Q and A's
What are Small Company Filing Exemptions?
These exemptions relate to the filing of accounts at Companies House – they do not relate to the accounts laid down to members in general meeting. These exemptions do not apply if at any time during the year the company is a member of a group, which includes a public company, a banking or insurance company or a company, which is authorised under the financial services act.
Where a company meets the requirements of S247, it need only file accounts that include a balance sheet and selected notes including –
- Material / critical accounting policies
- Details of share capital and particulars of allotments
- Details of fixed assets
- Details of debt
- Basis of conversion of foreign currency into debt
- Comparative figures
- Details of transactions with directors / related parties
Must satisfy two of the following, in both the current and preceding year:
- Turnover not more than £5.6 million
- Balance sheet total not more than £2.8 million
- Number of employees not more than 50