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Micro companies - Coggle Diagram
Micro companies
Filing requirements
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AUDITORS REPORTS Yes, if audited
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To be eligible to prepare and file micro sized company accounts for any given financial year, the company must be or must have been micro sized during one or more of the following financial years
If the accounts are for the first year, in that year
For accounts for any other year, in that year and the previous year
If the company fails to qualify in the year for which the accounts are being prepared, in the previous year
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Eligibility
TWO OF THE CRITERIA
TURNOVER Less than £632,000
BALANCE SHEET Less than £316,000
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Very small company are able to prepare and file micro sized company accounts, and an abridged balance sheet with reduced informtion
Micro entity accounts must be sent to all members and a copy submitted to the Registrar within nine months of the financial year end
The balance sheet must contain a statement in a prominent position above the directors signature that the accounts have been prepared in accordance with the micro entity provisions