether in their opinion the company is
entitled to those exemptions and whether the documents to be proposed to
be delivered in accordance with this Schedule are properly
prepared. (2) The accounts delivered
shall be accompanied by a special report of the auditors stating that in
their opinion
(a) the company is entitled to the exemptions claimed in
the directors' statement, and
(b) the accounts to be delivered are properly prepared in
accordance with this Schedule. (3) In
such a case a copy of the auditors' report under section 235 need not be
delivered separately, but the full text of it shall be reproduced in the
special report; and if the report under section 235 is qualified there
shall be included in the special report any further material necessary to
understand the
qualification. (4) Section 236
(signature of auditors' report) applies to a special report under this
paragraph as it applies to a report under section 235. |
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Dormant companies |
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9. Paragraphs
7 and 8 above do not apply where the company is exempt by virtue of
section 250 (dormant companies) from the obligation to appoint
auditors. |
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Requirements in connection with publication of
accounts |
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10.(1) Where
advantage is taken of the exemptions conferred by Part I or II of this
Schedule, section 240 (requirements in connection with publication of
accounts) has effect with the following
adaptations. (2) Accounts delivered in
accordance with this Schedule and accounts in the form in which they would
be required to be delivered apart from this Schedule are both "statutory
accounts" for the purposes of that
section. (3) References in that
section to the auditors' report under section 235 shall be read, in
relation to accounts delivered in accordance with this Schedule, as
references to the special report under paragraph 8 above. |
| © Crown copyright 1989 |
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