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Small companies can prepare and file simpler, less detailed accounts than those required by large and medium companies.
The requirements for companies subject to the small companies’ regime are set out in Parts 15 and 16 of the Companies Act 2006. Further information on the detailed format and content of accounts for small companies can be found in the relevant regulations.
The Companies Act 2006 and regulations also set out what the directors’ report of a small company must contain. Such a report does not have to contain a business review or a statement as to the amount that the directors recommend be paid by way of dividend. If the company has taken advantage of the small companies’ exemption in preparing the directors’ report it must contain a statement above the director’s or secretary’s signature to that effect.
Not all small companies are eligible for the above exemptions. Examples where companies must submit audited accounts to Companies House are:
For a full list, please refer to Companies House.Online Company Formation