PART 14Administration
Time for payment of capital fees – applications made by small companies46
1
Schedule 6 shall have effect with respect to the capital fee payable in connection with an application made by or on behalf of a small company.
2
For the purpose of these Regulations, a company is a small company if, for the financial year before that in which the application is made, the total value of products it has sold or supplied for the financial year is not more than the amount for the time being specified under the heading “Small company” in item 1 in section 382(3) (qualification of company as small) of the Companies Act 200624 and the conditions in paragraph (3) are met.
3
The conditions for the purposes of paragraph (2) are—
a
the company’s balance sheet total as defined in section 382(5) of the Companies Act 2006 is not more than the amount for the time being specified under the heading “Small company” in section 382(3) of that Act; or
b
the average number of persons employed by the company in the financial year before that in which the application is made (determined on a weekly basis) does not exceed the number for the time being specified under the heading “Small company” in section 382(3) of that Act.