C3C4C5C6Part 15Accounts and reports
Pt. 15 applied (with modifications) (6.4.2008) by The Partnerships (Accounts) Regulations 2008 (S.I. 2008/569), regs. 4, 7, Sch. Pt. 1
Pt. 15 applied (with modifications) (1.10.2009) by The Unregistered Companies Regulations 2009 (S.I. 2009/2436), regs. 3-5, Sch. 1 para. 16 (with transitional provisions and savings in regs. 7, 9, Sch. 2)
Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2
Chapter 1Introduction
Companies subject to the small companies regime
C1C2382Companies qualifying as small: general
1
A company qualifies as small in relation to its first financial year if the qualifying conditions are met in that year.
2
A company qualifies as small in relation to a subsequent financial year—
a
if the qualifying conditions are met in that year and the preceding financial year;
b
if the qualifying conditions are met in that year and the company qualified as small in relation to the preceding financial year;
c
if the qualifying conditions were met in the preceding financial year and the company qualified as small in relation to that year.
3
4
For a period that is a company's financial year but not in fact a year the maximum figures for turnover must be proportionately adjusted.
5
The balance sheet total means the aggregate of the amounts shown as assets in the company's balance sheet.
6
The number of employees means the average number of persons employed by the company in the year, determined as follows—
a
find for each month in the financial year the number of persons employed under contracts of service by the company in that month (whether throughout the month or not),
b
add together the monthly totals, and
c
divide by the number of months in the financial year.
7
This section is subject to section 383 (companies qualifying as small: parent companies).
Pt. 15 applied (with modifications) (6.4.2008) by The Bank Accounts Directive (Miscellaneous Banks) Regulations 2008 (S.I. 2008/567), reg. 4, Sch. para. 1 (with Sch. para. 11)