| 单词 | small company |
| 释义 | small company Under the UK Companies Act 1985 and its 2004 Amendment, a private limited company that satisfies at least two of the following criteria regarding the number of employees, its turnover, and its assets: ● its balance-sheet total does not exceed £2.8 million (i.e. assets before deducting current liabilities and long-term liabilities); ● its turnover does not exceed £5.6 million. This must be proportionally adjusted when the financial year is longer or shorter than 12 months; ● the average number of employees should not exceed 50. A company that is in its first financial year may still qualify as a small company if it falls within these limits. Alternatively, if the company has qualified in the two preceding financial years, it may qualify. If a company is a member of a group containing a public company, a banking or insurance company, or an authorized person under the Financial Services Act 1986, it is not eligible for the exemptions for small or medium-sized companies. A small company is exempt from a statutory audit of its annual accounts (unless this is required by an external shareholder holding at least 10% of the share capital). It is also entitled to reduce the amount of information in its annual report to members. The exemptions allow a number of combinations of format-heading items in the balance sheet and notes. A small company may also file abbreviated accounts with the Registrar of Companies. |
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