# Companies Act 1948, Paragraph 1


If unissued shares or debentures of the company are to be applied in the purchase of a business, a report made by accountants (who shall be named in the statement) upon—
(a) the profits or losses of the business in respect of each of the five financial years immediately preceding the delivery of the statement to the registrar and
(b) the assets and liabilities of the business at the last date to which the accounts of the business were made up.

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Source: https://www.legislation.gov.uk/ukpga/Geo6/11-12/38/schedule/THIRD/paragraph/1 (the official version)
Page: https://openlegislation.uk/companies-act-1948/schedule-THIRD/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.