Are All Types Of Small Companies Eligible For The Exemption?
Audited accounts must be delivered to Companies House if the company falls into any of the following categories:
- a parent company or subsidiary undertaking (unless dormant for the period during which it was a subsidiary) except where:
- the group qualifies as a small group or would qualify if all the bodies corporate (which includes non-UK incorporated bodies) in the group were companies;
- the turnover for the whole group is not more than £6.5 million net (or £7.8 million gross); and
- the group's combined balance sheet total is not more than £3.26 million net (or £3.9 million gross).
- a public company unless the company is dormant (please contact Companies House for further details)
- a company that at any time in the financial year in question was:
- a company that is an authorised insurance company, a banking company, an e-money issuer, a MiFID (ie Markets in Financial Instruments Directive) investment firm or a UCITS (ie Undertakings for Collective Investment in Transferable Securities) management company;
- a company that carries on insurance market activity; or
- a special register body as defined in section 117(1) of the Trade Union and Labour Relations (Consolidation) Act 1992 (c. 52) or an employers' association as defined in section 122 of that Act or Article 4 of the Industrial Relations (Northern Ireland) Order 1992 (S.I. 1992/807 (N.I. 5)).
Some flat management companies that would otherwise qualify for exemption may have to prepare audited accounts to comply with the terms of their lease. If in doubt, you should consider seeking professional advice.
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