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what are the limits of turnover and net assets or gross assets to qualify fo small co where there is no need to get accounts audited?
The law relating to the qualification criteria for small companies to claim exemption from audit changed on 1 January, 2016
With effect from that date, the requirements are now:
For accounting periods beginning on or after that date to qualify for audit exemption, a company must qualify as small, in relation to that financial year. Qualification involves meeting any two of the following:
annual turnover must be not more than £10.2 million (£6.5 million)
the balance sheet total must be not more than £5.1 million (£3.26 million)
the average number of employees must be not more than 50 (50)
Even though a small company might meet these criteria, it must still have its financial statements audited if a member or members holding at least 10% of the nominal value of issued share capital or holding 10% of any class of shares demands it; or – in the case of a company limited by guarantee – 10% of its members in number
(The figures in brackets are the thresholds for companies with accounting periods that commenced prior to 1 January, 2016)
OK?
what is not included in statement of capital?
a)number of shares taken on formation
b)their aggregate nominal value
c)amount paid-up on each share
d)a contact address for each subscriber
can you please explain why is the answer c and not d?
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