Companies Act 2014
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CHAPTER 14 Exclusions, exemptions and special arrangements with regard to public disclosure of financial information | ||
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Qualification of company as small or medium company | ||
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350. (1) In this section “qualifying conditions” means the conditions referred to in subsection (5) or (6), as appropriate. | ||
(2) A company that is not excluded by subsection (11) qualifies as a small company or a medium company in relation to its first financial year if the qualifying conditions are satisfied in respect of that year. | ||
(3) A company that is not excluded by subsection (11) qualifies as a small company in relation to a subsequent financial year— | ||
(a) if the qualifying conditions are satisfied in respect of that year and the preceding financial year, | ||
(b) if the qualifying conditions are satisfied in respect of that year and the company qualified as a small company in relation to the preceding financial year, | ||
(c) if the qualifying conditions were satisfied in the preceding financial year and the company qualified as a small company in relation to that year. | ||
(4) A company that is not excluded by subsection (11) qualifies as a medium company in relation to a subsequent financial year— | ||
(a) if the qualifying conditions are satisfied in respect of that year and the preceding financial year, | ||
(b) if the qualifying conditions are satisfied in respect of that year and the company qualified as a medium company in relation to the preceding financial year, | ||
(c) if the qualifying conditions were satisfied in the preceding financial year and the company qualified as a medium company in relation to that year. | ||
(5) The qualifying conditions for a small company are satisfied by a company in relation to a financial year in which it fulfils 2 or more of the following requirements: | ||
(a) the amount of the turnover of the company does not exceed €8.8 million; | ||
(b) the balance sheet total of the company does not exceed €4.4 million; | ||
(c) the average number of employees of the company does not exceed 50. | ||
(6) The qualifying conditions for a medium company are satisfied by a company in relation to a financial year in which it fulfils 2 or more of the following requirements: | ||
(a) the amount of the turnover of the company does not exceed €20 million; | ||
(b) the balance sheet total of the company does not exceed €10 million; | ||
(c) the average number of employees of the company does not exceed 250. | ||
(7) In this section “amount of the turnover”, in relation to a company, means the amount of the turnover shown in the company's profit and loss account. | ||
(8) In the application of this section to any period which is a financial year but is not in fact a year, the amounts specified in subsections (5)(a) and (6)(a) shall be proportionately adjusted. | ||
(9) In this section “balance sheet total”, in relation to a company, means the aggregate of the amounts shown as assets in the company's balance sheet. | ||
(10) For the purposes of subsections (5)(c) and (6)(c), the average number of employees of a company shall be determined by applying the method of calculation prescribed by section 317 for determining the number required by subsection (1)(a) of that section to be stated in a note to the financial statements of a company. | ||
(11) This section shall not apply to a company if it is— | ||
(a) a holding company that prepares group financial statements, or | ||
(b) a company falling within any provision (in so far as applicable to a private company limited by shares) of Schedule 5 . |