Part VII Accounts and Audit
Chapter IIExemptions, Exceptions and Special Provisions
Small and medium-sized companies and groups
F1247A Cases in which special provisions do not apply
F2(1)
If a company is, or was at any time within the financial year to which the accounts relate, an ineligible company, sections 246 and 246A do not apply.
(1A)
If a company does not fall within subsection (1) but is, or was at any time within the financial year to which the accounts relate, a member of an ineligible group—
(a)
section 246(4) and (5)(b) and section 246A(2A) (provisions relating to directors' report) apply;
(b)
the other provisions of sections 246 and 246A do not apply.
(1B)
A company is ineligible if—
(a)
it is a public company,
(b)
it has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on F3a regulated activity , or
(c)
it carries on an insurance market activity.
(2)
A group is ineligible if any of its members is—
(a)
a public company or a body corporate which (not being a company) has power under its constitution to offer its shares or debentures to the public and may lawfully exercise that power,
F4(b)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity, or
(c)
a person who carries on an insurance market activity.
(3)
A parent company shall not be treated as qualifying as a small company in relation to a financial year unless the group headed by it qualifies as a small group, and shall not be treated as qualifying as a medium-sized company in relation to a financial year unless that group qualifies as a medium-sized group (see section 249).