(1) A parent company qualifies as a small company in relation to a financial year only if the group headed by it qualifies as a small group.
(2) A group qualifies as small in relation to the parent company's first financial year if the qualifying conditions are met in that year.
(2A) Subject to subsection (3), a group qualifies as small in relation to a subsequent financial year of the parent company if the qualifying conditions are met in that year.
(3) In relation to a subsequent financial year of the parent company, where on the parent company's balance sheet date the group meets or ceases to meet the qualifying conditions, that affects the group's qualification as a small group only if it occurs in two consecutive financial years.
(4) The qualifying conditions are met by a group in a year in which it satisfies two or more of the following requirements -
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1. Aggregate turnover |
Not more than £10.2 million net (or £12.2 million gross) |
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2. Aggregate balance sheet total |
Not |