The new regulations came into force on 6th April 2015 setting the following thresholds for small companies
| Turnover | £10,200,000 | |
| Total assets | £5,100,000 | |
| Average no. of employees | 50 |
Medium Company thresholds will now be
| Turnover | £36,000,000 | |
| Total assets | £18,000,000 | |
| Average no. of employees | 250 |
Micro Entities thresholds are unchanged
| Turnover | £316,000 | |
| Total assets | £632,000 | |
| 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
steve@bicknells.net
Business Accountant 