Schedule 1, Part II, Section A (paras. 2-9)

General rules

2.

(1) Subject to the provisions of this Schedule -

(a) every balance sheet of a company shall show the items listed in the balance sheet formats set out in Section B; and

(b) every profit and loss account of a company shall show the items listed in any one of the profit and loss accounts formats so set out,

in either case in the order and under the headings and sub-headings given in the format adopted.

(2) Subparagraph (1) shall not be read as requiring the heading or sub-heading for any item in the balance sheet, or profit and loss account, of a company to be distinguished by any letter or number assigned to that item in the formats set out in Section B.

3.

(1) Where, in accordance with paragraph 2(1), a company’s balance sheet or profit and loss account for any financial year has been prepared by reference to one of the formats set out in Section B, the directors of the company shall adopt the same format in preparing the financial statements for subsequent financial

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