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VT Final Accounts

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Size Criteria

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Small company

A company normally falls within the small companies regime of the Companies Act 2006 if it satisfies two or more of the following criteria:

 

Turnover                                                        not more than £10.2m

Balance sheet total                                                not more than £5.1m

Average number of employees on a monthly basis        not more than 50

 

Turnover figures should be proportionately adjusted where the financial year is not in fact 12 months.

Balance sheet total means the aggregate of the amounts shown as assets in the company's balance sheet.

A company must qualify in respect of both the year in which it is reporting and the preceding year. However, in the first year in which its status changes it will generally continue to be eligible for the exemptions of the previous year.

Companies excluded from the small companies regime

A company is excluded from the regime if it is:

a public company                

a company that is an authorised insurance company, a banking company, an e-money issuer, an ISD investment firm or a UCITS management company

a company that carries on insurance market activity

a member of an ineligible group

 

Ineligible groups

A group is ineligible if any of its members is:

a public company        

a body corporate (other than a small company) whose shares are admitted to trading on a regulated market in an EEA state

a person (other than a small company) who has permission under Part 4 of the Financial Services and Markets Act 2000 (c.8) to carry on a regulated activity

a small company that is an authorised insurance company, a banking company, an e-money issuer, an ISD investment firm or a UCITS management company

a person who carries on insurance market activity

 

Micro-entity company

A company is a micro-entity if it satisfies two or more of the following criteria:

 

Turnover                                                        not more than £632,000

Balance sheet total                                                not more than £316,000

Average number of employees on a monthly basis                not more than 10