Micro Entity Accounts
A micro-entity or micro company is a small private limited company. If your company is this type, you can prepare and submit micro-entity accounts to Companies House instead of a full set of annual accounts.
These accounts are in a simplified format that can save you time gathering the necessary information.
Can a Micro-Entity be Part of a Group?
A company that is a subsidiary included in a consolidated group’s full statutory accounts cannot qualify as a micro-entity.
A parent company can only submit micro-entity accounts for itself if it qualifies individually as a micro-entity.
What are Micro-Entity Accounts?
Under the Small Companies (Micro Entities’ Accounts) Regulations 2013, companies that qualify as micro-entities are exempt from some financial reporting requirements.
When you prepare and file micro-entity accounts under these regulations, they are a simplified version of full annual company accounts.
Micro-entity accounts are still statutory under the Companies Act. Under these regulations, ALL companies must prepare and file annual accounts, whether these are full or abridged.