Some exciting news for our platform! We’ve added estimated turnover and estimated employees for companies that turnover less than 10 million! This is a data point that we’ve been asked for consistently so we’ve partnered with Red Flag Alert who’ve done the hard work on developing a machine learning model which imputed these two fields.
This data point—turnover for companies below £10 million—is something that has never previously been available for analysts within the UK. We are extremely excited to be able to provide this data from Red Flag Alert, and hope that our clients find it just as useful and exciting as we do!
In the UK, companies file their accounts every year and submit this information to Companies House. Depending on three key factors, listed below, the type of accounts submitted are different for each company:
- Balance sheet
- Number of employees
There are 3 classifications of company size to consider when preparing accounts – small, medium or large. For small companies there’s also sub-classification called a micro-entity, which applies to very small companies. The conditions for a small company are as follows:
- your turnover is less than £10.2 million
- your balance sheet is less than £5.1 million
- you have fewer than 50 employees
Within the documentation of the government’s guidelines for submitting accounts under section 9.5, it’s important to note:
Small companies do not have to deliver a copy of the directors’ report or the profit and loss account to Companies House.
Thus turnover is often omitted from company financials.
The debate around number of employees seems to be more somewhat more vague. Based on research, it’s unclear whether Companies House require number of employees or not. We’re now able to offer number of employees for even more companies in the UK using Red Flag Alert’s estimates.
Thanks to the help of Red Flag Alert’s developers, we were able to extract 2 million companies records in under 10 minutes from their API. We’ve had to scope out how we present this data on the platform allowing our users to access the data in an accessible format. On our filters, we’ve made the decision to merge actual turnover and estimated turnover into one value for simplicity. Once we’ve built a list, we can separate out clusters of companies using turnover and number of employees easily.
We believe adding this data point is essential for a variety of different reasons. Our data allows us to understand each sector in more detail – the more complete our dataset is, the closer we’re getting to the true answer. Our users can also refine their list of companies when attempting to identify potential target companies.
You can read more about our partnership.