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Hi Keith,Thanks for the prompt reply.So is my interpretation of the statement made on companies house incorrect, that after multiple years of being classified as a small company, that in the first year of being classified as a medium company you can still claim the small company exemption?Only then if we were to be classified as a medium company for a second year would we then need to publish the further information requested?
4. Can a company qualify as a small company every year?
Generally, a company qualifies as small in its first accounting period if it fulfils the conditions in that period. In any subsequent periods a company must fulfil the conditions in that period and the period before. However, if a company which qualified as small in one period no longer meets the criteria in the next period, it may continue to claim the exemptions available for the next period. If that company then reverts back to being small by meeting the criteria for the following period, the exemption will continue uninterruptedI look forward to your response.
Hi Keith,Thanks for the reply, obviously the statement you posted I have already noted and I am seeking clarification of my interpretation, not looking for an alternate way of not needing to comply with the companies house requirements of a medium sized company, e.g. splitting the company into two.I am looking to 100% verify that in the first year of meeting the criteria of a medium company, after being classified as a small company for a number of years, that we can claim small company exemption in this first year?I understand and accept that if we were to be classified as a medium sized company for a second year, that we would then need to disclose the financial requirements of a medium sized company to companies house.I look forward to your response.