medium-sized group

medium-sized group
A group that meets two out of three of the following criteria for the current and preceding year, or the two preceding financial years:
• its balance-sheet total should not exceed £11.4 million net or £13.68 million gross;
• its turnover should not exceed £22.8 million net or £27.36 million gross;
• the average number of employees should not exceed 250.
If a group is in its first financial year, it may still qualify if it falls within these limits.
A group containing a public company, a banking or insurance company, or an authorized person under the Financial Services Act (1986) is ineligible for the exemptions for medium-sized groups.
Under the Companies Act, a parent company is not required to prepare group accounts for a financial year in which the group headed by that parent qualifies as a medium-sized group (see exemptions from preparing consolidated financial statements). Further details of filing exemptions can be obtained from the Department of Trade and Industry website at web-site: http://www.dti.gov.uk. There is a link to the Companies House website.
See also: small group

Accounting dictionary. 2014.

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