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If the company ceases to be small or medium-sized, the exemption continues for the first year that the company does not fulfil the conditions.The exemption will continue uninterrupted if the company reverts to being small or medium-sized the following year - see the table below.
If you think the company might qualify as small or medium-sized, you should consult a professional accountant before you prepare 'special-provision' accounts.
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If you abbreviate the accounts, you will also need a special auditor's report for filing with the Registrar, confirming that the company qualifies to produce such accounts. This report is not needed if the company is exempt from audit - see chapter 4 on very small companies.
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The following table may help you decide whether you qualify to prepare 'small' or 'medium' accounts. The table applies to small companies. For medium-sized companies simply substitute 'medium-sized' for 'small'.The special auditor's report should state that in the auditor's opinion the company is entitled to deliver abbreviated accounts and that they have been properly prepared in accordance with section 246(5) or (6) or 246A(3) of the Companies Act 1985; as the case may be.
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