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On 10 December 2025 the UK Government laid The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024, which will take effect on 6 April 2025.
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This Statutory Instrument uplifts the micro, small and medium company size thresholds, as well as removing several reporting requirements from the Directors’ Report. The changes apply to companies incorporated under the Companies Act 2006, as well as limited liability partnerships (LLPs).
New size thresholds for individual companies and LLPs
| Micro | Small | Medium | Large | |
|---|---|---|---|---|
|
Annual turnover
|
Not more than £1m
|
Not more than £15m
|
Not more than £54m
|
More than £54m
|
|
Balance sheet total
|
Not more than £500k
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Not more than £7.5m
|
Not more than £27m
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More than £27m
|
|
Average number of employees
|
Not more than 10
|
Not more than 50
|
Not more than 250
|
More than 250
|
Group thresholds for parent companies
| Small | Medium | Large | |
|---|---|---|---|
|
Annual turnover
|
Not more than £18m
|
Not more than £64m
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More than £64m
|
|
Balance sheet total
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Not more than £9m
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Not more than £32m
|
More than £32m
|
|
Average number of employees
|
Not more than 50
|
Not more than 250
|
More than 250
|
There are no changes to the ineligibility criteria (such as a public company being prohibited from qualifying as a micro, small or medium company) included in sections 384B, 384 and 467 of the Companies Act 2006 for micro, small and medium companies respectively.
The uplifted size thresholds apply for periods beginning on or after 6 April 2025. However, entities may apply the size thresholds in relation to both the current and previous financial years for their first set of financial statements beginning after 6 April 2025.
The increase in size thresholds may allow more companies to qualify as small, allowing them to avail of reduced disclosures in their financial statements by adopting provisions of the small companies’ regime, and may make audit and consolidation exemptions available where the entity previously did not qualify.
In addition to the changes to company size thresholds, some Directors’ Report reporting requirements have been removed, applying to periods beginning on or after 6 April 2025. From that date, there will be no requirement for entities with more than 250 employees to disclose their policies and procedures in respect of the recruitment, employment and career development of disabled persons.
Further, there will be no requirement for companies to include information around risks relating to financial instruments, research & development expenses, post balance sheet events and their engagement with employees, suppliers, customers and others. It should be noted that some of these disclosures may still need to be included in the notes to the financial statements where accounting frameworks require such information.
For further information, and to find out how Grant Thornton (NI) LLP can assist you in navigating these changes, please contact Louise Kelly, Partner.
Authors
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Louise Kelly Louise has over 14 years’ experience working on all sizes of public sector and privately owned companies. Her portfolio includes clients in various sectors including construction, education, motor retail, manufacturing and public sector.View Profile