Micro-entities are very small companies, LLPs and qualifying partnerships, defined in the EU’s Micro-entities Directive as not exceeding two out of three of the following limits:
Balance sheet total of €350,000
The proposals would mean that
- Micro-entities would need only to prepare a very simple balance sheet and profit and loss account, and will not need to file the latter
- No notes will be needed other than commitments and guarantees, advances and credits to directors and acquisition of own shares which will go at the bottom of the balance sheet
- No annual report will be needed provided the note on acquisition of own shares is made
- The balance sheet could be filed electronically rather than as a full statement
- It is anticipated that these proposals could be introduced as early as October 2013.