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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”.

(1)

Article 255 was inserted into the 1986 Order in place of an existing Article of that number by Article 15(1) of the Companies (Northern Ireland) Order 1990 and was amended by regulation 4 of S.R. 1992 No. 503, by regulation 7 of S.R. 1997 No. 314 and by regulation 7(2) of S.R. 1997 No. 436