439. Companies qualifying as medium-sized: parent companies
(1) A parent company qualifies as a medium-sized company in relation to a financial year only if the group headed by it qualifies as a medium-sized group.
(2) A group qualifies as medium-sized in relation to the parent company's first financial year if the qualifying conditions are met in that year.
(3) A group qualifies as medium-sized in relation to a subsequent financial year of the parent company—
(a) if the qualifying conditions are met in that year and the preceding financial year,
(b) if the qualifying conditions are met in that year and the group qualified as medium-sized in relation to the preceding financial year,
(c) if the qualifying conditions were met in the preceding financial year and the group qualified as medium-sized in relation to that year.
(4) The qualifying conditions are met by a group in a year in which it satisfies both of the following requirements—
1. Aggregate turnover
Not more than 68 million US dollars net (or 81.6 million US dollars gross)
2. Aggregate number of employees
Not more than 75
(5) The aggregate figures are ascertained by aggregating the relevant figures determined in accordance with section 438 (companies qualifying as medium-sized: general) for each member of the group.
(6) In relation to the aggregate figures for turnover—
"net" means after any set offs and other adjustments made to eliminate group transactions in accordance with international accounting standards, and
"gross" means without those set offs and other adjustments.
A company may satisfy any relevant requirement on the basis of either the net or the gross figure.
(7) The figures for each subsidiary undertaking shall be those included in its individual accounts for the relevant financial year, that is—
(a) if its financial year ends with that of the parent company, that financial year, and
(b) if not, its financial year ending last before the end of the financial year of the parent company.
If those figures cannot be obtained without disproportionate expense or undue delay, the latest available figures shall be taken.