Micro-entities & Co. Act 1985

Micro-entities & Co. Act 1985

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The Micro-Entities' Accounts Regulations specifically state that where applying FRSSE (as amended) they only apply to eligible companies incorporated under the Companies Act 2006.

So does this literally mean that any company 'incorporated' under the Companies Act 195 (pre 2006 Act) and applying FRSSE is not eligible to report under these regulations ??

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By Richard.Gillin
13th Jun 2014 19:23

The regulations don't use the word "incorporated" anywhere in them. What they actually say is "companies, which deliver the accounts required by section 444 of the 2006 Act (filing obligations of companies subject to the small companies regime) to the registrar on or after the date on which these Regulations come into force."  s444 of the 2006 Act applies to "companies" - s1 CA 2006 makes clear that "company" includes one registered under the 1985 Act.   The point of this is to avoid it applying to other forms of entity; indeed, regulation 3 of the micro regs specifically clarifies things it doesn't apply to (qualifying partnerships, LLPs, overseas companies, unregistered companies and those registered under s1040 (broadly companies incorporated by other laws but registered under CA 2006 or its predecessors). So - whether originally incorporated under the 2006 Act or 1985 Act, the micro-entity option is equally available (assuming it meets the other eligibility requirements).

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Replying to paulwakefield1:
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By pdorrington
13th Jun 2014 19:52

FRC caused confusion

Thanks Richard.

The reference made to 'incorporated' under the Companies Act 2006 comes directly from the amendments to the FRSSE Micro-entities April 2014 published by the FRC and so this is somewhat confusing.

So is it the case that an eligible micro-entity can report under these regulations regardless of whether incorporated under Co. Act 1985 or 2006 ??

Whereas an eligible micro-entity wishing to adopt FRSSE can only report under these regulations if incorporated under Co. Act 2006 ??

 

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By Steve Kesby
14th Jun 2014 11:36

Can I refer you...

... to CA 2006, s. 1, as to what is meant by a company formed [or incorporated] (and registered) under CA 2006.

CA 2006, s. 1 follows nicely on from CA 1985, s. 735.

A company formed and registered under CA 1985 or an earlier companies act is also a company formed and registered under CA 2006.

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