OpenLegislation

Regulation 4 Exemption for micro-entitiesI1

England and Wales

(1)

Where this regulation applies to an institution in relation to—

(a)

its initial registration, no initial fee is payable by that institution;

(b)

an ongoing registration year, no ongoing fee is payable by that institution for that ongoing registration year.

(2)

This regulation applies to an institution in relation to its initial registration or in relation to an ongoing registration year if, at the time when an initial fee or ongoing fee (as the case may be) is determined—

(a)

its number of full time equivalent students is 300 or less; and

(b)

the OfS is satisfied that either—

(i)

the institution was a micro-entity in the most recent financial year for which audited accounts are available; or

(ii)

if audited accounts are not available, the institution is likely to be, or to have been, a micro-entity in the first financial year for which audited accounts are expected to become available.

(3)

Subject to paragraph (4), an institution is a micro-entity in a financial year if it qualifies as a micro-entity in relation to that financial year under section 384A(1) or (2) of the Companies Act 2006 M1.

(4)

For the purposes of determining whether an institution qualifies as a micro-entity under section 384A(1) or (2) of the Companies Act 2006, section 384B(1)(f) of that Act is to be disregarded M2.

(5)

In this regulation—

  • “annual accounts” has the meaning in section 471 of the Companies Act 2006 M3;

  • “audited accounts” means annual accounts that have been audited by a person—

    1. (a)

      who is eligible for appointment as a statutory auditor under section 1211 of the Companies Act 2006; and

    2. (b)

      who, in relation to an institution, meets the independence requirement in section 1214 of the Companies Act 2006;

  • “financial year” has the meaning in section 390 of the Companies Act 2006.

Annotations

Marginal citations

M1

2006 c.46. Sections 384A and 384B were inserted into the Companies Act 2006 by the Small Companies (Micro-Entities' Accounts) Regulations 2013 (S.I. 2013/3008). Section 384A(1) relates to a company's first financial year and section 384A(2) relates to subsequent financial years. Section 384B disapplies section 384A in specified cases to exclude certain entities from being treated as a micro-entity under s384A. For the application (with modifications) of the Companies Act 2006 to (i) limited liability partnerships, see the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, S.I. 2008/1911; (ii) overseas companies, see the Overseas Companies Regulations 2009, S.I. 2009/1801; (iii) unregistered companies, see the Unregistered Companies Regulations 2009, S.I. 2009/2436.

M2

Section 384B(1)(f) of the Companies Act 2006 excludes charities from being treated as a micro-entity under s384A.

M3

Section 471(1) of the Companies Act 2006 was amended by S.I. 2012/2301, 2013/3008 and 2016/1245.

Commencement

I1

Reg. 4 in force at 6.4.2019, see reg. 1(1)