micro-entity

micro-entity A very small company with an annual turnover of not more than £632,000, a balance-sheet total of not more than £316,000, and (on average) no more than 10 employees. Under EU regulations adopted into UK law in November 2013, such an entity is exempt from the requirements of the Company Reporting Directive and may present annual accounts with a simplified balance sheet and profit-and-loss format; only the former need be filed at Companies House. A company that opts to be treated as a micro-entity is not permitted to apply fair value accounting methods.

An entity that is not eligible for the small companies accounting regime (e.g. because it is a member of a group containing a public company) cannot qualify as a micro-entity whatever its size; nor can a parent company that prepares consolidated financial statements or a subsidiary included in group accounts by the method of full consolidation.

• standard mix
• standard operating profit
• standard overhead cost
• standard performance
• standard production cost
• standard purchase price
• standard rate
• standard selling price
• standard time
• standard variable overhead cost
• standby agreement
• standby credit
• standing order
• standstill agreement
• start-up
• start-up costs
• state banks
• State Earnings-Related Pension Scheme
• statement of account
• statement of affairs
• Statement of Auditing Standards
• statement of cash flows
• statement of changes in equity
• statement of changes in financial position
• statement of comprehensive income