Paragraph 1B F1
The company's directors may adapt one of the balance sheet formats in Section B so to distinguish between current and non-current items in a different way, provided that—
the information given is at least equivalent to that which would have been required by the use of such format had it not been thus adapted, and
the presentation of those items is in accordance with generally accepted accounting principles or practice.
The company's directors mayF2, otherwise than pursuant to paragraph 1A(2), adapt one of the profit and loss account formats in Section B, provided that—
the information given is at least equivalent to that which would have been required by the use of such format had it not been thus adapted, and
the presentation is in accordance with generally accepted accounting principles or practice.
Annotations
Textual amendments
- F1
Sch. 1 paras. 1A-1C inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 16(2)(c) (with reg. 3)
- F2
Words in Sch. 1 para. 1B(2) omitted (26.10.2023 for specified purposes) by virtue of Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 58(4), 219(1)(2)(b)
Notes on Schedule 1
Modifications
- C1
Sch. 1 applied (with modifications) (E.W.S.) (with application in accordance with reg. 2(2) of the amending S.I.) by The Small Limited Liability Partnerships (Accounts) Regulations 2008 (S.I. 2008/1912), regs. 2(1), 3(2), Sch. 1 (with reg. 2(3)) (as amended (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 34-41)