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Companies (1986 Order) (Accounts of Small and Medium-Sized Enterprises and Audit Exemption) (Amendment) Regulations (Northern Ireland) 2004

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Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Companies (1986 Order) (Accounts of Small and Medium-Sized Enterprises and Audit Exemption) (Amendment) Regulations (Northern Ireland) 2004 and shall come into operation on 26th May 2004 (“the commencement date”).

(2) In these Regulations “the 1986 Order” means the Companies (Northern Ireland) Order 1986.

Accounts of small and medium-sized companies

2.—(1) The table in Article 255(3) of the 1986 Order (qualification of company as small or medium-sized)(1) is amended as follows.

(2) Under the heading “Small company” –

(a)for “Not more than £2·8 million” (turnover) substitute “Not more than £5·6 million”; and

(b)for “Not more than £1·4 million” (balance sheet total) substitute “Not more than £2·8 million”.

(3) Under the heading “Medium-sized company” –

(a)for “Not more than £11·2 million” (turnover) substitute “Not more than £22·8 million”; and

(b)for “Not more than £5·6 million” (balance sheet total) substitute “Not more than £11·4 million”.

Accounts of small and medium-sized groups

3.—(1) The table in Article 257(3) of the 1986 Order (qualification of group as small or medium-sized)(2) is amended as follows.

(2) Under the heading “Small group” –

(a)for “Not more than £2·8 million net (or £3·36 million gross)” (aggregate turnover) substitute “Not more than £5·6 million net (or £6·72 million gross)”; and

(b)for “Not more than £1·4 million net (or £1·68 million gross)” (aggregate balance sheet total) substitute “Not more than £2·8 million net (or £3·36 million gross)”.

(3) Under the heading “Medium-sized group” –

(a)for “Not more than £11·2 million net (or £13·44 million gross)” (aggregate turnover) substitute “Not more than £22·8 million net (or £27·36 million gross)”; and

(b)for “Not more than £5·6 million net (or £6·72 million gross)” (aggregate balance sheet total) substitute “Not more than £11·4 million net (or £13·68 million gross)”.

Audit Exemption

4.—(1) Article 257A of the 1986 Order (exemptions from audit for certain categories of small company)(3) is amended as follows.

(2) In paragraphs (3)(b) and (3A)(b), for “£1 million” substitute “£5·6 million”.

(3) In paragraph (3)(c), for “£1·4 million” substitute “£2·8 million”.

Cases where exemption from audit not available

5.—(1) Article 257B of the 1986 Order (cases where exemption from audit not available)(4) is amended as follows.

(2) In paragraph (1C)(b), for “not more than £1 million net (or £1·2 million gross)” substitute “not more than £5·6 million net (or £6·72 million gross)”.

(3) In paragraph (1C)(c), for “not more than £1·4 million net (or £1·68 million gross)” substitute “not more than £2·8 million net (or £3·36 million gross)”.

The reporting accountant

6.—(1) Article 257D(4) of the 1986 Order (bodies referred to in the definition of reporting accountant)(5) is amended as follows.

(2) Omit “and” at the end of sub-paragraph (d).

(3) After sub-paragraph (e) insert

  • , and

    (f)

    the Institute of Chartered Secretaries and Administrators..

Transitional provisions

7.—(1) Regulations 2 and 3 shall have effect in relation to financial years ending on or after the commencement date.

(2) For the purposes of determining whether a company or group qualifies, or is treated as qualifying, as small or medium-sized under Article 255 or 257 of the 1986 Order in relation to a financial year ending on or after the commencement date, the company or group shall be treated as having qualified as small or medium-sized (as the case may be) in any previous financial year in which it would have so qualified, or have been treated as so qualifying, under Article 255 or 257 as amended by regulations 2 and 3.

(3) In paragraphs (1) and (2) references to financial years ending on or after the commencement date do not include financial years which only end on or after that date by reason of an exercise of the power conferred by Article 233 of the 1986 Order(6) (alteration of accounting reference date) by the giving of a notice to the registrar on or after the date on which these Regulations are made.

(4) Regulations 4 and 5 shall have effect in relation to financial years ending two months or more after the commencement date.

(5) Regulation 6 shall have effect in relation to financial years ending on or after the commencement date.

Sealed with the Official Seal of the Department of Enterprise, Trade and Investment on 26th April 2004.

L.S.

M. Bohill

A senior officer of the

Department of Enterprise, Trade and Investment

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