Legalize / United Kingdom / Statutory-Instrument

The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008

Type Statutory-Instrument

Publication 2008-02-19

Last updated 2026-01-01

State In force

Department King's Printer of Acts of Parliament

Source legislation.gov.uk

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(17) [Profit] [loss] on ordinary activities after tax

(18) Extraordinary income

(19) Extraordinary charges

(20) Extraordinary [profit] [loss]

(21) Tax on extraordinary [profit] [loss]

(22) Extraordinary [profit] [loss] after tax

(23) Other taxes not shown under the preceding items

(24) [Profit] [loss] for the financial year

Horizontal layout

A. Charges

(1) Interest payable (2)

(2) Fees and commissions payable (4)

(3) Dealing losses (5)

(4) Administrative expenses

(a) Staff costs

(i) Wages and salaries

(ii) Social security costs

(iii) Other pension costs

(b) Other administrative expenses

(5) Depreciation and amortisation (6)

(6) Other operating charges

(7) Provisions

(a) Provisions for bad and doubtful debts (7)

(b) Provisions for contingent liabilities and commitments (8)

(8) Amounts written off fixed asset investments (11)

(9) Profit on ordinary activities before tax

(10) Tax on [profit] [loss] on ordinary activities

(11) Profit on ordinary activities after tax

(12) Extraordinary charges

(13) Tax on extraordinary [profit] [loss]

(14) Extraordinary loss after tax

(15) Other taxes not shown under the preceding items

(16) Profit for the financial year

B. Income

(1) Interest receivable (1)

(1) Interest receivable and similar income arising from debt securities [and other fixed-income securities]

(2) Other interest receivable and similar income

(2) Dividend income

(a) Income from equity shares [and other variable-yield securities]

(b) Income from participating interests

(3) Fees and commissions receivable (3)

(4) Dealing profits (5)

(5) Adjustments to provisions

(a) Adjustments to provisions for bad and doubtful debts (9)

(b) Adjustments to provisions for contingent liabilities and commitments (10)

(6) Adjustments to amounts written off fixed asset investments (12)

(7) Other operating income

(8) Loss on ordinary activities before tax

(9) Loss on ordinary activities after tax

(10) Extraordinary income

(11) Extraordinary profit after tax

(12) Loss for the financial year

Interest receivable(Format 1, item 1; format 2, item B1.)This item is to include all income arising out of banking activities, including—income from assets included in assets items 1 to 5 in the balance sheet format, however calculated,income resulting from covered forward contracts spread over the actual duration of the contract and similar in nature to interest, andfees and commissions receivable similar in nature to interest and calculated on a time basis or by reference to the amount of the claim (but not other fees and commissions receivable).

Interest payable(Format 1, item 2; format 2, item A1.)This item is to include all expenditure arising out of banking activities, including—charges arising out of liabilities included in liabilities items 1, 2, 3 and 7 in the balance sheet format, however calculated,charges resulting from covered forward contracts, spread over the actual duration of the contract and similar in nature to interest, andfees and commissions payable similar in nature to interest and calculated on a time basis or by reference to the amount of the liability (but not other fees and commissions payable).

Fees and commissions receivable(Format 1, item 4; format 2, item B3.)Fees and commissions receivable are to comprise income in respect of all services supplied by the company to third parties, but not fees or commissions required to be included under interest receivable (format 1, item 1; format 2, item B1).In particular the following fees and commissions receivable must be included (unless required to be included under interest receivable)—fees and commissions for guarantees, loan administration on behalf of other lenders and securities transactions,fees, commissions and other income in respect of payment transactions, account administration charges and commissions for the safe custody and administration of securities,fees and commissions for foreign currency transactions and for the sale and purchase of coin and precious metals, andfees and commissions charged for brokerage services in connection with savings and insurance contracts and loans.

Fees and commissions payable(Format 1, item 5; format 2, item A2.)Fees and commissions payable are to comprise charges for all services rendered to the company by third parties but not fees or commissions required to be included under interest payable (format 1, item 2; format 2, item A1).In particular the following fees and commissions payable must be included (unless required to be included under interest payable)—fees and commissions for guarantees, loan administration and securities transactions;fees, commissions and other charges in respect of payment transactions, account administration charges and commissions for the safe custody and administration of securities;fees and commissions for foreign currency transactions and for the sale and purchase of coin and precious metals; andfees and commissions for brokerage services in connection with savings and insurance contracts and loans.

Dealing [profits] [losses](Format 1, item 6; format 2, items B4 and A3.)This item is to comprise—the net profit or net loss on transactions in securities which are not held as financial fixed assets together with amounts written off or written back with respect to such securities, including amounts written off or written back as a result of the application of paragraph 33(1),the net profit or loss on exchange activities, save in so far as the profit or loss is included in interest receivable or interest payable (format 1, items 1 or 2; format 2, items B1 or A1), andthe net profits and losses on other dealing operations involving financial instruments, including precious metals.

Depreciation and amortisation(Format 1, item 9; format 2, item A5.)This item is to comprise depreciation and other amounts written off in respect of balance sheet assets items 9 and 10.

Provisions: Provisions for bad and doubtful debts(Format 1, item 11(a); format 2, item A7(a).)Provisions for bad and doubtful debts are to comprise charges for amounts written off and for provisions made in respect of loans and advances shown under balance sheet assets items 3 and 4.

Provisions: Provisions for contingent liabilities and commitments(Format 1, item 11(b); format 2, item A7(b).)This item is to comprise charges for provisions for contingent liabilities and commitments of a type which would, if not provided for, be shown under Memorandum items 1 and 2.

Adjustments to provisions: Adjustments to provisions for bad and doubtful debts(Format 1, item 12(a); format 2, item B5(a).)This item is to include credits from the recovery of loans that have been written off, from other advances written back following earlier write offs and from the reduction of provisions previously made with respect to loans and advances.

10.

Adjustments to provisions: Adjustments to provisions for contingent liabilities and commitments(Format 1, item 12(b); format 2, item B5(b).)This item comprises credits from the reduction of provisions previously made with respect to contingent liabilities and commitments.

11.

Amounts written off fixed asset investments(Format 1, item 13; format 2, item A8.)Amounts written off fixed asset investments are to comprise amounts written off in respect of assets which are transferable securities held as financial fixed assets, participating interests and shares in group undertakings and which are included in assets items 5 to 8 in the balance sheet format.

12.

Adjustments to amounts written off fixed asset investments(Format 1, item 14; format 2, item B6.)Adjustments to amounts written off fixed asset investments are to include amounts written back following earlier write offs and provisions in respect of assets which are transferable securities held as financial fixed assets, participating interests and group undertakings and which are included in assets items 5 to 8 in the balance sheet format.

SECTION A — ACCOUNTING PRINCIPLES

Preliminary

16

(1) The amounts to be included in respect of all items shown in a company's accounts must be determined in accordance with the principles set out in this Section.

(2) But if it appears to the company's directors that there are special reasons for departing from any of those principles in preparing the company's accounts in respect of any financial year they may do so, in which case particulars of the departure, the reasons for it and its effect must be given in a note to the accounts.

Accounting principles

17

The company is presumed to be carrying on business as a going concern.

18

Accounting policies and measurement bases must be applied consistently within the same accounts and from one financial year to the next.

19

The amount of any item must be determined on a prudent basis, and in particular—

(a) only profits realised at the balance sheet date are to be included in the profit and loss account, ...

(b) all liabilities which have arisen in respect of the financial year to which the accounts relate or a previous financial year must be taken into account, including those which only become apparent between the balance sheet date and the date on which it is signed on behalf of the board of directors in accordance with section 414 of the 2006 Act (approval and signing of accounts), and

(c) all provisions for diminution of value must be recognised, whether the result of the financial year is a profit or a loss.

20

All income and charges relating to the financial year to which the accounts relate must be taken into account, without regard to the date of receipt or payment.

SECTION B — HISTORICAL COST ACCOUNTING RULES

Preliminary

General rules

Rules for depreciation and diminution in value

Development costs

Goodwill

Treatment of fixed assets

Financial fixed assets

Current assets

Excess of money owed over value received as an asset item

Determination of cost

Substitution of original stated amount where price or cost unknown

SECTION C — ALTERNATIVE ACCOUNTING RULES

Preliminary

Alternative accounting rules

Application of the depreciation rules

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

Revaluation reserve

SECTION D — FAIR VALUE ACCOUNTING

Inclusion of financial instruments at fair value

Determination of fair value

Hedged items

Other assets that may be included at fair value

Accounting for changes in value

The fair value reserve

Assets and liabilities denominated in foreign currencies

SECTION A — GENERAL RULES

1

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

(a) every balance sheet of a company must show the items listed in the balance sheet format in Section B of this Part, and

(b) every profit and loss account must show the items listed in the profit and loss account format in Section B.

(2) References in this Schedule to the items listed in any of the formats in Section B are to those items read together with any of the notes following the formats which apply to those items.

(3) The items must be shown in the order and under the headings and sub-headings given in the particular format, but—

(a) the notes to the formats may permit alternative positions for any particular items, and

(b) the heading or sub-heading for any item does not have to be distinguished by any letter or number assigned to that item in the format used.

2

(1) Any item required to be shown in a company's balance sheet or profit and loss account may be shown in greater detail than required by the particular format.

(2) The balance sheet or profit and loss account may include an item representing or covering the amount of any asset or liability, income or expenditure not specifically covered by any of the items listed in the formats set out in Section B, save that none of the following may be treated as assets in any balance sheet—

(a) preliminary expenses,

(b) expenses of, and commission on, any issue of shares or debentures, and

3

(1) The directors may combine items to which Arabic numbers are given in the balance sheet format set out in Section B (except for items concerning technical provisions and the reinsurers' share of technical provisions), and items to which lower case letters in parentheses are given in the profit and loss account format so set out (except for items within items I.1 and 4 and II.1, 5 and 6) if—

(a) their individual amounts are not material for the purpose of giving a true and fair view, or

(b) the combination facilitates the assessment of the state of affairs or profit or loss of the company for the financial year in question.

(2) Where sub-paragraph (1)(b) applies—

(a) the individual amounts of any items which have been combined must be disclosed in a note to the accounts, and

(b) any notes required by this Schedule to the items so combined must, notwithstanding the combination, be given.

4

(1) Subject to sub-paragraph (2), the directors must not include a heading or sub-heading corresponding to an item in the balance sheet or profit and loss account format used if there is no amount to be shown for that item for the financial year to which the balance sheet or profit and loss account relates.

(2) Where an amount can be shown for the item in question for the immediately preceding financial year that amount must be shown under the heading or sub-heading required by the format for that item.

5

(1) For every item shown in the balance sheet or profit and loss account the corresponding amount for the immediately preceding financial year must also be shown.

(2) Where that corresponding amount is not comparable with the amount to be shown for the item in question in respect of the financial year to which the balance sheet or profit and loss account relates, the former amount may be adjusted, and particulars of the non-comparability and of any adjustment must be disclosed in a note to the accounts.

6

Subject to the provisions of this Schedule, amounts in respect of items representing assets or income may not be set off against amounts in respect of items representing liabilities or expenditure (as the case may be), or vice versa.

7

(1) The provisions of this Schedule which relate to long-term business apply, with necessary modifications, to business which consists of effecting or carrying out relevant contracts of general insurance which—

(a) is transacted exclusively or principally according to the technical principles of long-term business, and

(b) is a significant amount of the business of the company.

(2) For the purposes of paragraph (1), a contract of general insurance is a relevant contract if the risk insured against relates to—

(a) accident, or

(b) sickness.

(3) Sub-paragraph (2) must be read with—

(a) section 22 of the Financial Services and Markets Act 2000 ,

(b) the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 , and

8

The company's directors must, in determining how amounts are presented within items in the profit and loss account and balance sheet, have regard to the substance of the reported transaction or arrangement, in accordance with generally accepted accounting principles or practice.

SECTION B — THE REQUIRED FORMATS

9

(1) Where in respect of any item to which an Arabic number is assigned in the balance sheet or profit and loss account format, the gross amount and reinsurance amount or reinsurers' share are required to be shown, a sub-total of those amounts must also be given.

(2) Where in respect of any item to which an Arabic number is assigned in the profit and loss account format, separate items are required to be shown, then a separate sub-total of those items must also be given in addition to any sub-total required by sub-paragraph (1).

10

(1) In the profit and loss account format set out below—

(a) the heading “Technical account — General business” is for business which consists of effecting or carrying out contracts of general business; and

(b) the heading “Technical account — Long-term business” is for business which consists of effecting or carrying out contracts of long-term insurance.

(2) In sub-paragraph (1), references to—

(a) contracts of general or long-term insurance, and

(b) the effecting or carrying out of such contracts,

must be read with section 22 of the Financial Services and Markets Act 2000, the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, and Schedule 2 to that Act.

ASSETS

(A) Called up share capital not paid (1)

(B) Intangible assets

(1) Development costs

(2) Concessions, patents, licences, trade marks and similar rights and assets (2)

(3) Goodwill (3)

(4) Payments on account

(I) Land and buildings (4)

(II) Investments in group undertakings and participating interests

(1) Shares in group undertakings

(2) Debt securities issued by, and loans to, group undertakings

(3) Participating interests

(4) Debt securities issued by, and loans to, undertakings in which the company has a participating interest

(III) Other financial investments

(1) Shares and other variable-yield securities and units in unit trusts

(2) Debt securities and other fixed-income securities (5)

(3) Participation in investment pools (6)

(4) Loans secured by mortgages (7)

(5) Other loans (7)

(6) Deposits with credit institutions (8)

(7) Other (9)

(IV) Deposits with ceding undertakings (10)

(D) Assets held to cover linked liabilities (11)

(Da) Reinsurers' share of technical provisions (12)

(1) Provision for unearned premiums

(2) Long-term business provision

(3) Claims outstanding

(4) Provisions for bonuses and rebates

(5) Other technical provisions

(6) Technical provisions for unit-linked liabilities

(E) Debtors (13)

(I) Debtors arising out of direct insurance operations

(1) Policyholders

(2) Intermediaries

(II) Debtors arising out of reinsurance operations

(III) Other debtors

(IV) Called up share capital not paid (1)

(F) Other assets

(I) Tangible assets

(1) Plant and machinery

(2) Fixtures, fittings, tools and equipment

(3) Payments on account (other than deposits paid on land and buildings) and assets (other than buildings) in course of construction

(II) Stocks

(1) Raw materials and consumables

(2) Work in progress

(3) Finished goods and goods for resale

(4) Payments on account

(III) Cash at bank and in hand

(IV) Own shares (14)

(V) Other (15)

(G) Prepayments and accrued income

(I) Accrued interest and rent (16)

(II) Deferred acquisition costs (17)

(III) Other prepayments and accrued income

LIABILITIES

(A) Capital and reserves

(I) Called up share capital or equivalent funds

(II) Share premium account

(III) Revaluation reserve

(IV) Reserves

(1) Capital redemption reserve

(2) Reserve for own shares

(3) Reserves provided for by the articles of association

(4) Other reserves

(V) Profit and loss account

(B) Subordinated liabilities (18)

(Ba) Fund for future appropriations (19)

(1) Provision for unearned premiums (20)

(a) gross amount

(b) reinsurance amount (12)

(2) Long-term business provision (20)(21)(26)

(a) gross amount

(b) reinsurance amount (12)

(3) Claims outstanding (22)

(a) gross amount

(b) reinsurance amount (12)

(4) Provision for bonuses and rebates (23)

(a) gross amount

(b) reinsurance amount (12)

(5) Equalisation provision (24)

(6) Other technical provisions (25)

(a) gross amount

(b) reinsurance amount (12)

(D) Technical provisions for linked liabilities (26)

(a) gross amount

(b) reinsurance amount (12)

(E) Provisions for other risks

(1) Provisions for pensions and similar obligations

(2) Provisions for taxation

(3) Other provisions

(F) Deposits received from reinsurers (27)

(G) Creditors (28)

(I) Creditors arising out of direct insurance operations

(II) Creditors arising out of reinsurance operations

(III) Debenture loans (29)

(IV) Amounts owed to credit institutions

(V) Other creditors including taxation and social security

(H) Accruals and deferred income

Additional items

11

(1) Every balance sheet of a company which carries on long-term business must show separately as an additional item the aggregate of any amounts included in liabilities item A (capital and reserves) which are required not to be treated as realised profits under section 843 of the 2006 Act.

(2) A company which carries on long-term business must show separately, in the balance sheet or in the notes to the accounts, the total amount of assets representing the long-term fund valued in accordance with the provisions of this Schedule.

Managed funds

12

(1) For the purposes of this paragraph “managed funds” are funds of a group pension fund—

(a) the management of which constitutes long-term insurance business, and

(b) which the company administers in its own name but on behalf of others, and

(2) The company must, in any case where assets and liabilities arising in respect of managed funds fall to be treated as assets and liabilities of the company, adopt the following accounting treatment: assets and liabilities representing managed funds are to be included in the company's balance sheet, with the notes to the accounts disclosing the total amount included with respect to such assets and liabilities in the balance sheet and showing the amount included under each relevant balance sheet item in respect of such assets or (as the case may be) liabilities.

Deferred acquisition costs

13

The costs of acquiring insurance policies which are incurred during a financial year but which relate to a subsequent financial year must be deferred in a manner specified in Note (17) on the balance sheet format.

I

Technical account — General business

(1) Earned premiums, net of reinsurance

(a) gross premiums written (1)

(b) outward reinsurance premiums (2)

(d) change in the provision for unearned premiums, reinsurers' share

(2) Allocated investment return transferred from the non-technical account (item III.6) (10)

(2a) Investment income (8)(10)

(a) income from participating interests, with a separate indication of that derived from group undertakings

(b) income from other investments, with a separate indication of that derived from group undertakings

(aa) income from land and buildings

(bb) income from other investments

(d) gains on the realisation of investments

(3) Other technical income, net of reinsurance

(4) Claims incurred, net of reinsurance (4)

(a) claims paid

(aa) gross amount

(bb) reinsurers' share

(b) change in the provision for claims

(aa) gross amount

(bb) reinsurers' share

(5) Changes in other technical provisions, net of reinsurance, not shown under other headings

(6) Bonuses and rebates, net of reinsurance (5)

(7) Net operating expenses

(a) acquisition costs (6)

(b) change in deferred acquisition costs

(d) reinsurance commissions and profit participation

(8) Other technical charges, net of reinsurance

(8a) Investment expenses and charges (8)

(a) investment management expenses, including interest

(b) value adjustments on investments

(9) Change in the equalisation provision

(10) Sub-total (balance on the technical account for general business) (item III.1)

II

Technical account — Long-term business

(1) Earned premiums, net of reinsurance

(a) gross premiums written (1)

(b) outward reinsurance premiums (2)

(2) Investment income (8)(10)

(a) income from participating interests, with a separate indication of that derived from group undertakings

(b) income from other investments, with a separate indication of that derived from group undertakings

(aa) income from land and buildings

(bb) income from other investments

(d) gains on the realisation of investments

(3) Unrealised gains on investments (9)

(4) Other technical income, net of reinsurance

(5) Claims incurred, net of reinsurance (4)

(a) claims paid

(aa) gross amount

(bb) reinsurers' share

(b) change in the provision for claims

(aa) gross amount

(bb) reinsurers' share

(6) Change in other technical provisions, net of reinsurance, not shown under other headings

(a) Long-term business provision, net of reinsurance (3)

(aa) gross amount

(bb) reinsurers' share

(b) other technical provisions, net of reinsurance

(7) Bonuses and rebates, net of reinsurance (5)

(8) Net operating expenses

(a) acquisition costs (6)

(b) change in deferred acquisition costs

(d) reinsurance commissions and profit participation

(9) Investment expenses and charges (8)

(a) investment management expenses, including interest

(b) value adjustments on investments

(10) Unrealised losses on investments (9)

(11) Other technical charges, net of reinsurance

(11a) Tax attributable to the long-term business

(12) Allocated investment return transferred to the non-technical account (item III.4)

(12a) Transfers to or from the fund for future appropriations

(13) Sub-total (balance on the technical account — long-term business) (item III.2)

III

Non-technical account

(1) Balance on the general business technical account (item I.10)

(2) Balance on the long-term business technical account (item II.13)

(2a) Tax credit attributable to balance on the long-term business technical account

(3) Investment income (8)

(a) income from participating interests, with a separate indication of that derived from group undertakings

(b) income from other investments, with a separate indication of that derived from group undertakings

(aa) income from land and buildings

(bb) income from other investments

(d) gains on the realisation of investments

(3a) Unrealised gains on investments (9)

(4) Allocated investment return transferred from the long-term business technical account (item II.12) (10)

(5) Investment expenses and charges (8)

(a) investment management expenses, including interest

(b) value adjustments on investments

(5a) Unrealised losses on investments (9)

(6) Allocated investment return transferred to the general business technical account (item I.2) (10)

(7) Other income

(8) Other charges, including value adjustments

(8a) Profit or loss on ordinary activities before tax

(9) Tax on profit or loss on ordinary activities

(10) Profit or loss on ordinary activities after tax

(11) Extraordinary income

(12) Extraordinary charges

(13) Extraordinary profit or loss

(14) Tax on extraordinary profit or loss

(15) Other taxes not shown under the preceding items

(16) Profit or loss for the financial year

SECTION A — ACCOUNTING PRINCIPLES

Preliminary

14

The amounts to be included in respect of all items shown in a company's accounts must be determined in accordance with the principles set out in this Section.

15

But if it appears to the company's directors that there are special reasons for departing from any of those principles in preparing the company's accounts in respect of any financial year they may do so, in which case particulars of the departure, the reasons for it and its effect must be given in a note to the accounts.

Accounting principles

16

The company is presumed to be carrying on business as a going concern.

17

Accounting policies and measurement bases must be applied consistently within the same accounts and from one financial year to the next.

18

The amount of any item must be determined on a prudent basis, and in particular—

(a) subject to note (9) on the profit and loss account format, only profits realised at the balance sheet date are to be included in the profit and loss account, ...

(b) all liabilities which have arisen in respect of the financial year to which the accounts relate or a previous financial year must be taken into account, including those which only become apparent between the balance sheet date and the date on which it is signed on behalf of the board of directors in accordance with section 414 of the 2006 Act (approval and signing of accounts), and

(c) all provisions for diminution of value must be recognised, whether the result of the financial year is a profit or a loss.

19

All income and charges relating to the financial year to which the accounts relate are to be taken into account, without regard to the date of receipt or payment.

20

In determining the aggregate amount of any item, the amount of each individual asset or liability that falls to be taken into account must be determined separately.

Valuation

21

(1) The amounts to be included in respect of assets of any description mentioned in paragraph 22 (valuation of assets: general) must be determined either—

(a) in accordance with that paragraph and paragraph 24 (but subject to paragraphs 27 to 29), or

(b) so far as applicable to an asset of that description, in accordance with Section C (valuation at fair value).

(2) The amounts to be included in respect of assets of any description mentioned in paragraph 24 (alternative valuation of fixed-income securities) may be determined—

(a) in accordance with that paragraph (but subject to paragraphs 27 to 29), or

(b) so far as applicable to an asset of that description, in accordance with Section C.

(3) The amounts to be included in respect of assets which—

(a) are not assets of a description mentioned in paragraph 22 or 23, but

(b) are assets of a description to which Section C is applicable,

may be determined in accordance with that Section.

(4) Subject to sub-paragraphs (1) to (3), the amounts to be included in respect of all items shown in a company's accounts are determined in accordance with Section C.

SECTION B — CURRENT VALUE ACCOUNTING RULES

Valuation of assets: general

22

(1) Subject to paragraph 24, investments falling to be included under assets item C (investments) must be included at their current value calculated in accordance with paragraphs 25 and 26.

(2) Investments falling to be included under assets item D (assets held to cover linked liabilities) must be shown at their current value calculated in accordance with paragraphs 25 and 26.

23

(1) Intangible assets other than goodwill may be shown at their current cost.

(2) Assets falling to be included under assets items F.I (tangible assets) and F.IV (own shares) in the balance sheet format may be shown at their current value calculated in accordance with paragraphs 25 and 26 or at their current cost.

(3) Assets falling to be included under assets item F.II (stocks) may be shown at current cost.

Alternative valuation of fixed-income securities

24

(1) This paragraph applies to debt securities and other fixed-income securities shown as assets under assets items C.II (investments in group undertakings and participating interests) and C.III (other financial investments).

(2) Securities to which this paragraph applies may either be valued in accordance with paragraph 22 or their amortised value may be shown in the balance sheet, in which case the provisions of this paragraph apply.

(3) Subject to sub-paragraph (4), where the purchase price of securities to which this paragraph applies exceeds the amount repayable at maturity, the amount of the difference—

(a) must be charged to the profit and loss account, and

(b) must be shown separately in the balance sheet or in the notes to the accounts.

(4) The amount of the difference referred to in sub-paragraph (3) may be written off in instalments so that it is completely written off when the securities are repaid, in which case there must be shown separately in the balance sheet or in the notes to the accounts the difference between the purchase price (less the aggregate amount written off) and the amount repayable at maturity.

(5) Where the purchase price of securities to which this paragraph applies is less than the amount repayable at maturity, the amount of the difference must be released to income in instalments over the period remaining until repayment, in which case there must be shown separately in the balance sheet or in the notes to the accounts the difference between the purchase price (plus the aggregate amount released to income) and the amount repayable at maturity.

(6) Both the purchase price and the current value of securities valued in accordance with this paragraph must be disclosed in the notes to the accounts.

(7) Where securities to which this paragraph applies which are not valued in accordance with paragraph 22 are sold before maturity, and the proceeds are used to purchase other securities to which this paragraph applies, the difference between the proceeds of sale and their book value may be spread uniformly over the period remaining until the maturity of the original investment.

Meaning of “current value”

25

(1) Subject to sub-paragraph (5), in the case of investments other than land and buildings, current value means market value determined in accordance with this paragraph.

(2) In the case of listed investments, market value means the value on the balance sheet date or, when the balance sheet date is not a stock exchange trading day, on the last stock exchange trading day before that date.

(3) Where a market exists for unlisted investments, market value means the average price at which such investments were traded on the balance sheet date or, when the balance sheet date is not a trading day, on the last trading day before that date.

(4) Where, on the date on which the accounts are drawn up, listed or unlisted investments have been sold or are to be sold within the short term, the market value must be reduced by the actual or estimated realisation costs.

(5) Except where the equity method of accounting is applied, all investments other than those referred to in sub-paragraphs (2) and (3) must be valued on a basis which has prudent regard to the likely realisable value.

26

(1) In the case of land and buildings, current value means the market value on the date of valuation, where relevant reduced as provided in sub-paragraphs (4) and (5).

(2) Market value means the price at which land and buildings could be sold under private contract between a willing seller and an arm's length buyer on the date of valuation, it being assumed that the property is publicly exposed to the market, that market conditions permit orderly disposal and that a normal period, having regard to the nature of the property, is available for the negotiation of the sale.

(3) The market value must be determined through the separate valuation of each land and buildings item, carried out at least every five years in accordance with generally recognised methods of valuation.

(4) Where the value of any land and buildings item has diminished since the preceding valuation under sub-paragraph (3), an appropriate value adjustment must be made.

(5) The lower value arrived at under sub-paragraph (4) must not be increased in subsequent balance sheets unless such increase results from a new determination of market value arrived at in accordance with sub-paragraphs (2) and (3).

(6) Where, on the date on which the accounts are drawn up, land and buildings have been sold or are to be sold within the short term, the value arrived at in accordance with sub-paragraphs (2) and (4) must be reduced by the actual or estimated realisation costs.

(7) Where it is impossible to determine the market value of a land and buildings item, the value arrived at on the basis of the principle of purchase price or production cost is deemed to be its current value.

Application of the depreciation rules

27

(1) Where—

(a) the value of any asset of a company is determined in accordance with paragraph 22 or 23, and

(b) in the case of a determination under paragraph 22, the asset falls to be included under assets item C.I,

that value must be, or (as the case may require) must be the starting point for determining, the amount to be included in respect of that asset in the company's accounts, instead of its cost or any value previously so determined for that asset. Paragraphs 36 to 41 and 43 apply accordingly in relation to any such asset with the substitution for any reference to its cost of a reference to the value most recently determined for that asset in accordance with paragraph 22 or 23 (as the case may be).

(2) The amount of any provision for depreciation required in the case of any asset by paragraph 37 or 38 as it applies by virtue of sub-paragraph (1) is referred to below in this paragraph as the adjusted amount, and the amount of any provision which would be required by that paragraph in the case of that asset according to the historical cost accounting rules is referred to as the historical cost amount.

(3) Where sub-paragraph (1) applies in the case of any asset the amount of any provision for depreciation in respect of that asset included in any item shown in the profit and loss account in respect of amounts written off assets of the description in question may be the historical cost amount instead of the adjusted amount, provided that the amount of any difference between the two is shown separately in the profit and loss account or in a note to the accounts.

Additional information to be provided

28

(1) This paragraph applies where the amounts to be included in respect of assets covered by any items shown in a company's accounts have been determined in accordance with paragraph 22 or 23.

(2) The items affected and the basis of valuation adopted in determining the amounts of the assets in question in the case of each such item must be disclosed in a note to the accounts.

(3) The purchase price of investments valued in accordance with paragraph 22 must be disclosed in the notes to the accounts.

(4) In the case of each balance sheet item valued in accordance with paragraph 23 either—

(a) the comparable amounts determined according to the historical cost accounting rules (without any provision for depreciation or diminution in value), or

(b) the differences between those amounts and the corresponding amounts actually shown in the balance sheet in respect of that item,

must be shown separately in the balance sheet or in a note to the accounts.

(5) In sub-paragraph (4), references in relation to any item to the comparable amounts determined as there mentioned are references to—

(a) the aggregate amount which would be required to be shown in respect of that item if the amounts to be included in respect of all the assets covered by that item were determined according to the historical cost accounting rules, and

(b) the aggregate amount of the cumulative provisions for depreciation or diminution in value which would be permitted or required in determining those amounts according to those rules.

Revaluation reserve

29

(1) Subject to sub-paragraph (7) , with respect to any determination of the value of an asset of a company in accordance with paragraph 22 or 23, the amount of any profit or loss arising from that determination (after allowing, where appropriate, for any provisions for depreciation or diminution in value made otherwise than by reference to the value so determined and any adjustments of any such provisions made in the light of that determination) must be credited or (as the case may be) debited to a separate reserve (“the revaluation reserve”).

(2) The amount of the revaluation reserve must be shown in the company's balance sheet under liabilities item A.III, but need not be shown under the name “revaluation reserve”.

(3) An amount may be transferred—

(a) from the revaluation reserve—

(i) to the profit and loss account, if the amount was previously charged to that account or represents realised profit, or

(ii) on capitalisation,

(b) to or from the revaluation reserve in respect of the taxation relating to any profit or loss credited or debited to the reserve.

The revaluation reserve must be reduced to the extent that the amounts transferred to it are no longer necessary for the purposes of the valuation method used.

(4) In sub-paragraph (3)(a)(ii) “capitalisation”, in relation to an amount standing to the credit of the revaluation reserve, means applying it in wholly or partly paying up unissued shares in the company to be allotted to members of the company as fully or partly paid shares.

(5) The revaluation reserve must not be reduced except as mentioned in this paragraph.

(6) The treatment for taxation purposes of amounts credited or debited to the revaluation reserve must be disclosed in a note to the accounts.

(7) This paragraph does not apply to the difference between the valuation of investments and their purchase price or previous valuation shown in the long-term business technical account or the non-technical account in accordance with note (9) on the profit and loss account format.

SECTION C — VALUATION AT FAIR VALUE

Inclusion of financial instruments at fair value

Determination of fair value

Hedged items

Other assets that may be included at fair value

Accounting for changes in value

The fair value reserve

SECTION D — HISTORICAL COST ACCOUNTING RULES

General rules

Development costs

Goodwill

Excess of money owed over value received as an asset item

Assets included at a fixed amount

Determination of cost

Substitution of original amount where price or cost unknown

SECTION E — RULES FOR DETERMINING PROVISIONS

Preliminary

Technical provisions

Provision for unearned premiums

Provision for unexpired risks

Long-term business provision

General business

Long-term business

Equalisation reserves

Accounting on a non-annual basis

Editorial notes

[^c19249771]: 2006 c.46.

[^c19249781]: Section 465 is amended by regulation 4(1) of S.I. 2008/393.

[^c19249791]: Section 408 is amended by regulation 9 of S.I. 2008/393.

[^c19249801]: See regulation 4(3)(a) for exemption for medium-sized companies in accounts delivered to registrar of companies.

[^c19249811]: See regulation 4(3)(a) for exemption for medium-sized companies in accounts delivered to registrar of companies.

[^c19249841]: A number in brackets following any item is a reference to the note of that number in the notes following the formats.

[^c19249851]: A number in brackets following any item is a reference to the note of that number in the notes following the formats.

[^c19249871]: O.J. No. L372 of 31stDecember 1986, page 1,as amended in particular by Directives 2001/65/EEC, 2003/51/EEC and 2006/46/EEC of the European Parliament and of the Council (O.J. L238 of 27.12.2001, page 28, O.J. L178 of 17.7.2003, page 16 and O.J. L224 of 16.8.2006, page 1).

[^c19249881]: 2000 c.8.

[^c19249891]: S.I. 2001/544, as amended by S.I. 2001/3544, S.I. 2002/682, S.I. 2002/1310, S.I. 2002/1776, S.I. 2002/1777, S.I. 2003/1475, S.I. 2003/1476, S.I. 2003/2822, S.I. 2004/1610, S.I. 2004/2737, S.I. 2004/3379, S.I. 2005/593, S.I. 2005/1518, S.I. 2005/2114 and S.I. 2006/1969.

[^c19249931]: O.J. No. L185 of 4th July 1987, p.72.

[^c19249941]: A number in brackets following any item is a reference to the note of that number in the notes following the formats.

[^c19249961]: FSA 2006/42.

[^c19249971]: See regulation 6(2) for exemption for companies falling within section 408 of the 2006 Act (individual profit and loss account where group accounts prepared).

[^c19249981]: FSA 2006/42.

[^c19249991]: S.I. 2001/2361.

[^c19250011]: 1993 c.48.

[^c19250021]: 1993 c.49.

[^c19250041]: Section 131 is prospectively repealed by the 2006 Act.

[^c19250051]: Article 141 is prospectively repealed by the 2006 Act.

[^c19250061]: Section 132 is prospectively repealed by the 2006 Act.

[^c19250071]: Article 142 is prospectively repealed by the 2006 Act.

[^c19250101]: Section 143 is prospectively repealed by the 2006 Act.

[^c19250111]: Article 153 is prospectively repealed by the 2006 Act.

[^c19250121]: Section 146(1)(aa) was inserted by section 102C(5) of 1986 c.53, as inserted by section 1(1) of 1997 c.41. Section 146 is prospectively repealed by the 2006 Act.

[^c19250131]: Article 156(1)(aa) was inserted by section 102C(6) of 1986 c.53, as inserted by section 1(1) of 1997 c.41. Article 156 is prospectively repealed by the 2006 Act.

[^c19250141]: Section 150 is prospectively repealed by the 2006 Act.

[^c19250151]: Article 160 is prospectively repealed by the 2006 Act.

[^c19250201]: 2000 c.8.

[^key-388a63102a33c355af02f47993cdc8d8]: Words in Sch. 4 para. 7(5)(6) substituted (with application in accordance with reg. 1(2) of the amending S.I.) by The Partnerships (Accounts) Regulations 2008 (S.I. 2008/569), regs. 1(2), 17(2)

[^key-ebdd0fa42ba26ab9e5a608c4a49f1256]: Sch. 9 para. 8 inserted (with application in accordance with reg. 1(4) of the amending S.I.) by The Companies Act 2006 (Accounts, Reports and Audit) Regulations 2009 (S.I. 2009/1581), regs. 1(2), 12(4)

[^key-3320e0d85ad43f8c10092c415c8344f1]: Word in reg. 12(b) omitted (with application in accordance with reg. 1(4) of the amending S.I.) by virtue of The Companies Act 2006 (Accounts, Reports and Audit) Regulations 2009 (S.I. 2009/1581), regs. 1(2), 12(2)(a)

[^key-81bf9d2bb83249b8974d7d0c5d9aea75]: Reg. 12(d) and preceding word inserted (with application in accordance with reg. 1(4) of the amending S.I.) by The Companies Act 2006 (Accounts, Reports and Audit) Regulations 2009 (S.I. 2009/1581), regs. 1(2), 12(2)(b)

[^M_C_77413bc9-5cb1-4ef9-a2a5-1d0553a72109]: Regulations applied (with modifications) (6.4.2008 with application in accordance with reg. 1(2) of the modifying S.I.) by The Partnerships (Accounts) Regulations 2008 (S.I. 2008/569), reg. 1(2), Sch. 1 paras. 1(1)(c)(2), 2(2)

[^key-a009f7aa5dafd0dc29c34f92f8fc4505]: Words in Sch. 3 para. 10 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 135(a)

[^key-93dbf19044231051dc8d8741dcb007fd]: Words in Sch. 3 para. 56 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 135(b)

[^key-9209ae25a80a699c96192503a39ef004]: Words in Sch. 3 para. 91 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 135(c)

[^key-ef49a15946e6b91f3fd9b3b71ece8982]: Sch. 4 para. 7(6)-(10) substituted for Sch. 4 para. 7(6) (with application in accordance with reg. 1(2) of the amending S.I.) by The Companies and Partnerships (Accounts and Audit) Regulations 2013 (S.I. 2013/2005), regs. 1(1), 6(2) (with reg. 1(5)(6))

[^key-00d5a9565ff3255a2bcf531e295e1791]: Reg. 10(2) substituted (with effect in accordance with reg. 1(4) of the amending S.I.) by The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 (S.I. 2013/1970), reg. 1(2)(3), 7(2)

[^key-e4ffdbf12c62cd681ae631197cc2ff7c]: Reg. 11(1A) inserted (1.10.2013) by The Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013 (S.I. 2013/1981), regs. 1, 2(2)(a) (with reg. 4)

[^key-0491726f6788e3fde4ec1c229d5a7acb]: Reg. 11(2) omitted (1.10.2013) by virtue of The Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013 (S.I. 2013/1981), regs. 1, 2(2)(b) (with reg. 4)

[^key-5f349e4a0fbd06504fc132bcd37db114]: Words in reg. 11(3) substituted (1.10.2013) by The Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013 (S.I. 2013/1981), regs. 1, 2(2)(c) (with reg. 4)

[^key-a67914e92c95eb2a52f97ed5f4d1cf42]: Sch. 7 para. 2 omitted (with effect in accordance with reg. 1(4) of the amending S.I.) by virtue of The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 (S.I. 2013/1970), regs. 1(2)(3), 7(3)(b)

[^key-cd6e879e6a8daef0882de88bb006a4db]: Sch. 7 para. 1A inserted (with effect in accordance with reg. 1(4) of the amending S.I.) by The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 (S.I. 2013/1970), regs. 1(2)(3), 7(3)(a)

[^key-c2d7f265c1645a87f1f34f1858f3b4eb]: Sch. 7 para. 5 omitted (with effect in accordance with reg. 1(4) of the amending S.I.) by virtue of The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 (S.I. 2013/1970), regs. 1(2)(3), 7(3)(b)

[^key-b8f63a25e0a49db0e2dfc655a0edb2c0]: Word in Sch. 7 para. 8 inserted (with effect in accordance with reg. 1(4) of the amending S.I.) by The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 (S.I. 2013/1970), regs. 1(2)(3), 7(3)(c)

[^key-df3f0a3502115e151b2fac295cb0d301]: Sch. 7 para. 12 omitted (with effect in accordance with reg. 1(4) of the amending S.I.) by virtue of The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 (S.I. 2013/1970), regs. 1(2)(3), 7(3)(d)

[^key-13b220eca8db87b700572ff0945dce0b]: Sch. 7 Pt. 7 inserted (with effect in accordance with reg. 1(4) of the amending S.I.) by The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 (S.I. 2013/1970), regs. 1(2)(3), 7(3)(e)

[^key-4d873418bd96a5a6ca8d1798a498ecb1]: Sch. 8 substituted (1.10.2013) by The Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013 (S.I. 2013/1981), regs. 1, 3, Sch. (with reg. 4)

[^key-a1702fb7bab8cd06cfee8f2a5b341997]: Words in Sch. 1 para. 6 omitted (6.4.2015) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(2)(d) (with reg. 3)

[^key-85019b193bc1997c67c31aaa39c1b6ba]: Words in Sch. 1 para. 12 inserted (6.4.2015) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 28(2)(a) (with reg. 3)

[^key-65ddd3b9550a2e2a034a2b1bba236246]: Word in Sch. 1 para. 13(a) omitted (6.4.2015) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 28(2)(b)(i) (with reg. 3)

[^key-96a4998086303b0be2df0a674f4d337d]: Sch. 1 para. 13(c) inserted (6.4.2015) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 28(2)(b)(iii) (with reg. 3)

[^key-f1777fde72d93c765047b87ad5f68448]: Word in Sch. 1 para. 13(b) inserted (6.4.2015) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 28(2)(b)(ii) (with reg. 3)

[^key-3ba854a78f9c9920064be072611c51cb]: Word in Sch. 1 para. 1(1)(b) substituted (6.4.2015) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(2)(a) (with reg. 3)

[^key-c281b89c821f7fc7bdf14640617df94c]: Words in Sch. 1 para. 1(3) inserted (6.4.2015) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(2)(b) (with reg. 3)

[^key-9137dc14501033394126543f2f956b38]: Sch. 1 para. 1A inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(2)(c) (with reg. 3)

[^key-fea3b2700c201ab4a14ed7abc648bc5a]: Sch. 1 para. 9A inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(2)(e) (with reg. 3)

[^key-8afadad78d4013d607edd30eca6928ec]: Sch. 1 para. 15A inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 28(2)(c) (with reg. 3)

[^key-99aa17a5e0e730db5672068cf1c56765]: Sch. 1 para. 29A inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 28(3)(f) (with reg. 3)

[^key-106a5fc46a40d980c8d7fd244c5bb630]: Sch. 2 para. 21A inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 32(2)(c) (with reg. 3)

[^key-127f16775afa62345265ce2b45866645]: Sch. 3 para. 20A inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 35(2)(c) (with reg. 3)

[^key-dedcc5f3944377f3e56d4b30229440e2]: Sch. 1 paras. 72A, 72B inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 29(11) (with reg. 3)

[^key-8017580b16a6457c0465177cab58a9fb]: Sch. 3 Pt. 1 para. 8A inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 34(2) (with reg. 3)

[^key-5413ec03fe3ce4dd44b88706beaf1491]: Words in Sch. 3 para. 18 inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 35(2)(b)(iii) (with reg. 3)

[^key-7484eab2ead5512cc0c9234c9e67a5dd]: Words in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(a) (with reg. 3)

[^key-0b5fa18219270d9c8047716de331070a]: Words in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(b) (with reg. 3)

[^key-5228c3305864a41fd9c2be5ffdb4fc13]: Words in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(c) (with reg. 3)

[^key-a1c4b7df2ad64dbf981ab2fded15fcdb]: Word in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(d)(i) (with reg. 3)

[^key-ba5dfcc8ae387c0fcc02477bdd46da8d]: Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(d)(ii) (with reg. 3)

[^key-66d3567e8978d48a6005bc6de225aa0d]: Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(d)(iii) (with reg. 3)

[^key-c8477a4f71b04ec9fc3e06b65b018c38]: Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(d)(iv) (with reg. 3)

[^key-5db1537b7c90b31ba3e0cb8387b18f70]: Word in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(e)(i) (with reg. 3)

[^key-a29395411d8fc9404f1b5588bae1e891]: Words in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(e)(ii) (with reg. 3)

[^key-50382cb7c825302ae99c82a705915eee]: Word in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(e)(iii) (with reg. 3)

[^key-dffaba91730154f8fe6e872141cf78da]: Word in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(e)(iv) (with reg. 3)

[^key-24621d86b2890316c499f4ca7deedae7]: Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(e)(v) (with reg. 3)

[^key-252edb8390624a11f9276376f483f343]: Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(e)(vi) (with reg. 3)

[^key-faa7e2a81d34e6e2c871c672b1001987]: Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(e)(vii) (with reg. 3)

[^key-3f991a16f654dc13d3419ce14954cbb3]: Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(f) (with reg. 3)

[^key-d55acb6e34bd8eb3fbc36a0de12bacee]: Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(g) (with reg. 3)

[^key-9ad5ad4993b93377afe8aa8578c90be5]: Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(h) (with reg. 3)

[^key-519e3b2baa96708375155c77a642135c]: Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(i) (with reg. 3)

[^key-c9e7cd2e6a0ff0ada7809a3cfc75c714]: Word in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(j) (with reg. 3)

[^key-375d273201fe48632b7e65d2158223ad]: Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(j) (with reg. 3)

[^key-10681299b073b4aed35b80fb198b2334]: Words in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(k) (with reg. 3)

[^key-e203a66456f882f2c9bc0effb53edf01]: Words in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(k)(i) (with reg. 3)

[^key-8022251873e2edadf0b94b639826101a]: Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 27(3)(k)(ii) (with reg. 3)

[^key-cfa705fe28a33b8ed427f950cdbf7040]: Sch. 1 para. 19(3) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 28(3)(a) (with reg. 3)

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