The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015

Amendment of Chapter 12 of Part 15 (accounts and reports: supplementary provisions)U.K.

This section has no associated Explanatory Memorandum

9.—(1) Chapter 12 of Part 15 of the Act is amended as follows.

(2) In the table in subsection (3) of section 465 (companies qualifying as medium-sized: general) M1—

(a)in item 1 (turnover), for “Not more than £25.9 million” substitute “ Not more than £36 million ”, and

(b)in item 2 (balance sheet total), for “Not more than £12.9 million” substitute “ Not more than £18 million ”.

(3) In the table in subsection (4) of section 466 (companies qualifying as medium-sized: parent companies) M2—

(a)in item 1 (aggregate turnover), for “Not more than £25.9 million net (or £31.1 million gross)” substitute “ Not more than £36 million net (or £43.2 million gross) ”, and

(b)in item 2 (aggregate balance sheet total), for “Not more than £12.9 million net (or £15.5 million gross)” substitute “ Not more than £18 million net (or £21.6 million gross) ”.

(4) For paragraph (a) of subsection (2) of section 467 (companies excluded from being treated as medium-sized) substitute—

“(a)a traded company,”.

(5) In section 472 (notes to the accounts) M3—

(a)omit subsection (1), and

(b)in subsection (1A), omit the word “But”.

(6) In subsection (1) of section 474 (minor definitions)—

(a)insert the following definitions at the appropriate places—

““qualified”, in relation to an auditor's report, means that the report does not state the auditor's unqualified opinion that the accounts have been properly prepared in accordance with this Act;”,

““traded company” means a company any of whose transferable securities are admitted to trading on a regulated market;” and

(b)in the definition of “turnover” omit the words “falling within the company's ordinary activities”.

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