You might be able to send simpler, abridged accounts to Companies House and not be audited. This depends on whether your company is dormant or qualifies as a small company or ‘micro-entity’.
Small businesses may submit abridged year-end accounts if they meet at least two of the following:
- has fewer than 50 employees;
- turnover is less than £10.2 million; and/or
- has less than £5.1 million on its balance sheet.
Abridged accounts must contain a simpler balance sheet, along with any notes. You can also choose to include a simpler profit and loss account and a copy of the director’s report.
Micro-entities are very small companies. Your company will be a micro-entity if it has any 2 of the following:
- a turnover of £1 million or less
- £500,000 or less on its balance sheet
- 10 employees or less.
If your company is a micro-entity, you can:
- prepare simpler accounts that meet statutory minimum requirements
- send only your balance sheet with less information to Companies House
- benefit from the same exemptions available to small companies