Paragraph 58C

England, Wales and Scotland

(1)

Sub-paragraph (2) applies if–

(a)

the company has financial fixed assets that could be included at fair value by virtue of paragraph 44A,

(b)

the amount at which those assets are included under any item in the company’s accounts is in excess of their fair value, and

(c)

the company has not made provision for diminution in value of those assets in accordance with paragraph 26(1) of this Part of this Schedule.

(2)

There must be stated–

(a)

the amount at which either the individual assets or appropriate groupings of those individual assets are included in the company’s accounts,

(b)

the fair value of those assets or groupings, and

(c)

the reasons for not making a provision for diminution in value of those assets, including the nature of the evidence that provides the basis for the belief that the amount at which they are stated in the accounts will be recovered.

Notes on Schedule 9

Textual amendments

F1: Sch. 9 repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1295, 1300, Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 1 (with arts. 7, 12); Sch. 9 para. 3(4)(5) and certain words in Sch. 9 para. 3(3)(a) are expressed to be repealed (6.4.2008 with effect as stated in Sch. 1 para. 91(2) of the amending S.I.) by S.I. 2008/948, arts. 2(1), 3, Sch. 1 para. 90(1), Sch. 2 (with arts. 6, 11, 12)

Notes on Part I

Textual amendments

F1: Sch. 9 Pt. I paras. 1-87 inserted (2.12.1991) by S.I. 1991/2705, regs. 5(4), 9, Sch. 1

Modifications

C1: Sch. 9 Pt. I modified (coming into force in accordance with s. 3 of the amending Act) by 1999 c. iv, ss. 3, 7(6)
C2: Sch. 9 Pt. 1 extended (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), reg. 15, Sch. 2 para. 2(e)