Small company accounts exemptions

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What small company accounts exemptions are available?
Certain small or medium-sized companies may prepare small company accounts for their members under the special provisions of sections 246 and 246A of the Companies Act 1985. In addition, they may prepare and deliver abbreviated small company accounts to the Registrar.

This page explains the exemptions available to companies delivering small company accounts. Certain small companies delivering small company accounts with a turnover of less than £1 million (£250,000 for companies that are charities) and assets of less than £1.4 million can claim exemption from audit.

What is a small or medium-sized company?
Public companies and certain companies in the regulated sectors cannot qualify to submit small company accounts.

For other companies, the size of the company (and in the case of a parent company the size of the group headed by it) in terms of its turnover, balance sheet total (meaning the total of the fixed and current assets) and average number of employees determines whether it can submit small company accounts.

The exact conditions for qualifying to submit small company accounts are given below.

To be a small company to submit small company accounts, at least two of the following conditions must be met:

annual turnover must be £2,800,000 or less;

the balance sheet total must be £1,400,000 or less;

the average number of employees must be 50 or fewer.

Please note: New accounting exemption thresholds apply to financial years ending on or after 30 January 2004 which effects the submission of small company accounts

To be a small company, to be allowed to submit small company accounts, at least 2 of the following conditions must be met:

annual turnover must be £5.6 million or less;

the balance sheet total must be £2.8 million or less;

the average number of employees must be 50 or fewer.

To be a medium-sized company, who cannot submit small company accounts, at least two of the following conditions must be met:

annual turnover must be £11,200,000 or less;

the balance sheet total must be £5,600,000 or less;

the average number of employees must be 250 or fewer.

Please note: New accounting exemption thresholds apply to financial years ending on or after 30 January 2004, which effects the submission of small company accounts

To be a medium-sized company, and cannot be allowed to submit small company accounts, at least 2 of the following conditions must be met:

annual turnover must be £22.8 million or less;

the balance sheet total must be £11.4 million or less;

the average number of employees must be 250 or fewer.

If the company is a parent company, it cannot qualify as a small or medium-sized company and therefore cannot submit small company accounts unless the group headed by it is also small or medium-sized.

More Information

Business Company Accounts Search

Name of business or company no:
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Director Company Accounts Search

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