374. Companies excluded from being treated as micro-entities
(1) The micro-entity provisions do not apply in relation to a company's accounts for a particular financial year if the company was at any time within that year a company excluded from the small companies regime by virtue of section 371 (companies excluded from the small companies regime).
(2) The micro-entity provisions also do not apply in relation to a company's accounts for a financial year if —
(a) the company is a parent company which prepares group accounts for that year as permitted by section 388 (option to prepare group accounts), or
(b) the company is not a parent company but its accounts are included in consolidated group accounts for that year.