What is a qualifying company: conditions for a qualifying company: the turnover condition
A company must satisfy certain conditions to be a qualifying company, see SAOG11210.
This page is about the turnover condition. For guidance on the balance sheet total condition, see SAOG11260.
The company will meet the turnover condition if, either alone or when aggregated with the turnover of other UK companies in the same group on the last day of the company’s previous financial year, its turnover is more than £200 million in the preceding financial year.
The definition of turnover is at SAOG11232. For guidance on aggregation of turnover, see SAOG11240.
In most cases it will be apparent even before the year end whether or not the company will meet the turnover and /or balance sheet conditions and so whether or not it will be a qualifying company in the following financial year.
Where, however, this is not clear the responsible officers of a company should seek the relevant figures as soon as possible after the end of the previous financial year to determine whether it will be a qualifying company for the current financial year. If they do not it may be too late for the person who is identified as the Senior Accounting Officer (SAO) to meet the main duty, see SAOG14000.
FA09/SCH46/PARA15 (2) (3)&(4)