The new regulations came into force on 6th April 2015 setting the following thresholds for small companies
|Average no. of employees||50|
Medium Company thresholds will now be
|Average no. of employees||250|
Micro Entities thresholds are unchanged
|Average no. of employees||10|
As before its a 2 out of 3 test. The Audit thresholds are unchanged.
Micro entities are no longer required to produce a directors report.
The new thresholds will apply to financial years beginning on or after 1 January 2016. However, early adoption is permitted.
Further details in SI2015/980