An outline of the Companies Act 2006 requirements for companies to qualify as small or medium-sized and the exemptions available to such companies in relation to their accounts and reports. This note covers the law applicable to financial periods beginning on or after 6 April 2008 and before 1 January 2016.

For details of the law applicable to financial periods beginning on or after 1 January 2016 (and to financial periods beginning on or after 1 January 2015 but before 1 January 2016, if the directors of the company so decide (subject to an exception in relation to the audit exemption)), see Practice note, Small and medium-sized companies: accounts and reports: financial years beginning on or after 1 January 2016.