Overview Every company is obligated to prepare annual accounts, serving shareholders, HMRC, and Companies House. Small companies may avoid audits if meeting two of the following criteria: annual turnover under £10.2m, total assets under £5.1m, or 50 employees or fewer. Legal Requirements Submit
When Does A Company Require An Audit?
Whether or not a UK company requires an audit depends on a number of factors, including its size, type, and whether or not it is listed on a public stock exchange. Companies that are required to have an audit: All public companies listed on a stock exchange Large private companies that meet two
Key Accounting Terms
Some common accounting terms include: Asset: A resource that a company owns and expects to benefit from in the future. Liability: A debt or obligation that a company owes to another party. Equity: The net worth of a company, calculated as the difference between its assets and liabilities. Revenue: