A company is defined as a “subsidiary” of another company, if it is controlled by a 'holding', or parent company as defined in the Companies Act 2006
What is the definition of a Community Interest Company (CIC) and how do they differ to Registered Charities or Social Enterprises?
A simple definition of a sole trader is someone who runs their own business as an individual earning in excess of £1,000 a year.
An auditor is a person who makes an independent report to a company’s members as to whether the company has prepared its financial statements in accordance with regulations.
A subsidiary maybe able to claim exemption from audit if its parent is established under the law of a European Ecconomic Area state.
Community Interest Companies or CICs are no different from other companies when it comes to preparing and filing accounts.
Regulations require that the members of a ‘qualifying partnership’ who are limited companies must attach their own accounts for filing with Companies House.
Dormant companies may not need to file accounts if they have had no ‘significant accounting transactions’ during the accounting period.
To qualify as small, a group of companies must meet at least two out of three conditions based on turnover, balance sheet and number of employees.
Medium sized companies may be able to claim certain exemptions when they file their accounts. Such as the disclosure of some key performance indicators.
Medium-sized companies submit filed accounts according to special provisions applicable to their size. They can also submit reduced information.
Some small companies are able to exempt themselves from having an audit but only if they are eligible and want to take advantage of it.
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