628

SECRETARIAL PRACTICE
Soprents of 124 —(1) Every balance sheet of a company shall contain a
alance sheet. summary of the authorised share capital and of the issued share
capital of the company, its liabilities and its assets, together with
such particulars as are necessary to disclose the general nature of
the liabilities and the assets of the company and to distinguish
between the amounts respectively of the fixed assets and of the
floating assets, and shall state how the values of the fixed assets
have been arrived at.
(2) There shall be stated under separate headings in the balance
sheet, so far as they are not written off—
(a) the preliminary expenses of the company; and
(b) any expenses incurred in connection with any issue of share
capital or debentures; and
if it is shown as a separate item in or is otherwise ascertain-
able from the books of the company, or from any contract
for the sale or purchase of any property to be acquired by
the company, or from any documents in the possession of
the company relating to the stamp duty payable in respect
of any such contract or the conveyance of any such property,
the amount of the goodwill and of any patents and trade-
marks as so shown or ascertained.

2)

(3) Where any liability of the company is secured otherwise
than by operation of law on any assets of the company, the balance
sheet shall include a statement that that liability is so secured, but
it shall not be necessary to specify in the balance sheet the assets
on which the liability is secured.
(4) The provisions of this section are in addition to other
provisions of this Act requiring other matters to be stated in balance
sheets.

Assets consisting 125. Where any of the assets of a company consist of shares in,

of shares in sub- : .

sidiary com- or amounts owing (whether on account of a loan or otherwise)

panies to be set from a subsidiary company or subsidiary companies, the aggregate

out separately amount of those assets, distinguishing shares and indebtedness,
shall be set out in the balance sheet of the first-mentioned company
separately from all its other assets, and where a company is indebted,
whether on account of a loan or otherwise, to a subsidiary company
or subsidiary companies, the aggregate amount of that indebtedness
shall be set out in the balance sheet of that company separately from
211 its other liabilities.

Beane sheet to 126.—(1) Where a company (in this section referred to as “the
ears oat holding company ”’) holds shares either directly or through a nominee
subsidiary in a subsidiary company or in two or more subsidiary companies,
Opes there shall be annexed to the balance sheet of the holding company
a statement, signed by the persons by whom in pursuance of section
one hundred and twenty-nine of this Act the balance sheet is signed,
stating how the profits and losses of the subsidiary company, or, where
there are two or more subsidiary companies, the aggregate profits