The Companies Act 1985 (Accounts of Small and Medium-Sized Enterprises and Audit Exemption) (Amendment) Regulations 2004

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 section 247(1) or 249 of the 1985 Act 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 section 247 or 249 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 section 225 of the 1985 Act(2) (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.

(1)

Section 247 was substituted by section 13(1) of the Companies Act 1989, and subsections (2) and (3) were amended by regulation 5 of S.I. 1992/2452, and the section was otherwise amended in a manner not relevant to these Regulations.

(2)

Section 225 was substituted by section 3 of the Companies Act 1989 (c. 40), and amended by regulation 3 of S.I. 1996/189 and by section 248(3) and Schedule 17, paragraphs 3 and 4, of the Enterprise Act 2002 (c. 40).