Further to the publication of the Economic Crime and Transparency Bill, HM Government have published a number of factsheets, covering areas such as identity verification, company accounts and limited partnerships.  Regarding company accounts, the proposals are summarised as:

• “Making filing obligations for micro-entities and small companies clearer;
• Requiring small companies to file a profit and loss account and a directors’ report;
• Requiring micro-entities to file a profit and loss account;
• Removing the option to file abridged accounts;
• Requiring an eligibility statement for companies claiming an audit exemption; and
• Requiring documents to be delivered together, in cases where more than one document is filed, including for the filing of accounts.”

In addition, it is clarified that a company is ‘small’ if, in a year, it satisfies any 2 of the following criteria:

• A turnover of £10.2 million or less;
• £5.1 million or less on its balance sheet; and
• 50 employees or fewer.