Modifications of Part VII of the 1985 Act with respect to small and medium-sized companies and groups5
1
Section 247 of the 1985 Act5 is modified as follows.
2
In subsection (2)(a), for the words “subsection (1)” there shall be substituted the words “subsection (1) above or was treated as so qualifying under paragraph (b) below”.
3
In subsection (3), under the heading “Small company”, for the words “Not more than £2 million” (for turnover) there shall be substituted the words “Not more than £2.8million” and for the words “Not more than £975,000” (for the balance sheet total) there shall be substituted the words “Not more than £1.4 million”.
4
In subsection (3), under the heading “Medium-sized company”, for the words “Not more than £8 million” (for turnover) there shall be substituted the words “Not more than £11.2 million” and for the words “Not more than £3.9 million” (for the balance sheet total) there shall be substituted the words “Not more than £5.6 million”.