small group

small group
A group that meets two out of three of the following criteria for the current and preceding year, or the two preceding financial years:
• its balance-sheet total should not exceed £2.8 million net or £3.6 million gross;
• its turnover should not exceed £5.6 million net or £6.72 million gross;
• the average number of employees should not exceed 50.
If a group is in its first financial year, it may still qualify if it falls within these limits.
A group containing a public company, a banking or insurance company, or an authorized person under the Financial Services Act (1986) is ineligible for the exemptions for small groups.
Under the Companies Act, a parent company is not required to prepare group accounts for a financial year in which the group headed by that parent qualifies as a small group (see exemptions from preparing consolidated financial statements). A small group may file abbreviated accounts instead of full accounts with the Registrar of Companies. Further details of filing exemptions can be obtained from the Department of Trade and Industry website at web-site: http://www.dti.gov.uk There is a link to the Companies House website.

Accounting dictionary. 2014.

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