Paragraph 7 Summary balance sheet

(1)

Sub-paragraph (2) below shall apply where the full accounts have been prepared under the transitional arrangements.

(2)

The summary financial statement shall contain, in the case of a company the directors of which are not required to prepare group accounts under Part VII of the 1985 Act for the financial year, a summary balance sheet for the company or, in case of a company the directors of which are so required, a summary consolidated balance sheet, which shall show, in so far as they may be derived from the full balance sheet, the following items, under appropriate headings:

(a)

the amount of issued share capital required to be disclosed under paragraph 2 ofSchedule 9 to the 1985 Act (Issued share capital);

(b)

the combined figure for the reserves required to be shown under paragraphs 4(1) and 7 of that Schedule (Reserves);

(c)

the combined figure for the provisions required to be shown under paragraphs 4(1) and 7 of that Schedule (Provisions);

(d)

the combined figure for liabilities required to be shown in the balance sheet under Part I of that Schedule (Liabilities);

(e)

the combined figure for fixed assets required to be shown in the balance sheet under Part I of that Schedule (Fixed assets); and

(f)

a combined figure for any other assets required to be disclosed in the full balance sheet under the provisions of Part I of that Schedule (Other assets).

(3)

There shall also be stated, under an appropriate heading, the information required by paragraph 13(7) of Schedule 9 to the 1985 Act (contingent liabilities not otherwise provided for).