New regulations bring changes for company accounts
3 May 2016 - The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 came into force on 6 April 2015. These set out a number of changes to what companies have to do when preparing and filing their accounts.
Small or medium-sized company can’t file abbreviated accounts with us any more. The very smallest companies can prepare micro entity accounts, while other small companies can prepare a set of abridged accounts for their members, which can also be filed with us. Abridged accounts and the relevant balance sheet formats can be found in the regulations .
Some of the main changes:
1.A new statement is required to be delivered in a set of small company abridged accounts to indicate the members have agreed to the abridgement.
2.The thresholds for a company size have changed. For a small company the: •turnover limit rises from £6.5m to £10.2m
•balance sheet total limit rises from £3.26m to £5.1m
•total number of employees remains at a maximum of 50
3.For a medium-sized company the turnover limit rises from £25.9m to £36m and the balance sheet total limit rises from £12.9m to £18m. The total number of employees remains at a maximum of 250
We’ve recently uploaded a blog which has an overview of the changes.
Source: Gov.uk (Contains public sector information licensed under the Open Government Licence v3.0.)