UK Limited Company Audit

James Salim FCCA

Director - Sheffield

jsalim@smh.group

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Comprehensive statutory audits for UK businesses reporting under FRS 102

A UK Limited Company Audit is more than a legal obligation. It’s a vital part of building trust, improving transparency, and meeting your compliance responsibilities under the Companies Act 2006.

At SMH Group, we provide a statutory audit that is tailored to your business, offering insights that go beyond the numbers.

Do you need a UK Limited Company Audit?

Your company will usually require an audit if it meets two or more of the following for two consecutive financial years:

• Annual turnover above £15 million for periods commencing on or after 6 April 2025 (£10.2 million previously)
• Total assets over £7.5 million for periods commencing on or after 6 April 2025 (£5.1 million previously)
• More than 50 employees on average

In some cases, your company may need an audit regardless of size. This includes public companies, regulated businesses, or where an audit is required by shareholders or lenders.

Benefits of a statutory audit

A UK Limited Company Audit does more than keep you compliant. It adds value to your business by:

• Enhancing the accuracy and credibility of your financial statements
• Improving confidence among shareholders, lenders, and investors
• Helping you to mitigate and manage risks by developing strong internal controls
• Strengthening your position when seeking funding or investment
• Giving you year-round access to an adviser who understands your business inside out and can offer tailored guidance when you need it.

Our audit process

Each UK Limited Company Audit is carefully planned to fit around your business. Our process includes:

1. Planning and risk assessment –We get to know your business, the key business risks and the internal control environment.
2. Fieldwork and testing – We test balances, scrutinise transactions and documentation, and analyse financial performance.
3. Reporting and recommendations – In addition to the audit opinion, we provide a report with key insights into your business having had the opportunity to thoroughly review processes and understand your goals.