PART 5Miscellaneous
Failure to prevent fraud
I1202Large organisations: parent undertakings
1
For the purposes of section 199(1) and (2) a relevant body which is a parent undertaking is a “large organisation” only if the group headed by it satisfied two or more of the following conditions in the financial year of the body that precedes the year of the fraud offence—
Aggregate turnover | More than £36 million net (or £43.2 million gross) |
Aggregate balance sheet total | More than £18 million net (or £21.6 million gross) |
Aggregate number of employees | More than 250. |
2
The aggregate figures are ascertained by aggregating the relevant figures determined in accordance with section 201 for each member of the group.
3
In relation to the aggregate figures for turnover and balance sheet total, “net” and “gross”—
a
except where paragraph (b) applies, have the meaning given by subsection (6) of section 466 of the Companies Act 2006;
b
in the case of accounts that are not of a kind specified in the definition of “net” in that subsection, have a corresponding meaning.
4
In this section—
“balance sheet total” (in relation to a relevant body and a financial year) has the same meaning as in section 201;
“group” means a parent undertaking and its subsidiary undertakings;
“turnover” (in relation to a UK company or other relevant body) has the same meaning as in section 201;
“year of the fraud offence” is to be interpreted in accordance with section 199(1) or (2) (as the case requires).
5
In this section “balance sheet total” and “turnover”, in relation to a subsidiary undertaking which is not a relevant body, have a meaning corresponding to the meaning given by subsection (4).