Paragraph 26 Assets included at a fixed amount
United Kingdom
Subject to sub-paragraph (2), the following may be included at a fixed quantity and value in the balance sheet formats set out in Section B of Part 1 of this Schedule—
assets which fall to be included amongst the fixed assets of a company under the item “intangible assets”, and
raw materials and consumables within the item “stocks”.
Sub-paragraph (1) applies to assets of a kind which are constantly being replaced where—
their overall value is not material to assessing the company's state of affairs, and
their quantity, value and composition are not subject to material variation.
Annotations
Textual amendments
- F1
Sch. 1 para. 26(1) substituted (with effect in accordance with reg. 2(2) of the amending S.I.) by The Small Companies (Micro-Entities Accounts) Regulations 2013 (S.I. 2013/3008), regs. 2(1), 11(c) (with reg. 3)
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)