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ICAEW KNOW HOW

Micro-entities filing options FAQs

Updated: 01 Nov 2023 Update History

This page answers frequently asked questions about the filing options for micro-entities.
Changes planned to micro-entity filing requirements

While the effective date is as yet unknown, legislation changing filing requirements for micro-entities has been passed into law. Micro-entities will be required to file their profit and loss account. However, the legislation includes provisions such that the profit or loss account, or parts thereof, may not be made publicly available. Micro-entities will still have the option not to prepare or file a directors’ report.

Frequently asked questions

Appendix 1 - Common scenarios under the Micro-Entities regime

The following table does not identify all the statements that may be required in accounts prepared under the micro-entities regime. Instead, it focuses on any additional statements and notes that may be required in the accounts filed at Companies House, depending on the individual circumstances of the micro-entity.

  Full accounts prepared1
Micro entity is audited
Filing filleted accounts
Accounts to be delivered at Companies House
Additional statements and notes required in accounts delivered to Companies House2
Scenario 1
Yes
No
No
Full accounts
None
Scenario 2
Yes Yes No Full accounts and the audit report
None
Scenario 3
Yes Yes Yes Full accounts excluding profit & loss account and any related notes (Note: filing the audit report is not required)
Balance sheet delivered to Companies House must contain a statement that the annual accounts have been delivered in accordance with small companies regime
Scenario 4
Yes No Yes Full accounts excluding profit & loss account and any related notes
Balance sheet delivered to Companies House must contain a statement that the annual accounts have been delivered in accordance with small companies regime

1 Unlike small entities, a micro-entity does not have the option to prepare and file abridged accounts.

2 As noted in question 4, all micro-entity accounts must include a balance sheet statement that the accounts have been prepared in accordance with the provisions available to micro-entities [CA 2006 s414(3)]

Appendix 2 - Example statements for inclusion in the accounts

Example statement: applying the micro-entities regime

These accounts have been prepared in accordance with the provisions available to micro-entities.

Example statement: balance sheet wording when profit and loss account not filed

These accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with those provisions the profit and loss account has not been delivered to the Registrar of Companies.