The Government has confirmed that “companies will not be required to have an audit for the financial years commencing on or after 1 January 2016 if at their balance sheet date they satisfy at least two of the three following criteria, in general for two consecutive financial years:
Turnover ≤ £10.2m
Balance sheet total ≤ £ 5.1m
Number of employees ≤ 50
and they are not otherwise excluded from accessing the audit exemption, for example due to the nature of their business.”