370. Companies qualifying as small: parent companies
(1) A parent company qualifies as a small company in relation to a financial year only if the group headed by it qualifies as a small group.
(2) A group qualifies as small in relation to the parent company's first financial year if the qualifying conditions are met in that year.
(3) Subject to subsection (4), a group qualifies as small in relation to a subsequent financial year of the parent company if the qualifying conditions are met in that year.
(4) In relation to a subsequent financial year of the parent company, where on the parent company's balance sheet date the group meets or ceases to meet the qualifying conditions, that affects the group's qualification as a small group only if it occurs in two consecutive financial years.
(5) The qualifying conditions are met by a group in a year in which it satisfies both of the following requirements—
|1. Aggregate turnover||Not more than 13.5 million US dollars net (or 16.2 million US dollars gross)|
|2. Aggregate number of employees||Not more than 35|
(6) The aggregate figures are ascertained by aggregating the relevant figures determined in accordance with section 369 (companies qualifying as small: general) for each member of the group.
(7) In relation to the aggregate figures for turnover—
"net" means after any set offs and other adjustments made to eliminate group transactions in accordance with international accounting standards, and
"gross" means without those set offs and other adjustments.
A company may satisfy any relevant requirement on the basis of either the net or the gross figure.
(8) The figures for each subsidiary undertaking shall be those included in its individual accounts for the relevant financial year, that is—
(a) if its financial year ends with that of the parent company, that financial year, and
(b) if not, its financial year ending last before the end of the financial year of the parent company.
If those figures cannot be obtained without disproportionate expense or undue delay, the latest available figures shall be taken.