With the abolition of par value, "share premium" no longer exists. There is a deeming provision in the new CO to provide for the amalgamation of the existing share capital amount with the amount in the company's share premium account (section 37 of Schedule 11 to the new CO).
From the accounting point of view, what the company needs to do is to transfer the amounts standing to the credit of the share premium account and capital redemption reserve account to the share capital account on or after 3 March 2014. Financial statements for years ending on a date on or after the commencement date of the new CO (i.e. 3 March 2014) should reflect the transfer of the balances of the share premium account and capital redemption reserve account into the share capital account.
The amounts transferred from the share premium account and capital redemption reserve account should be reflected in the share capital information contained in a specified form reporting change of share capital when your company reports changes in share capital for the first time after 3 March 2014, or in the first annual return delivered for registration after 3 March 2014, whichever is earlier.