Companies Act 2006

Companies Act 2006, Section 382 is up to date with all changes known to be in force on or before 16 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.

Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

• Act amendment to earlier affecting provision S.I. 2008/373 reg. 11(1) by S.I. 2013/1971reg. 9(a) (This amendment not applied to legislation.gov.uk. Amending Regulations revoked (1.10.2013) without ever being in force by S.I. 2013/2224, reg. 2)
• Act amendment to earlier affecting provision S.I. 2008/373 reg. 3(4) by S.I. 2013/1971reg. 4 (This amendment not applied to legislation.gov.uk. Amending Regulations revoked (1.10.2013) without ever being in force by S.I. 2013/2224, reg. 2)

Whole provisions yet to be inserted into this Act (including any effects on those provisions):

• s. 479A(2)(c)(zi) inserted by S.I. 2019/177reg. 4(b)(i) (This amendment not applied to legislation.gov.uk. Reg. 4 substituted by regs. 4, 4A immediately before IP completion day by S.I. 2019/1392, regs. 1(2), 4)
• Sch. 2 Pt. 2 Section (A) para. 25(m) inserted by 2024 c. 13Sch. 30para. 30
• Sch. 2 Pt. 2 Section (A) para. 25(j) omitted by 2024 c. 13Sch. 21para. 10
• Sch. 2 Pt. 2 Section (A) para. 28 words substituted by 2024 c. 13Sch. 18para. 9(2)(a)(i)
• Sch. 2 Pt. 2 Section (A) para. 29 words substituted by 2024 c. 13Sch. 18para. 9(2)(a)(ii)
• Sch. 2 Pt. 2 Section (A) para. 36 words substituted by 2024 c. 13Sch. 18para. 9(2)(b)
• Sch. 10 para. 6(2D) inserted by S.I. 2019/177reg. 28(e) (This amendment not applied to legislation.gov.uk. Reg. 28(e) omitted immediately before IP completion day by virtue of S.I. 2020/523, regs. 1(2), 14(e)(iv))
• Sch. 10 para. 7(2A) inserted by S.I. 2019/177reg. 29(b) (This amendment not applied to legislation.gov.uk. Reg. 29 substituted immediately before IP completion day by S.I. 2020/523, regs. 1(2), 14(f))

382 Companies qualifying as small: general U.K.

(1) A company qualifies as small in relation to its first financial year if the qualifying conditions are met in that year.

[ F1 (1A) Subject to subsection (2), a company qualifies as small in relation to a subsequent financial year if the qualifying conditions are met in that year. ]

[ F2 (2) In relation to a subsequent financial year, where on its balance sheet date a company meets or ceases to meet the qualifying conditions, that affects its qualification as a small company only if it occurs in two consecutive financial years. ]

(3) The qualifying conditions are met by a company in a year in which it satisfies two or more of the following requirements—

(4) For a period that is a company's financial year but not in fact a year the maximum figures for turnover must be proportionately adjusted.

(5) The balance sheet total means the aggregate of the amounts shown as assets in the company's balance sheet.

(6) The number of employees means the average number of persons employed by the company in the year, determined as follows—

(a) 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),

(b) add together the monthly totals, and

(c) divide by the number of months in the financial year.

(7) This section is subject to section 383 (companies qualifying as small: parent companies).