My company qualified for ESOS phase 1 – does it automatically qualify for phase 2?

Not necessarily. The definition of a ‘large undertaking’ quotes balance and turnover figures in Euros – and currency rates have changed since phase 1.

Under ESOS, a ‘large undertaking’ meets either one or both of the conditions below:

  • it employs 250 or more people; or
  • it has an annual turnover in excess of 50 million euro, and an annual balance sheet total in excess of 43 million euro

Where your accounts are quoted in £Sterling then you should use the Bank of England exchange rate between the Euro and £Sterling at close of business on the qualification date (31 December 2018).

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