Overview

small group


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A group that meets two out of three of the following criteria for the current and preceding year, or the two preceding financial years: its net worth should not exceed £2.8 million net or £3.6 million gross; its turnover should not exceed £5.6 million net or £6.72 million gross; the average number of employees should not exceed 50. If a group is in its first financial year, it may still qualify if it falls within these limits.

its net worth should not exceed £2.8 million net or £3.6 million gross;

its turnover should not exceed £5.6 million net or £6.72 million gross;

the average number of employees should not exceed 50.

Under the Companies Act, a parent company is not required to prepare group accounts for a financial year in which the group headed by that parent qualifies as a small group. A small group may file abbreviated accounts instead of full accounts with the Registrar of Companies.

A group containing a public company, a banking or insurance company, or an authorized person under the Financial Services Act 1986 is ineligible for the exemptions for small groups. Compare medium-sized group.

http://www.companieshouse.gov.uk/about/gbhtml/gba3.shtml#three Further details on filing and audit exemptions from the Companies House website

Subjects: Financial Institutions and Services — Accounting.


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