Certain Companies and Partnerships registered at Companies House in the UK must publish Audited Accounts under the Companies Act 2006. Broadly speaking these include entities which do not meet the legal definition of a small company and small companies which are part of a larger group of companies.
The current definition of a small company* is one which does not exceed any two of the following three thresholds for both the current and previous period:
1. Annual turnover of £10,200,000
2. Gross assets £5,100,000 (at the balance sheet date)
3. Average total employees of 50
The application of these rules is not straight forward and so it is recommended that specialist advice is obtained in this area.
Anthony James Brice is fully qualified and experienced at providing statutory audits for small and medium sized entities.
Some smaller companies choose to have a voluntary audit despite not being required by the law. The benefits of audited accounts can include:
1. Increased credit rating
2. Deterrent to fraud
3. Increased value on company sale
4. Recommendations for improvements identified during the audit process
As an SME specialist auditor Anthony James Brice can provide a cost effective voluntary audit solution for small companies.
*These thresholds apply to accounting periods commencing on or after 1st January 2016. For periods prior to this the thresholds were £6.5m turnover, £3.26m gross assets and 50 employees.