UK Statutory Instrument
2008
United Kingdom
Small Companies and Groups (Accounts and Directors' Report) Regulations 2008
At a glance
Enforced by
What's here
42 compliance obligations
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Trader 34
- Director or Officer 8
Other Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Traders also bound by 826 other Acts (top 5 shown)
- Value Added Tax Regulations 1995 1995 413 duties
- Companies Act 2006 2006 243 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 114 duties
- Insolvency (England and Wales) Rules 2016 2016 62 duties
- Building Societies Act 1986 1986 56 duties
Directors and Officers also bound by 425 other Acts (top 5 shown)
- Insolvency (England and Wales) Rules 2016 2016 161 duties
- Companies Act 2006 2006 108 duties
- Insolvency Act 1986 1986 72 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 55 duties
- The Housing Administration (England and Wales) Rules 2018 2018 26 duties
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Part 1 — INTRODUCTION
Browse 2 other sections in this Part — procedural / definitional / commencement
Commencement and application
Part 2 — FORM AND CONTENT OF INDIVIDUAL ACCOUNTS
Companies Act individual accounts
- Prepare Companies Act individual accounts in compliance with Schedule 1 Trader
Companies Act individual accounts: micro-entities – notes to the accounts
- You must include one specific note in micro-entity accounts Trader
Browse 3 other sections in this Part — procedural / definitional / commencement
Information about related undertakings (Companies Act or IAS individual accounts)
Information about directors' benefits: remuneration (Companies Act or IAS individual accounts)
Accounts for delivery to registrar of companies (Companies Act individual accounts)
Part 3 — DIRECTORS' REPORT
Directors' report
- Disclose Schedule 5 matters in the directors' report Director or Officer
Part 4 — FORM AND CONTENT OF GROUP ACCOUNTS
Information about related undertakings (Companies Act or IAS group accounts)
- Disclose information about related undertakings in group accounts notes Trader
Browse 3 other sections in this Part — procedural / definitional / commencement
Companies Act group accounts
Information about directors' benefits: remuneration (Companies Act or IAS group accounts)
Accounts for delivery to registrar of companies (Companies Act group accounts)
Part 5 — INTERPRETATION
Browse 2 other sections in this Part — procedural / definitional / commencement
Definition of “provisions”
General interpretation
Schedules
Preliminary
- Follow accounting principles in accounts and disclose any departures Director or Officer
(1) Where a fixed asset investment of a description falling...
- Make provisions for permanent diminution in fixed asset values and disclose Trader
(1) Where the reasons for which any provision was made...
- Write back provisions when reasons cease to apply Trader
(1) Intangible assets must be written off over the useful...
- Write off intangible assets over their useful life and disclose long life Director or Officer
Excess of money owed over value received as an asset item
- Write off and disclose excess debt amounts treated as assets Trader
Additional information to be provided in case of departure from historical cost accounting rules
- Disclose alternative valuation bases and historical cost comparatives in accounts notes Trader
Revaluation reserve
- Maintain a revaluation reserve when revaluing assets Trader
Determination of fair value
- Determine fair value of financial instruments using the correct hierarchy Trader
Preliminary
- Present required notes to the accounts in the correct order Trader
Disclosure of accounting policies
- Disclose accounting policies in your small company accounts Trader
Fixed assets
- Disclose fixed asset movements, depreciation and adjustments in annual accounts Director or Officer
Where any fixed assets of the company (other than listed...
- Disclose valuation history for fixed assets in your balance sheet Trader
(1) Subject to sub-paragraph (2), the directors must not include...
- Do not include empty headings in your accounts Director or Officer
Information about fair value of assets and liabilities
- Disclose fair value assumptions, changes, and reserve movements in accounts Trader
Information about revalued fixed assets
- Disclose revaluation reserve movements and original cost in your accounts Trader
Details of indebtedness
- Disclose debts payable after five years and secured debts in accounts Trader
Guarantees and other financial commitments
- Disclose off-balance-sheet financial commitments and guarantees Trader
Parent undertaking information
- Disclose details of your parent undertaking in the accounts Trader
Related party transactions
- Disclose material related party transactions in accounts Trader
Political donations and expenditure
- Disclose political donations and expenditure in directors' report Trader
(1) If the company (not being the wholly-owned subsidiary of...
- Disclose non-UK political party contributions in directors' report Trader
(1) The following information with respect to acquisitions taking place...
- Disclose acquisition details in accounts notes Trader
Where during the financial year there has been a disposal...
- Disclose details of significant disposals in group accounts notes Trader
Where an acquisition has taken place in the financial year...
- Disclose acquisition details in notes to accounts when using merger accounting Trader
Subsidiary undertakings
- Disclose details of subsidiary undertakings in your accounts Trader
Holdings in subsidiary undertakings
- Disclose shareholdings in subsidiary undertakings in accounts Trader
Financial information about subsidiary undertakings not included in the consolidation
- Disclose financial details of subsidiaries not in group accounts Trader
Joint ventures
- Disclose joint venture details in consolidated accounts Trader
Other significant holdings of parent company or group
- Disclose significant holdings in non-subsidiary undertakings Trader
(1) The name of the undertaking must be stated.
- State the name and address of each subsidiary undertaking Trader
(1) The information required by paragraphs 32 and 33 must...
- Disclose significant holdings in group accounts Director or Officer
(1) The name of the undertaking must be stated.
- Disclose details of undertakings in group accounts Trader
Parent undertaking drawing up accounts for larger group
- Disclose your ultimate parent company that prepares group accounts Trader
Identification of ultimate parent company
- Identify and disclose ultimate parent company in accounts Director or Officer
Any differences of accounting rules as between a parent company's...
- Disclose accounting rule differences between parent and group accounts Trader
Provisions must not be used to adjust the values of...
- Do not use provisions to adjust asset values Trader
Staff costs
- Report staff costs in accounts based on all employees under contracts of service Trader
The amount payable to group undertakings must be shown separately....
- Show amounts owed to group companies separately in accounts Director or Officer
Browse 167 other Schedules — structural / supplementary
(1) Subject to the following provisions of this Schedule—
Accounting principles
Accounting policies and measurement bases must be applied consistently within...
The amount of any item must be determined on a...
All income and charges relating to the financial year to...
In determining the aggregate amount of any item, the amount...
The opening balance sheet for each financial year shall correspond...
Preliminary
General rules
Rules for depreciation and diminution in value
(1) Where appropriate to the circumstances of a company's business,...
(1) The company's directors may adapt one of the balance...
So far as is practicable, the following provisions of Section...
(1) Where in accordance with paragraph 1(1) a company's balance...
Intangible Assets
Current assets
(1) If the net realisable value of any current asset...
Assets included at a fixed amount
Determination of purchase price or production cost
(1) The purchase price or production cost of—
Substitution of original stated amount where price or cost unknown
Equity method in respect of participating interests
Where in accordance with paragraph 1(1A) a company's balance sheet...
(1) Subject to paragraph 1A any item required to be...
Preliminary
Subject to paragraphs 33 to 35, the amounts to be...
Alternative accounting rules
Application of the depreciation rules
Inclusion of financial instruments at fair value
Hedged items
Other assets that may be included at fair value
(1) Where the special nature of the company's business requires...
Accounting for changes in value
The fair value reserve
Reserves and dividends
Paragraphs 48 to 57 require information which either supplements the...
Share capital
If the company has allotted any shares during the financial...
Investments
(1) This paragraph applies if— (a) the company has financial...
Information where investment property and living animals and plants included at fair value
If any fixed cumulative dividends on the company's shares are...
Miscellaneous matters
Information supplementing the profit and loss account
Every profit and loss account other than one prepared by...
Particulars of turnover
Miscellaneous matters
Sums denominated in foreign currencies
Dormant companies acting as agents
Post balance sheet events
(1) For every item shown in the balance sheet or...
Amounts in respect of items representing assets or income may...
The company's directors must, in determining how amounts are presented...
Where an asset or liability relates to more than one...
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Introduction
Charitable donations
Disclosure concerning employment etc. of disabled persons
Disclosure required by company acquiring its own shares etc.
General rules
The conditions for accounting for an acquisition as a merger...
(1) The merger method of accounting is as follows.
(1) Where a group is acquired, paragraphs 9 to 11...
(1) There must also be stated in a note to...
The information required by paragraph 13, 14 or 15 need...
Non-controlling interests
Joint ventures
Associated undertakings
(1) The consolidated balance sheet and profit and loss account...
(1) The interest of an undertaking in an associated undertaking,...
Deferred tax balances
Related Party Transactions
Introduction and interpretation
Shares of company held by subsidiary undertakings
Associated undertakings
(1) Where assets and liabilities to be included in the...
(1) There must also be stated— (a) the aggregate amount...
(1) There must also be stated— (a) the aggregate amount...
Parent company's or group's membership of certain undertakings
Construction of references to shares held by parent company or group
Amounts that in the particular context of any provision of...
Elimination of group transactions
Acquisition and merger accounting
An acquisition must be accounted for by the acquisition method...
(1) The acquisition method of accounting is as follows.
Definition of “Provisions”
References in these Regulations to provisions for liabilities are to...
At the balance sheet date, a provision must represent the...
Financial assistance for purchase of own shares
Redemption or purchase by private company out of capital
Justification of distribution by references to accounts
Realised losses
Financial instruments
Realised profits and losses
(1) The expressions listed in sub-paragraph (2) have the same...
Fixed and current assets
Historical cost accounting rules
Listed investments
Loans
Materiality
Participating interests
Purchase price
The amount falling due after more than one year must...
(Formats 1 and 2, item D.)
This item may alternatively be included under item C.II.3 in...
(Format 1, items E.4, H.4 and J and Format 2,...
There must be shown separately— (a) the amount of any...
Payments received on account of orders must be included in...
In Format 1, accruals and deferred income may be shown...
(Format 1, item F.)
In determining the amount to be shown under this item...
(Format 1, item K.I and Format 2, Liabilities item A.I.)...
(Formats 1 and 2, items A and C.II.3.)
The amount of allotted share capital and the amount of...
(Format 2, Liabilities items C.1 to 4.)
Amounts falling due within one year and after one year...
(Format 1, items 2, 4 and 5 ....)
These items must be stated after taking into account any...
(Format 1, items 9 and 10; Format 2, items 11...
Income and interest derived from group undertakings must be shown...
(Format 1, item 12; Format 2, item 14; ....)
This item may either be shown at item A or...
(Formats 1 and 2, item B.I.1.)
Amounts representing goodwill must only be included to the extent...
(Formats 1 and 2, item B.I.2.)
Amounts in respect of concessions, patents, licences, trade marks and...
(Formats 1 and 2, items B.III.4 and C.III.2.)
Where amounts in respect of own shares held are included...
(Formats 1 and 2, items C.II.1 to 3.)
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
Companies House
PrimaryRegistration and regulation of UK companies. Maintains the public register of companies, enforces filing requirements for annual accounts and confirmation statements. Gateway …
Financial Reporting Council
Regulates auditors, accountants, and actuaries. Sets UK Corporate Governance Code and Stewardship Code. Monitors corporate reporting and audit quality. Planned to become …
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