Part 15 Accounts and Reports (ss 380-474)
Part 15 Accounts and Reports (ss 380-474)
Companies Act 2006 | Legislation

380 Scheme of this Part

(1)     The requirements of this Part as to accounts and reports apply in relation to each financial year of a company.

(2)     In certain respects different provisions apply to different kinds of company.

(3)     . . .

(4)     . . .


381 Companies subject to the small companies regime

The small companies regime . . . applies to a company for a financial year in relation to which the company—

(a)     qualifies as small (see sections 382 and 383), and

(b)     is not excluded from the regime (see section 384).


382 Companies 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.

[(1A)     Subject to subsection (2), a company qualifies as small in relation to a subsequent financial year if the qualifying conditions are met in that year.]

[(2)     In relation to a subsequent financial year, where on its balance sheet date a company meets or ceases to meet the qualifying conditions, that affects its qualification as a small company only if it occurs in two consecutive financial years.]

(3)     The qualifying conditions are met by a company in a year in which it satisfies two or more of the following requirements—

1 Turnover [Not more than £10.2 million] 2 Balance sheet total [Not more than 5.1 million] 3 Number of employees Not more than 50

(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—

. . .
398 . . .
. . .
449 . . .
450 . . .