Statutory reporting requirements in the UK can vary based on the type and size of the company. Here's an overview of how statutory reporting requirements may differ based on different company types and sizes:

• Small Companies: Small companies, as defined by the Companies Act 2006, are generally subject to less onerous reporting requirements compared to larger companies. Small companies are typically exempt from preparing and filing certain financial statements with Companies House, including the cash flow statement, director's report, and auditor's report. However, small companies are still required to prepare and file financial statements that include the balance sheet, profit and loss account, and notes to the financial statements.
  A company is considered small and may be exempt from audit requirements if it meets at least two of the following criteria for two consecutive financial years:

• Annual turnover not more than £10.2 million

• Total assets not more than £5.1 million

• Average number of employees not more than 50

• Medium Companies: Medium companies, which are larger than small companies but not classified as large companies, are subject to similar reporting requirements as small companies. However, medium companies are required to include additional information in their financial statements, such as a strategic report, director's report, and auditor's report.
  A company is considered medium and may be exempt from audit requirements if it meets at least two of the following criteria for two consecutive financial years:

• Annual turnover not more than £36 million

• Total assets not more than £18 million

• Average number of employees not more than 250

• Large Companies: Large companies, which exceed the thresholds for small and medium companies, have more extensive reporting requirements. They are required to prepare and file financial statements that include the balance sheet, profit and loss account, cash flow statement, director's report, strategic report, and auditor's report. Large companies are also subject to additional disclosure requirements, such as related party transactions and corporate governance statements.
  Companies that are not small or medium, such as large companies, subsidiaries of public companies, and companies regulated by certain authorities, are generally required to have an audit.

• Public Companies: Public companies, regardless of their size, are subject to additional reporting requirements due to their status as publicly traded companies. They are required to comply with listing rules and disclosure requirements of the stock exchange on which they are listed, and may also be subject to additional regulations and reporting requirements from regulatory bodies such as the Financial Conduct Authority (FCA).
  Public companies, regardless of their size, are required to have an audit.

• Charities: Charities in the UK are subject to specific reporting requirements in addition to the required UK reporting framework. Charities are required to prepare and file annual financial statements, including the balance sheet, income and expenditure account, and notes to the financial statements. Charities may also be required to include additional information as required by the Charities Statement of Recommended Practice (SORP).

• Partnerships & Sole Traders: Partnerships and Sole Traders, which are not separate legal entities, do not have specific statutory reporting requirements. However, partners in a partnership or sole traders are required to prepare and file individual tax returns, and the partnership may be required to provide financial information to partners for tax purposes or other legal and regulatory requirements.
  

It's important to note that statutory reporting requirements may change over time and may also be subject to specific industry regulations or other factors. Finally, even if a company is exempt from audit requirements, it may still choose to have an audit voluntarily or may be required to have an audit by its shareholders or lenders. Additionally, companies that are part of a group or have certain types of activities, such as insurance or banking, may have different audit requirements. It's advisable to seek professional advice from qualified accountants or financial advisors to ensure compliance with applicable statutory reporting requirements based on the type and size of a company in the UK.

Contact us:
Follow the link below to get in touch if you have any questions or would like to learn more about how we can help you to understand and fulfil your statutory reporting obligations. We look forward to hearing from you.