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What does 'Total Exemption Small' mean?

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What does 'Total Exemption Small' mean?

This means abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within the Companies Act 2006. NB. A small company must meet at least two of the following conditions: annual turnover must be not more than £6.5 million; the balance sheet total must be not more than £3.26 million; the average number of employees must be not more than 50.