Introduction
The above-named Article describes “an overview” of the purpose to which the “substantive contents” will be continually “populated” and “grown”, on a regular basis making its functionality extremely powerful.
The “substantive contents” will be continually “populated” and “grown”, on a regular basis as events transpire.”
By its nature it is “dynamic”, and it is recommended that a request be made for its update, where the last dated updated is greater than the last thirty working days.
For Financial Years That Begin On or After 1 January 2016
- Your company may qualify for an audit exemption if it has at least 2 of the following:
- an annual turnover of no more than £10.2 million.
- assets worth no more than £5.1 million.
- 50 or fewer employees on average.
For Financial Years Beginning Between 1 October 2012 and 31 December 2015
- Your company may qualify for an audit exemption if it has at least 2 of the following:
- an annual turnover of no more than £6.5 million.
- assets worth no more than £3.26 million.
- 50 or fewer employees on average.
For Financial Years Beginning Before 1 October 2012
- Your company may qualify for an audit exemption if it has both:
- an annual turnover of no more than £6.5 million.
- assets worth no more than £3.26 million.
Audit Exemption Statement
- You must include the following statement on the balance sheet of your accounts if you are using an audit exemption.
- For the year-ending [your company’s year-end date], the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
- These accounts have been prepared in accordance with the provisions applicable to companies’ subject to the small companies’ regime.
If Shareholders Ask For An Audit
- Even if your company’s usually exempt from an audit, you must get your accounts audited if shareholders who own at least 10% of shares (by number or value) ask you to.
- This can be an individual shareholder or a group of shareholders.
- They must make the request in writing and send it to the company’s registered office address.
- The request must arrive at least one month before the end of the financial year that the audit is being asked for.
Companies That Must Have An Audit
- Some companies must have an audit even if they meet the rules for not having one.
- Your company must have an audit if at any time in the financial year it has been:
- a public company (unless it is dormant).
- a subsidiary company (unless it qualifies for an exception).
- an authorised insurance company or carrying out insurance market activity.
- involved in banking or issuing e-money.
- a Markets in Financial Instruments Directive (MiFID) investment firm or an Undertakings for Collective Investment in Transferable Securities (UCITS) management company.
- a corporate body and its shares have been traded on a regulated market in a European state.