382 Companies qualifying as small: general
382 Companies qualifying as small: general
Companies Act 2006 | Legislation

(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