The medium-sized companies regime
The medium-sized companies regime

The following Corporate guidance note provides comprehensive and up to date legal information covering:

  • The medium-sized companies regime
  • Brexit impact
  • When the medium-sized companies regime applies
  • Annual accounts and reports
  • Requirement for accounts to be audited
  • Accounts to be filed—medium-sized companies

The statutory rules governing the annual accounts and reports of medium-sized companies are set out in:

  1. Part 15 of the Companies Act 2006 (CA 2006)

  2. the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (Large Companies Regulations)

  3. the Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (2015 Regulations)

This Practice Note deals with the accounting regime as applied to companies under the 2015 Regulations. The 2015 Regulations implemented various changes to the accounting regime for companies and apply in relation to financial periods beginning on or after 1 January 2016 (or on or after 1 January 2015 where the directors elect for early adoption of the requirements of the 2015 Regulations).

For a general overview of the statutory framework for company annual accounts and reports, see Practice Note: Accounts and reports—an outline of the statutory framework.

Brexit impact

The UK corporate reporting framework may be affected by Brexit. For further details of its impact, see Brexit—accounts and reports.

When the medium-sized companies regime applies

The medium-sized companies regime applies to a company for a financial year in which the company:

  1. qualifies as medium-sized, and

  2. is not excluded from the medium-sized companies regime

A parent company is treated slightly differently to a company that is not a parent company for the purpose of ascertaining whether it qualifies as medium-sized.

A