22
January 2004
This information is provided courtesy of Law-Now, CMS
Cameron McKenna's free on-line information service.
www.law-now.com
Small and medium-sized companies and audit
exemption - new thresholds
During the next week or so, the thresholds
in the
Companies Act defining small and medium-sized
companies and determining which companies are
exempt from the requirement to have their accounts
audited will be increased. The new thresholds for
small and medium-sized companies will apply in
respect of financial years ending on or after 30
January 2004, and those relating to the audit
exemption in respect of financial years ending on or
after 30 March 2004.
* The maximum turnover for small companies will be
increased from £2.8 million to £5.6 million and the
balance sheet total from £1.4 million to £2.8 million.
A small company with a turnover and balance sheet
total which does not exceed these levels will be
exempt from audit.
* The thresholds for medium-sized companies will be
increased from £11.2 million to £22.8 million of
turnover and the balance sheet total from £5.6 million
to £11.4 million.
* The qualification conditions for small and medium-
sized groups and the audit exemption thresholds for
small groups will also be increased pro rata.
For an article containing further details, please click on
the following link:
http://www.law-now.com/CS2000/internet/EN/co50law-now/co55archive/2004/c
hangestothedefinitionsofsmalland.htm?dlang=en
For more information, please contact Martin
Mendelssohn at martin.mendelssohn@cmck.com or
on +44 (0)20 7367 2872 or Peter Bateman at
peter.bateman@cmck.com or on
+44 (0)20 7367 3145.
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