Regulation 10 Amendment of Part 1 of Schedule 1 (Companies Act individual accounts: general rules and formats)

(1)

Part 1 of Schedule 1 to the 2008 Regulations is amended as follows.

(2)

In Section A (general rules)—

(a)

after paragraph 1(1) insert—

“(1A)
But, subject to the following provisions of this Schedule, in relation to a company which qualifies as a micro-entity in relation to a financial year (see sections 384A and 384B of the 2006 Act)—

(a)
the only items which must be shown on the company’s balance sheet for that year are those listed in either of the balance sheet formats in Section C of this Part, and

(b)
the only items which must be shown on the company’s profit and loss account for that year are those listed in the profit and loss account format in Section C.”;

(b)

in paragraph 1(2), after “Section B” insert “and Section C”;

(c)

in paragraph 2(1), for “paragraph 1” substitute “paragraph 1(1)”;

(d)

after paragraph 2 insert—

“2A.

Where in accordance with paragraph 1(1A) a company’s balance sheet or profit and loss account for any financial year has been prepared by reference to one of the formats in Section C, the company’s directors must use the same format in preparing Companies Act individual accounts for subsequent financial years, unless in their opinion there are special reasons for a change.”; and

(e)

in paragraph 6 (profit or loss on ordinary activities), after “account” insert “other than one prepared by reference to the format in Section C”.

(3)

In section B (the required formats for accounts), for the heading substitute “The required formats for the accounts of companies other than micro-entities”.

(4)

After Section B insert—

“SECTION C

THE REQUIRED FORMATS FOR THE ACCOUNTS OF MICRO-ENTITIES

Balance Sheet Formats

Format 1

A Called up share capital not paid

B Fixed assets

C Current assets

D Prepayments and accrued income

E Creditors: amounts falling due within one year

F Net current assets (liabilities)

G Total assets less current liabilities

H Creditors: amounts falling due after more than one year

I Provisions for liabilities

J Accruals and deferred income

K Capital and reserves

Format 2

ASSETS

A Called up share capital not paid

B Fixed assets

C Current Assets

D Prepayments and accrued income

LIABILITIES

A Capital and reserves

B Provisions for liabilities

C Creditors (1)

D Accruals and deferred income

Notes on the balance sheet formats

(1) Creditors

(Format 2, item C under Liabilities)

Aggregate amounts falling due within one year and after one year must be shown separately.

Profit and loss account format

A Turnover

B Other income

C Cost of raw materials and consumables

D Staff costs

E Depreciation and other amounts written off assets

F Other charges

G Tax

H Profit or loss”.