Robert Anderson, audit partner at Streets Chartered Accountants, helps businesses plan for upcoming changes to UK audit thresholds. From 6 April 2025, the thresholds determining whether a company requires a statutory audit in the UK are set to increase. This change, introduced by the Government, is aimed at reducing regulatory burdens on small and medium-sized businesses. While this will exempt more companies from mandatory audits, it is essential for business owners and finance leads to understand the implications and plan accordingly. Why are the changes being introduced? The Government has decided to increase the audit thresholds as part of broader efforts to support business growth and ease financial and administrative obligations. By raising the thresholds, the government aims to reduce costs for SMEs, allowing them to focus on expansion and investment. What are the new audit thresholds? Currently, companies must undergo a statutory audit if they meet two of the following three criteria:

• Annual turnover of more than £10.2 million
• Gross assets exceeding £5.1 million
• More than 50 employees

From 6 April 2025, these thresholds will increase to:

• Annual turnover of £15 million
• Gross assets exceeding £7.5 million
• More than 50 employees

Companies exceeding two of these new criteria will still require an audit, but many that previously needed one will no longer be obligated. Who will be affected? The new thresholds will impact businesses that are currently just above the existing audit criteria. Those that now fall below the new limits may no longer need an audit. However, some businesses, including regulated entities such as those authorised by the Financial Conduct Authority (FCA), will not be affected by the changes and must still comply with existing audit requirements. This includes insurance brokers, which may require a client money audit rather than a full statutory audit. Additionally, charities have separate audit thresholds, and these changes do not apply to them. Trustees and finance teams in charities should ensure they continue to meet their specific audit requirements. What do businesses and their auditors need to consider? For businesses close to the current thresholds, it is possible that an audit may be required for just one year before falling below the new limits. This is because the changes apply to accounting periods starting on or after 6 April 2025. If a company is growing and expects to exceed the current limits before the new ones take effect, they may need to consider whether changing their financial year-end could help them manage this transition. Furthermore, businesses below the new thresholds should still assess whether an audit is beneficial. Many lenders, investors, and stakeholders require audited financial statements, even when not legally mandated. External assurance can enhance credibility, strengthen governance, and improve financial oversight. Alternatives to a full audit If a company is no longer required to have a statutory audit, other financial assurance options can provide value, such as:

• Assurance reviews – A lighter-touch review that offers a level of credibility without the full scope of an audit.
• Agreed-upon procedures – Specific financial checks tailored to stakeholder requirements.
• Internal audits – Providing governance and operational insights beyond financial reporting.

Planning ahead With the threshold increase approaching, business owners and finance leaders should review their audit obligations now. Engaging with an auditor early will help assess whether an audit is still needed, what alternative services may be beneficial, and how to manage the transition.  

Fold Hill Foods, a Lincolnshire-based pet food manufacturer, has acquired Macclesfield-based Brambles Pet and Wildlife from founders David and Gail Tracey.

Brambles will join Fold Hill’s existing portfolio, which includes Ruffingtons, Pointer Pet Foods, Laughing Dog Food, and Superior. The two companies have previously worked together, with Fold Hill producing some of Brambles’ range.

Managing director Ben Mankertz stated that Brambles’ strong market position and expertise in wildlife nutrition made it a strategic fit. David Tracey will continue supporting the brand following the acquisition.

Lincolnshire County Council, East Lindsey District Council, and the Alford Windmill Trust have reaffirmed their commitment to restoring and reopening the historic Alford Windmill as a visitor attraction.

Lincolnshire County Council owns the site and has set aside £450,000 for repairs, including restoring the windmill’s cap and sails. The council is also considering transferring ownership to the local community through the Alford Windmill Trust.

East Lindsey District Council had previously reallocated government funding to Alford Manor House but remains engaged in discussions on how best to support the windmill’s conservation.

The Alford Windmill Trust emphasised the importance of community involvement in the restoration process and future business opportunities linked to the site. Talks between stakeholders will continue as they work towards a viable long-term plan for the windmill.

The Inclusive Growth Commission has set out bold recommendations to transform the East Midlands economy at an event at Nottingham Trent University’s Mansfield University Centre co-hosted by Chair of the Commission and CEO of the Royal Society of Arts (RSA), Andy Haldane, and Mayor of the East Midlands, Claire Ward. In its interim report, published today, the commission called for a step change in investment in the East Midlands, underpinned by strengthened devolved powers to better reflect the needs and opportunities of a region that boasts a population of more than 2.2 million people, an economy worth £50bn in GVA annually, and which is spread over more than 1,800 square miles. To realise the untapped potential of the region, the commission argued that the Combined Authority needs to quickly be placed on a fast-track for more powers, funding and flexibility like those seen in places like Greater Manchester and the West Midlands. Revealing its interim findings, the commission drew on the East Midlands’ unique geography and economic landscape, identifying the strengths, challenges, and opportunities that will shape its final report, and subsequent strategy, to be published in September 2025. It acknowledged the historic underinvestment that has put the East Midlands on the back foot to date, with public spending per person being the lowest in the UK, and called for more investment to be committed in the government’s next spending review. Underpinning the commission’s interim recommendations was the concept of an “opportunity escalator” – an integrated approach combining practical, step-by-step skills development with work experience and career guidance to help more people onto and up an escalator of well paid, secure jobs across the region. Creating these jobs must go beyond simply bolstering high-tech, high-growth industries set out in the UK Government’s Industrial Strategy Green Paper. For the region to have a truly inclusive growth strategy, this must sit alongside a plan to nurture a broader range of industries that offer large numbers of secure and rewarding job opportunities in manufacturing, logistics, construction, health and social care, and modern services, including the visitor economy. The commission also identified some of the key barriers that stand in the way of people in the East Midlands accessing jobs and progressing in work. These included a rise in long-term ill health, a fraying social fabric that leaves people and communities feeling isolated, access to transport, and acute housing needs that prevent people from locating or commuting to the places where good quality jobs are on offer. Other interim recommendations include:

• Forging a region-wide skills partnership – A new, deeper partnership between businesses, educators, and government is needed to help people “get on and get up” the opportunity escalator, supporting career progression from entry-level to higher-paid work – increasing access to jobs and training opportunities.
• Integrated health and employment support – A step change in the connection between health services and employment support is necessary to break the cycle of health issues leading to economic inactivity, particularly among younger and older workers.
• Building aspiration from an early age – Strengthening community networks and increasing social mobility by addressing social and economic inequalities early on, including though much earlier careers guidance and work experience in schools.
• Access to affordable housing and transport – Some areas of the East Midlands will require improved housing options and better transport links to widen access to job opportunities across the region.

The Commission was launched in November 2024 by the RSA and the East Midlands Combined County Authority (EMCCA), and was tasked by the mayor with generating ambitious, long-term plans to drive prosperity and reduce inequalities across the region. Mayor Claire Ward said: “The East Midlands economy is shaped by people and places – but the economy also shapes people and places. It’s a feedback loop, and some of those loops are not working for our region as they should. This is not inevitable – and I became Mayor precisely because I know that there is potential in every part of this region that can be unleashed. “We know how important economic growth is, but it is also important that we hold that growth to high standards: it should enable people to live healthy, fulfilling lives as part of connected communities and thriving places. This is easy enough to say, but we must work and invest differently to bring this about in practice – and that change will take sustained effort on our part. “I convened the Inclusive Growth Commission for this purpose, to coalesce insight from the region and beyond to lay out how we should be working and investing to deliver inclusive growth – and I am pleased to have reached a point at which we can share some of its findings for the people of this region to consider.” Andy Haldane, CEO of the RSA and Chair of the Commission, said: “The East Midlands has all the ingredients for economic success—an innovative business community, strong leadership, and a deep well of talent. “But unlocking that potential requires more power to be put into local hands, combined with the resources they need to forge a lasting strategy for growth. I look forward to continuing our work with leaders and residents across this dynamic region as we work towards our final recommendations later this year.” The next phase of work will involve close collaboration and engagement with businesses, community leaders, and residents across the region and will put forward practical steps to implement its findings to create a more inclusive, resilient economy and help determine where more than £4bn of public investment will be spent.

Greg Simpson, founder of Press For Attention PR, showcases how businesses can make the most of the upcoming clock change. As the clocks go forward this spring, many people will grumble about losing an hour’s kip. But for businesses—and particularly those in marketing—this shift presents a golden opportunity. Rather than moaning about what’s lost, why not flip the script and focus on what’s gained? Longer days, renewed energy, and a fresh perspective on storytelling and audience engagement all await. Here’s how businesses can make the most of the clock change and turn one less hour of sleep into a season of opportunity.

1. Capitalise on the ‘psychological reset’ in PR campaigns

Spring signifies renewal and growth, making it the perfect time for businesses to shake off the winter cobwebs and refresh their messaging. Journalists, audiences, and clients are emerging from their seasonal hibernation—so this is the ideal moment to introduce fresh angles and reinvigorate PR campaigns. 🔹 PR tip: Use the ‘spring forward’ concept as a metaphor in press releases and storytelling. Tap into themes of growth, innovation, and fresh starts to make your pitches more timely and relevant. 🔹 Actionable idea: Pitch a “spring clean your brand” feature to media outlets, offering expert insights on decluttering messaging, sprucing up PR strategies, and staying ahead of industry trends.

2. Harness the power of more daylight for PR events & engagement

With the evenings stretching longer, we Brits start to emerge blinking into the daylight, and consumer habits shift accordingly. PR pros can seize this seasonal change to increase brand visibility, engagement, and in-person networking opportunities. 🔹 PR event strategy: Host a spring sundown networking event or an outdoor media showcase, capitalising on the extra daylight to enhance visibility and footfall. 🔹 Social media PR angle: Encourage brands to share ‘golden hour’ content, when the lighting is at its most flattering and engagement rates tend to soar.

3. Use the time change to drive PR & marketing campaigns

The clock change is a universal experience, making it the perfect narrative hook for storytelling and PR campaigns. Brands that tap into seasonal shifts automatically feel more relevant and engaging to audiences. 🔹 PR stunt idea: Position your business as an ‘efficiency expert’ and release a list of “top PR hacks for making the most of the extra evening hour.” 🔹 Thought leadership pitch: Frame the time change as a metaphor for business transformation—pitch a piece on “why spring is the perfect time for XYZ.”

4. Reignite media and audience engagement

Longer days and brighter evenings boost mood and motivation, so use the clock change as a springboard (pun intended) to inject fresh energy into brand communications and PR campaigns. 🔹 Actionable idea: Launch a ‘spring reset’ media push, announcing new initiatives, products, or brand refreshes that align with the changing season. 🔹 Influencer & media engagement: Offer journalists and influencers ‘spring forward’ survival kits—including coffee, sunlight lamps, or branded eye masks—tied to a light-hearted pitch about your business. Conclusion: one hour less but a season more for PR wins Instead of mourning the lost hour of shut-eye, embrace the momentum that comes with the clock change. It’s a unique chance to refresh strategies, create timely campaigns, and capture media attention—all while making the most of the brighter days ahead. So, this spring, don’t just move the clock forward—move your PR game forward too.   A former business journalist, Greg Simpson is the author of The Small Business Guide to PR and has been recognised as one of the UK’s top 5 PR consultants, having set up Press For Attention PR in 2008. He has worked for FTSE 100 firms, charities and start-ups and conducted press conferences with Sir Richard Branson and James Caan. His background ensures a deep understanding of every facet of a successful PR campaign – from a journalist’s, client’s, and consultant’s perspective. See this column in the March issue of East Midlands Business Link Magazine here.