{
  "url": "https://openlegislation.uk/large-and-medium-sized-companies-and-groups-accounts-and-reports-regulations-2008/schedule-7/paragraph-20B",
  "json_url": "https://openlegislation.uk/large-and-medium-sized-companies-and-groups-accounts-and-reports-regulations-2008/schedule-7/paragraph-20B.json",
  "legislation": "uksi/2008/410",
  "legislation_title": "The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008",
  "legislation_url": "https://openlegislation.uk/large-and-medium-sized-companies-and-groups-accounts-and-reports-regulations-2008",
  "path": "schedule/7/paragraph/20B",
  "kind": "paragraph",
  "number": "20B",
  "heading": null,
  "text": "(1) Unless the company is a parent company, the company is exempted under this paragraph—\n(a) in relation to its first financial year if the qualifying conditions in sub-paragraph (2) are met in that year;\n(b) in relation to a subsequent financial year—\n(i) if the qualifying conditions are met in that year and were also met in relation to the preceding financial year;\n(ii) if—\n(aa) the qualifying conditions are met in that year, and\n(bb) the company was exempted in relation to the preceding financial year; or\n(iii) if—\n(aa) the qualifying conditions were met in the preceding financial year, and\n(bb) the company was exempted in relation to the preceding financial year.\n(2) The qualifying conditions referred to in sub-paragraph (1) are met by a company in a year in which it satisfies two or more of the following requirements—\n1\nTurnover\nnot more than £36 million\n2\nBalance sheet total\nnot more than £18 million\n3\nNumber of employees\nnot more than 250\n(3) For the purposes of sub-paragraph (2)—\n(a) for a period that is a company’s financial year but is not in fact a year the figure for turnover must be proportionately adjusted;\n(b) the balance sheet total means the aggregate of the amounts shown as assets in the company’s balance sheet;\n(c) the number of employees means the average number of persons employed by the company in the year, determined as follows—\n(i) find for each month in the financial year the number of persons employed under contracts of service by the company in that month (whether throughout the month or not),\n(ii) add together the monthly totals, and\n(iii) divide by the number of months in the financial year.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 7 Pt. 7A inserted (1.4.2019) by The Companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 (S.I. 2018/1155), regs. 2, 7"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2008/410/schedule/7/paragraph/20B",
    "retrieved_at": "2026-10-29T03:36:28.753437+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}