Paragraph 25 F1

England, Wales and Scotland

(1)

Subject to the following sub-paragraph, assets which fall to be included—

(a)

amongst the fixed assets of a small company under the item “tangible assets”; or

(b)

amongst the current assets of a small company under the item “raw materials and consumables”;

may be included at a fixed quantity and value.

(2)

Sub-paragraph (1) applies to assets of a kind which are constantly being replaced, where—

(a)

their overall value is not material to assessing the company’s state of affairs; and

(b)

their quantity, value and composition are not subject to material variation.

Annotations

F1: Sch. 8 repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1295, 1300, Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 1 (with arts. 7, 12)