The unquoted companies regime
The unquoted companies regime

The following Corporate guidance note provides comprehensive and up to date legal information covering:

  • The unquoted companies regime
  • Brexit impact
  • When the unquoted companies regime applies
  • Annual accounts and reports
  • Corporate governance statement
  • Requirement for accounts to be audited
  • Accounts to be filed—unquoted companies

The rules governing annual accounts and reports of unquoted companies are set out in:

  1. Part 15 of the Companies Act 2006 (CA 2006)

  2. the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, SI 2008/410 (Large Companies Regulations)

  3. the Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, SI 2015/980 (2015 Regulations)

This Practice Note deals with the accounting regime as applied to companies under the 2015 Regulations. The 2015 Regulations implemented various changes to the accounting regime for companies and apply in relation to financial periods beginning on or after 1 January 2016 (or on or after 1 January 2015 where the directors elect for early adoption of the requirements of the 2015 Regulations).

A company that qualifies for the unquoted companies regime will be subject to less onerous accounting and reporting obligations than a company that falls within the quoted company regime.

For a general overview of the statutory framework for company annual accounts and reports, see Practice Note: Accounts and reports—an outline of the statutory framework.

Brexit impact

The UK corporate reporting framework may be affected by Brexit. For further details of its impact, see Brexit—accounts and reports.

When the unquoted companies regime applies

An unquoted company is defined in CA 2006 as a company formed and registered under CA 2006 that is not a quoted company