Abbreviated accounts (short financials) in United Kingdom

English company will be ‘small’ if it meets 2 of the conditions below:

• its turnover is no more than £6.5 million
• it has no more than £3.26 million on its balance sheet
• it has less than 51 employees

English company will be a ‘micro-entity’ if it meets 2 of the conditions below:

• its turnover is no more than £632,000
• it has no more than £316,000 on its balance sheet
• it has less than 11 employees

If English company is small or a micro-entity, it can:

• send shorter (‘abbreviated’) accounts to Companies House created from the statutory accounts - this means less information about company will be publicly available
• use the exemption so company’s accounts don’t need to be audited
• choose whether to send a copy of the director’s report or not