Companies (Amendment) Act, 1986
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Exemption for medium-sized companies from certain provisions of sections 3 and 7 . |
11.—(1) Notwithstanding paragraph (a) of section 3 (1) of this Act, but subject to paragraph (b) of the said section 3 (1), the directors of a company treated as a medium-sized company under this Act may combine as one item in its profit and loss account under the heading “gross profit or loss” the following items that is to say: | |
(a) items 1, 2, 3 and 6 in Format 1 of the profit and loss account formats set out in the Schedule to this Act, | ||
(b) items 1 to 5 in Format 2 of the said profit and loss account formats, | ||
(c) items A.1, B.1 and B.2 in Format 3 of the said profit and loss account formats, | ||
(d) items A.1, A.2 and B.1 to B.4 in Format 4 of the said profit and loss account formats. | ||
(2) Notwithstanding section 7 of this Act, but subject to section 3 (1) (b) of this Act, a company treated as a medium-sized company under this Act may annex to the annual return in relation to the company a copy of an abridged balance sheet of the company for the period to which the return relates showing only those items preceded by letters or roman numerals in Formats 1 and 2 of the balance sheet formats set out in the Schedule to this Act: | ||
Provided that the amounts in respect of the following items shall be disclosed separately either in the balance sheet of the company or in the notes to the accounts of the company, that is to say: | ||
(a) in Format 1 of the said balance sheet formats, items A.I.3, A.II.1, 2, 3, and 4, A.III.1, 2, 3, 4 and 7, B.II.2, 3 and 6, B.III.1 and 2, C.1, 2, 6, 7, 8 and 9 and F.1, 2, 6, 7, 8 and 9, and | ||
(b) in Format 2 of the said balance sheet formats, under “Assets”, items A.I.3, A.II.1, 2, 3 and 4, A.III.1, 2, 3, 4 and 7, B.II. 2, 3 and 6 and B.III.l and 2 and under “Liabilities”, items C.1, 2, 6, 7, 8 and 9: | ||
Provided also that the balance sheet of the company shall show separately the amounts falling due within one year and after one year in respect of items B.II in the said Format 1 in total and in respect, individually, of items B.II.2 and 3 in the said Format 1 and the amounts falling due in a similar manner in respect of the total of the amounts in respect of the following items, that is to say, in the said Format 2 under “Assets” item B.II and under “Liabilities” item C and in respect, individually, of the following items, that is to say, in the said Format 2 under “Assets” items B.II.2 and 3 and under “Liabilities” items C. 1, 2, 6 and 7. | ||
(3) Notwithstanding section 7 of this Act, a company treated as a medium-sized company pursuant to section 8 (1) of this Act may annex to the annual return in relation to the company a copy of the profit and loss account drawn up in accordance with subsection (1) of this section. |