medium-sized company

A company that is entitled to certain filing exemptions because it meets two out of three of the following criteria for the current and preceding year, or the two preceding financial years:
• the balance-sheet total should not exceed £11.4 million;
• the turnover should not exceed £22.8 million
• the average number of employees should not exceed 250.
These criteria have been increased in recent years, making it more attractive for sole proprietors and partnerships to become limited companies. In a company's first financial year it need only meet the conditions for that year; in its second financial year it may claim the filing exemptions of a medium-sized company if it met the conditions in its first financial year. A public limited company, a banking or insurance company, an authorized person under the Financial Services Act (1986), or a member of an ineligible group may not claim medium-sized company filing exemptions.
A medium-sized company must prepare full audited financial statements for distribution to its shareholders but it may file abbreviated accounts instead of full accounts with the Registrar of Companies. Further details of filing exemptions can be obtained from the Department of Trade and Industry website at web-site: http://www.dti.gov.uk. There is a link to the Companies House website.
See also: small company

Accounting dictionary. 2014.

Look at other dictionaries:

  • medium-sized company — A company that is entitled to certain filing exemptions because it meets two out of three of the following criteria for the current and preceding year, or the two preceding financial years: • the company s net worth should not exceed £11. 4… …   Big dictionary of business and management

  • medium-sized company — /ˌmi:diəm saɪzd kʌmp(ə)ni/ noun a company which has a turnover of less than £5.75m and does not employ more than 250 staff ● a medium sized engineering company …   Dictionary of banking and finance

  • medium-sized — ˈmedium sized also ˈmedium size adjective between small and large in size: • The bank specializes in loans to small and medium sized businesses. * * * medium sized UK US adjective (also medium size) ► between small and large in si …   Financial and business terms

  • medium sized companies — The definition of a medium sized company is found in Section 247 Companies Act 1985 (as amended). The reference is used in relation to exemptions from accounting requirements and several corporation tax measures. To qualify two or more of the… …   Law dictionary

  • medium-sized group — A group that meets two out of three of the following criteria for the current and preceding year, or the two preceding financial years: • its balance sheet total should not exceed £11.4 million net or £13.68 million gross; • its turnover should… …   Accounting dictionary

  • medium-sized group — A group that meets two out of three of the following criteria for the current and preceding year, or the two preceding financial years: • the group s net worth should not exceed £11. 4 million net or £13. 68 million gross; • its turnover should… …   Big dictionary of business and management

  • medium-sized — adj. Medium sized is used with these nouns: ↑business, ↑company, ↑firm, ↑saucepan, ↑shrub …   Collocations dictionary

  • company — a business owned by a group of people called shareholders, which has its own legal identity separate from its owners. Glossary of Business Terms A proprietorship, partnership, corporation, or other form of enterprise that engages in business.… …   Financial and business terms

  • company — noun 1 business organization ADJECTIVE ▪ big, large, leading, major ▪ a major Japanese company ▪ medium sized, mid sized (esp. AmE) …   Collocations dictionary

  • Medium format (film) — This article is about medium sized film formats. For formats of a different medium, see format (disambiguation). A size comparison of medium format film (left) and 35 mm film. Medium format film lacks the sprocket holes of 35 mm film. Medium… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.