Annual Accounts Flashcards
Define a micro company
2 of the following criteria
Annual Turnover < £632,000
Balance Sheet < £312,000
Employees < 10
Define a Small Company
2 of the following criteria
Annual Turnover < £10.2 Million
Balance Sheet < £5.1 Million
Employees < 50
Define a Medium Company
2 of the following criteria
Annual Turnover < £35 Million
Balance Sheet < £18 Million
Employees <250
Small Companies - What are they required to file?
s444
Balance sheet (compulsory)
Profit and loss account (optional)
Directors Report (optional)
Medium Companies - What are they required to file
Annual Accounts
Directors Report
Auditors report unless exempt
Unquoted companies - what are they required to file?
Annual Accounts
Directors Report
Auditors report (unless exempt)
Quoted Companies - what are they required to file?
Annual Accounts
Directors Report
Director’s remuneration report
Auditors Report
Private Companies filing period limit?
9 months after end of the relevant account reference period
Public Companies - Filing period limit?
6 months after end of relelvant account reference period
Directors Report - what should it include?
Name all the Directors Companies Principle Business Activities Significant events in company year Activates in Research and Development Significant changes in values of fixed assets and land Names and interests of the Directors Company share purchases Charitable and political contributions over £2000 employment of disabled persons Health and safety employee development
What should the Strategic Report contain?
Small Companies exempt
purpose to help assess how Directors have performed duty under s172 (duty to promote success of company
Conains a fair review of business and principal risks and uncertainties
Development and performance review and position at end of year
Must include KPIs (not medium sized)
