These exemptions relate to the filing of accounts at Companies House – they do not relate to the accounts laid down to members in general meeting. These exemptions do not apply if at any time during the year the company is a member of a group, which includes a public company, a banking or insurance company or a company, which is authorised under the financial services act.
Where a company meets the requirements, it need only file accounts that include a balance sheet and selected notes.
It must satisfy the small company filing criteria.
There are also further exemptions if a company is classified as a micro entity. A company meets the qualifying conditions for a micro-entity if it meets at least two out of three of the following thresholds:
Turnover: Not more than £632,000
Balance sheet total: Not more than £316,000
Average number of employees: Not more than 10