Stewart Associates (Shrewsbury) Ltd
Emstrey House (North), Shrewsbury Business Park, Shrewsbury, Shropshire, SY2 6LG.

Telephone: 01743 235236   Email: enquiry@saltd.co.uk

Small Company Accounting

The required format of statutory accounts that small companies have to prepare and send to Companies House has changed for accounting periods starting on or after 1 January 2016 (or 1 January 2015 if early adopted).

The extent of the change will vary on a company by company basis. It will depend upon the nature of the company's activities and the types of assets which it has.

This factsheet sets out the key changes and their impact and we would be happy to assist you in providing specific advice for your company.

New UK GAAP for small companies

In recent years many companies have been preparing and filing 'small company accounts' under the Financial Reporting Standard for Smaller Entities ('FRSSE'). However, for financial periods beginning on or after 1 January 2016, the FRSSE has been withdrawn and small companies, depending on size, have the following options:

  • to use the same accounting standard as non-small UK companies - FRS 102
  • to use the FRS 102 reduced disclosure regime (section 1A), or
  • to apply an alternative standard - The Financial Reporting Standard applicable to the Micro-entities - FRS 105.

Contact Us

    01743 235236




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