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Talk:Arctic Shores
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== Clarification on Misapplication of Small Companies' Regime Provisions and Mandatory Comprehensive Income Statement Filing == For the year ended 31st December 2022, the company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.<ref name=":0">https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzM4MDUxODU2MGFkaXF6a2N4/document?format=pdf&download=0</ref> To be considered a small company, the company must satisfy any 2 of the following things: * a turnover of £10.2 million or less; * £5.1 million or less on its balance sheet; * 50 employees or less.<ref>https://www.gov.uk/annual-accounts/microentities-small-and-dormant-companies#:~:text=Small%20companies,50%20employees%20or%20less</ref> Note, the balance sheet total means the aggregate of the amounts shown as assets in the company's balance sheet.<ref>https://www.legislation.gov.uk/ukpga/2006/46/section/382</ref> In other words, the relevant amount is total assets, and not net assets. Multiple sources confirm that the balance sheet total refers to the total assets (and not net assets).<ref>https://www.gov.uk/government/publications/limited-liability-partnership-accounts-guidance/llp-accounts#:~:text=the%20balance%20sheet%20total%20must,with%20to%20claim%20audit%20exemption</ref><ref>https://www.menzies.co.uk/helping-you/audit-compliance/audit/audit-exemption-thresholds/#:~:text=Balance%20Sheet%20Total%20,1%20million</ref><ref>https://www.accountingweb.co.uk/business/financial-reporting/small-companies-regime-in-the-spotlight#:~:text=As%20a%20result%2C%20a%20maximum,out%20of%20the%20three%20criteria</ref> The company has 77 employees, and £6.2 million in total assets<ref name=":0" />, and, therefore, Arctic Shores does not satisfy the small companies' regime provision. Accordingly, the company: * has used the provision incorrectly. * must file its comprehensive income statement. Is anyone able to verify the accuracy of the conclusion? [[Special:Contributions/161.12.100.241|161.12.100.241]] 16:18, 26 October 2023 (BST) :According to Companies House accounts guidance: “If a company qualified as small in one year, but no longer meets the criteria in the next year - it may continue to claim the exemptions available in the next year.”[https://www.gov.uk/government/publications/life-of-a-company-annual-requirements/life-of-a-company-part-1-accounts] :Arctic Shores qualified as small in one year (i.e. 2021), but no longer meets the criteria in the next year (i.e. 2022). :Accordingly, the company: :* may continue to claim the exemptions available in the next year (i.e. 2022); :* has used the provision correctly; and :* does not need to file its comprehensive income statement. :Is anyone able to verify the accuracy of the conclusion? :[[Special:Contributions/31.94.17.200|31.94.17.200]] 12:02, 8 November 2023 (GMT)
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