Section 466(6)

In relation to the aggregate figures for turnover and balance sheet total— “net” means after any set-offs and other adjustments made to eliminate group transactions— in the case of Companies Act accounts, in accordance with regulations under section 404, in the case of IAS accounts, in accordance with UK-adopted 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.

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Source: legislation.gov.uk · retrieved 2026-09-04