SmallCompanyAccounting

Companies that meet the relevant thresholds for turnover, balance sheet total and employee numbers can qualify as small, allowing them to prepare accounts under a less onerous framework than larger companies, with reduced disclosure requirements and, in many cases, an exemption from statutory audit. This helps keep compliance costs proportionate to the size of the business.

Even with simplified reporting, small companies still need accurate underlying records and accounts that fairly represent their financial position. Choosing the right accounting framework, and understanding what it does and doesn't require you to disclose, is something we can guide you through as part of your annual accounts preparation.