F1SR 1997/436
F3Order repealed (prosp.) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16 and the repeal being partly in force, as to which see individual Articles (with savings (with adaptations) by Companies Act 2006 (Commencement No. 6, Saving and Commencement Nos. 3 and 5 (Amendment)) Order 2008 (S.I. 2008/674), arts. 2(3), {4}, Sch. 2) and subject to amendments (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b)(2), Sch. 1 paras. 135, 147, 148 {Sch. 2 Note 1} (with arts. 6, 11, 12) and subject to amendments (6.4.2008) by S.R. 2008/133, {regs. 2, 3}
9. Subject to paragraph 15, the amounts to be included in respect of all items shown in a small company's accounts shall be determined in accordance with the principles set out in paragraphs 10 to 14.
10. The company shall be presumed to be carrying on business as a going concern.
11. Accounting policies shall be applied consistently within the same accounts and from one financial year to the next.
12. The amount of any item shall be determined on a prudent basis, and in particular—
(a)only profits realised at the balance sheet date shall be included in the profit and loss account; and
(b)all liabilitiesF2. . . which have arisenF2. . . in respect of the financial year to which the accounts relate or a previous financial year shall be taken into account, including those which only become apparent between the balance sheet date and the date on which it is signed on behalf of the board of directors in pursuance of Article 241.
F2SR 2004/496
13. All income and charges relating to the financial year to which the accounts relate shall be taken into account, without regard to the date of receipt or payment.
14. In determining the aggregate amount of any item the amount of each individual asset or liability that falls to be taken into account shall be determined separately.
15. If it appears to the directors of a small company that there are special reasons for departing from any of the principles stated above in preparing the company's accounts in respect of any financial year they may do so, but particulars of the departure, the reasons for it and its effect shall be given in a note to the accounts.