Are audited accounts necessary? | AccountingWEB

Are audited accounts necessary?

I have read this and want to check whether it is true. Limited companies that are 'small' as defined by the Companies Act, do not have to file audited accounts. Although it may be advisable, it is not mandatory. 'Small' is defined as less than £6,500,000 turnover, 50 employees, net worth less than £3,260,000. Is this true?

If a small company has a holding company, and the holding company is non trading, could the trading 'small company' voluntarily prepare audited accounts, but the holding company not prepare audited accounts?

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In order to be exempt for

Towards excellence |

Unlikely but there may be other reasons you need an audit

The Black Knight |

2 out of 3

Kent accountant |
Kent accountant's picture

My copy of the Companies Act 2006

The Black Knight |