Great news for small businesses with turnovers less than £632,000, the Government are reducing their financial reporting burden. Micro-entities as they are known had the same financial reporting requirements as other Small Firms.
Micro-entities will be able to prepare and publish much-reduced financial statements. They can draw up an abridged balance sheet and profit and loss account, and they will continue to be exempt from the requirement to file the profit and loss account with Companies House.
Useful Fact: Micro-entities are Companies with less than ten staff and annual turnovers below £632,000.
For more information please speak with your Accountant or here is a link to the Government page