The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 No. 1303

Part 3 Qualifying conditions for micro-entities, small and medium-sized companies and limited liability partnerships

Chapter 1 Amendments to the Companies Act 2006

Amendments to the Companies Act 2006

8.  The Companies Act 2006 is amended in accordance with regulations 9 and 10.

Chapter 1 of Part 15 (accounts and reports: introduction)

9.—(1) In section 382(3) (companies qualifying as small: general)(1), in the second column of the table—

(a) for “Not more than £10.2 million” substitute “Not more than £15 million”;

(b) for “Not more than £5.1 million” substitute “Not more than £7.5 million”.

(2) In section 383(4) (companies qualifying as small: parent companies)(2), in the second column of the table—

(a) for “Not more than £10.2 million net (or £12.2 million gross)” substitute “Not more than £15 million net (or £18 million gross)”;

(b) for “Not more than £5.1 million net (or £6.1 million gross)” substitute “Not more than £7.5 million net (or £9 million gross)”.

(3) In section 384A(4) (companies qualifying as micro-entities)(3), in the second column of the table—

(a) for “Not more than £632,000” substitute “Not more than £1 million”;

(b) for “Not more than £316,000” substitute “Not more than £500,000”.

Chapter 12 of Part 15 (accounts and reports: supplementary provisions)

10.—(1) In section 465(3) (companies qualifying as medium-sized: general)(4), in the second column of the table—

(a) for “Not more than £36 million” substitute “Not more than £54 million”;

(b) for “Not more than £18 million” substitute “Not more than £27 million”.

(2) In section 466(4) (companies qualifying as medium-sized: parent companies)(5), in the second column of the table—

(a) for “Not more than £36 million net (or £43.2 million gross)” substitute “Not more than £54 million net (or £64 million gross)”;

(b) for “Not more than £18 million net (or £21.6 million gross)” substitute “Not more than £27 million net (or £32 million gross)”.

Chapter 2 Amendments to the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008

Amendments to the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008

11.—(1) The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 are amended as follows.

(2) In regulation 5 (LLPs subject to the small LLPs regime), in section 382(3) (companies qualifying as small: general) as applied to LLPs by that regulation, in the second column of the table(6)—

(a) for “Not more than £10.2 million” substitute “Not more than £15 million”;

(b) for “Not more than £5.1 million” substitute “Not more than £7.5 million”.

(3) In regulation 5 (LLPs subject to the small LLPs regime), in section 383(4) (companies qualifying as small: parent companies) as applied to LLPs by that regulation, in the second column of the table(7)—

(a) for “Not more than £10.2 million net (or £12.2 million gross)” substitute “Not more than £15 million net (or £18 million gross)”;

(b) for “Not more than £5.1 million net (or £6.1 million gross)” substitute “Not more than £7.5 million net (or £9 million gross)”.

(4) In regulation 5A (LLPs qualifying as micro-entities)(8), in section 384A(4) (companies qualifying as micro-entities) as applied to LLPs by that regulation, in the second column of the table—

(a) for “Not more than £632,000” substitute “Not more than £1 million”;

(b) for “Not more than £316,000” substitute “Not more than £500,000”.

(5) In regulation 26 (medium-sized LLPs), in section 465(3) (companies qualifying as medium-sized: general) as applied to LLPs by that regulation, in the second column of the table(9)—

(a) for “Not more than £36 million” substitute “Not more than £54 million”;

(b) for “Not more than £18 million” substitute “Not more than £27 million”.

(6) In regulation 26 (medium-sized LLPs), in section 466(4) (companies qualifying as medium-sized: parent companies) as applied to LLPs by that regulation, in the second column of the table(10)—

(a) for “Not more than £36 million net (or £43.2 million gross)” substitute “Not more than £54 million net (or £64 million gross)”;

(b) for “Not more than £18 million net (or £21.6 million gross)” substitute “Not more than £27 million net (or £32 million gross)”.

(7) In this regulation “LLP” means a limited liability partnership registered under the Limited Liability Partnerships Act 2000.

(1)

Section 382(3) was amended by S.I. 2015/980.

(2)

Section 383(4) was amended by S.I. 2015/980.

(3)

Section 384A was inserted by S.I. 2013/3008.

(4)

Section 465(3) was amended by S.I. 2015/980.

(5)

Section 466(4) was amended by S.I. 2015/980.

(6)

Subsection (3) was amended by S.I. 2016/575.

(7)

Subsection (4) was amended by S.I. 2016/575.

(8)

Regulation 5A was inserted by S.I. 2016/575.

(9)

Subsection (3) was amended by S.I. 2016/575.

(10)

Subsection (4) was amended by S.I. 2016/575.