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).