Concise Accountancy - London Accountants
Customer Login | Search This Site:   Go  

Our services Fixed fee accounts packages VAT compliance services Payroll and PAYE services Taxation services Company formation services Concise pricing About us Careers
General Business Quiz
1. A bank reconciliation would disclose a compensating error.
 
Yes
No
Submit
 
Latest UK Business News : Retirees lose up to £1bn through opaque market      Unilever agrees to return to negotiations      Terry stripped of captaincy over racism charge      Church?of England doubles?hedge fund investments      Our burn-a-banker frenzy is tempting ? but wrong      

Small And Medium Sized Company Thresholds

 

Small businesses trading using limited company are eligible to file abbreviated accounts to the Registrar of Companies. The advantage of filing abbreviated accounts is that of it provides less detailed information for public inspections. However, the directors are still obliged to present full accounts to the shareholders.

The Companies Act provides clear definition of small and medium sized company eligibility thresholds.

Small Company Limit

Your company will be regarded as small company if you can satisfy two out of the three criteria below.

Accounting period start or after

6 April 2008

6 April 2007

Sales is less than

£6.5 million

£5.6 million

Balance sheet total below

£3.26 million

£2.8 million

Employees less than

50

50

Medium Sized Company

If your company has exceeded the small company thresholds you may still be able to file abbreviated accounts under Medium sized company requirements.

Accounting period start or after

6 April 2008

6 April 2007

 Sales is less than

£25.9 million

£22.9 million

Balance sheet total below

£12.9 million

£11.4 million

Employees less than

250

250

Companies which are regulated by the Financial Services Authority are not allowed to prepare abbreviated accounts for Companies House. These companies include:

  • A public listed company (plc)
  • A company providing banking facility
  • An insurance company 
  • A subsidiary company or an associated company of a company listed in the Stock Exchange.

Many people got confused with small company definition with company accounts audit requirement. Company accounts are required to be audited as long as sales for the year have exceeded £6.5 million and/or balance sheet total is more than £3.26 million. You must appoint registered auditors to carry out the audit. The auditors will issue auditor’s report certifying your accounts give a true and fair view.

Concise Accountancy offer fixed fee accounting packages for limited companies. These packages are suitable for people starting a business and small companies with less than £110,000 sales per year. The accounting packages are designed to take care of Ltd company’s legal obligations under the company law and also its corporate tax affairs.

Concise Accountancy – providing business solutions for companies

 
Email This Page  Print This Page

Fixed Fee Accountancy Services For Startup and Growing Companies
Accountants fees Fixed Fees Accounting Packages Dormant Accounts Package Premium Accounts Package Startup Accounts Package


 

Starting_a_business

Tel: +44 (0) 20 7612 4111

 

Testimonials

No more late filing penalty!

Concise Accountants take care of all my company statutory requirements. They deal with everything for me for a fixed fee. Really good deals for newly start ups businesses.

I am happy that I do not have to deal with Companies House and tax office matters any more, I have more time to serve my customers.

John Paulo

Director