(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 -