This 2 part series is part of a guide detailing Annual Requirements for UK registered companies. It will cover the rules governing filing of annual returns and accounts of UK registered companies, by company type.
A sub-set of small company classification, which is applicable to very small companies.
A micro-entity must meet at least two of the following conditions:
Exemptions available for micro-entity companies:
In order for a company to qualify as a medium-sized company must meet at least two of the following conditions:
Exemptions available for medium-sized companies:
All other companies that do not meet the criteria for small or medium-sized and micro-entity are large companies and will have to prepare and submit full accounts.
A company is qualifies as a small, medium-sized or micro-entity in relation to a financial year if it meets the qualifying criteria for 2 consecutive years.
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Size Criteria Met:SmallMediumSmallMediumMediumSmallSmallQualifies as:SmallSmallSmallSmallMediumMediumSmall
In all the above cases accounts should be an exact copy of the accounts already prepared and signed on behalf of the company’s board of Directors.
All companies must keep proper bookkeeping accounting records.
Accounting records should be kept at its registered office or place that the directors think suitable.
Accounting records should be kept for 3 years from the date they were made.
For any more detailed information you can visit the Companies House website by clicking here.