The lodging of financial statements of a company with the Registrar of Companies. There are penalties for late filing. Companies that meet the statutory definition of a small company or a medium-sized company are permitted to file abbreviated accounts.
An ineligible group consists of companies that cannot qualify for specific filing exemptions due to the presence of a non-qualifying member, such as a public limited company or a bank.
A medium-sized company must meet specific criteria to qualify for certain filing exemptions, making the preparation of financial statements crucial. Companies that are public, banking, or insurance firms, or fall under certain categories cannot claim these exemptions.
SME stands for small or medium-sized enterprise. The term is widely used without a standard definition, varying based on net worth, turnover, profits, or number of employees.
