The financial and reporting requirements for Scottish Limited Partnerships (SLPs) vary depending on whether the company is a micro-entity, or a small, medium or large entity. Micro-entities and small companies benefit from less burdensome requirements.
In order to qualify as a small entity, the SLP must meet at least two of the following conditions:
Scottish Limited Companies have certain reporting requirements. Namely, to prepare an annual report and a statement of accounts which includes:
The annual accounts must be filed with Companies House. SLPs classified as small companies can take advantage of certain filing exemptions, however, still must file some minimal accounting information. Except for small companies, all SLPs must have their accounts audited by a professional auditor. Accounts must give an accurate and true overview of the company’s affairs.
Parent companies must also file consolidated accounts to their group as a whole.
Accounts can be prepared in accordance with UK accounting standards or International Financial Reporting Standards (IFRS). IFRS are compulsory for the group accounts of parent companies with dividends admitted to trading on an EU-regulated market or Alternative Investment Market (AIM).
UK branches of overseas companies whose parent law require them to prepare, audit and disclose accounts must deliver a copy of the financial accounts (including the auditors’ report) to the UK Companies House within three months of such disclosure.
The UK establishment of an overseas company incorporated in an EEA member state, whose law requires preparation and disclosure (but not the delivery or audit) of accounts, does not have to file any accounts at Companies House. This exemption will be eliminated at the end of the transition period if a relevant deal has not been agreed.
All other UK branches of overseas companies whose jurisdiction of residency does not require the disclosure of accounts must prepare and deliver accounts to Companies House within 13 months of the company’s accounting reference date. Those accounts must cover the overseas company as a whole, not only the UK branches financial accounts.