In general, you do not require a statutory audit if your turnover and an abbreviated balance sheet fall below certain limits. This exemption does not apply in certain instances including:
- The company is a public company unless it is dormant
- The company is a subsidiary of an overseas undertaking
- Members holding 10% of the share capital request an audit
Limits
Turnover <£5,600,000 (£10,200,000 from 01 Jan 2016)
Balance total <£3,2600,000 (£5,100,000 from 01 Jan 2016)
Employess <50 (unchanged from 01 Jan 2016)
The figures in brackets are the new exemptions expected for accounting periods commencing on or after 1/1/16
The same exemptions apply to the small company filing rules
For more information please visit https://www.gov.uk/audit-accounting-and-reporting-guidance-for-uk-companies
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