Private Limited Companies

For accounting periods beginning on or after 6 April 2008 the audit exemption threshold was raised to £6.5 million turnover or £3.26m total assets, taking many small companies (subject to certain exclusions) out of the need of having to undertake an annual audit. However, companies may wish not to take up this exemption for a variety of reasons and therefore we have many that continue to receive auditing services from Rayner Essex in addition to those that are above the exemption.

Our audit team strive to undertake timely audits to ensure the final preparation of the annual statutory accounts is achieved well in advanced of the statutory filing dates. This also affords us the time to review accounting policies and procedures to ensure compliance with the latest technical releases.

Having annual accounts audited can also provide assurance to third parties such as trade suppliers, bankers, other lenders or financiers as to the reasonable accuracy of the financial statements filed.

To discuss in more detail please contact Antony Federer  in our St Albans office or Simon Essex at our London office