For accounting periods starting on or after 6^th April 2008 the filing deadline for private limited companies will be shortened by one month, to nine months after the accounting period has ended. Also, the following limits have been increased. To be defined as a small company, a company must meet two out of the three following criteria for two years in succession:

Turnover:              Under £6.5M (previously £5.6M)

Gross assets:         Under £3.26M (previously £2.8M)

Employees:            Not more than 50 (no change)

To qualify as exempt from audit, a limited company must qualify as small and meet both the turnover and gross asset criteria (certain companies are still unable to take this exemption, e.g. Plc companies, banks, etc.)

To be defined as a medium-sized company, a company must meet two out of the three following criteria for two years in succession:

Turnover:              Under £25.9M (previously £22.8M)  

Gross assets:         Under £12.9M (previously £11.4M)       

Employees:            Not more than 250 (no change)

There are also revised gross limits for small and medium-sized groups of companies.  For the turnover and gross assets these are approximately 20% more, the employees remains the same.  Details can be obtained from Scott Vevers Chartered Accountants should you require them.

From 6^th April 2008, private limited companies will be able to dispense with the role of Company Secretary. However, before dispensing with this role, the Articles of Association must be checked to see if they require a Company Secretary.