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Group Accounts Query

I have a client with the following setup:

[IMG]http://i46.tinypic.com/23uvi93.jpg[/IMG]

A Limited and B Limited have more than 2/3 of the small companies exemptions.My question is, does B Limited have to produce group accounts or just A Limited which includes B Limited and its subsidiaries (with B Limited accounted for as an associate)?

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pr27

                 
                   
                   

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B Limited, possibly

B limited is the parent company of the group.  A Limited holds only 49% of B Limited, so B is not a subsidiary of A and A is not a parent company, so has no requirement to prepare group accounts.

B Limited is only required to prepare group accounts if its group does not qualify as small.

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