Micro-Entities
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What is the definition of a Micro-Entity?
To qualify as a micro-entity it must meet at least two of the following conditions:
- turnover must be not more than £632,000
- the balance sheet total must be not more than £316,000
- the average number of employees must be not more than 10
Related Articles:
- Glossary: Exemptions for Small CompaniesSmall companies and the associated subset micro-entities are able to claim certain exemptions when they file their accounts.
- Glossary: AuditorsAn auditor is a person who makes an independent report to a company members as to whether the company has prepared its financial statements in accordance with regulations.
- Glossary: Filed Accounts for a Small CompanyTo qualify a small company must meet at least two of the following conditions; annual turnover must be not more than £10.2 million, the balance sheet total must be not more than £5.1 million, the average number of employees must be not more than 50.
- Glossary: Company Size DefinitionsCompany size definitions and exclusions are used by Companies House to determine what information a company needs to file (e.g. abbreviated or full accounts)
- Glossary: Filed Accounts Micro Entities