▁out ▁of ▁three ▁criteria : ▁it ▁has ▁a ▁turn over ▁of ▁less ▁than ▁£ 2 5 m , ▁it ▁has ▁fewer ▁than ▁ 2 5 0 ▁employees , ▁it ▁has ▁gross ▁assets ▁of ▁less ▁than ▁£ 1 2 . 5 m . ▁Very ▁small ▁companies ▁are ▁called ▁in ▁the ▁UK ▁micro - ent ities , ▁which ▁have ▁simpler ▁financial ▁reporting ▁requirements . ▁Such ▁micro - enter pr ises ▁must ▁meet ▁any ▁two ▁of ▁the ▁following ▁criteria : ▁balance ▁sheet ▁£ 3 1 6 , 0 0 0 ▁or ▁less ; ▁turn over ▁£ 6 3 2 , 0 0 0 ▁or ▁less ; ▁employees ▁ 1 0 ▁or ▁less . ▁ ▁Many ▁small ▁and ▁medium - s ized ▁business es ▁form ▁part ▁of ▁the ▁UK ' s ▁currently ▁growing ▁Mittel stand , ▁or ▁Brit tel stand ▁as ▁it ▁is ▁also ▁often ▁named . ▁These ▁are ▁business es ▁in ▁Britain ▁that ▁are ▁not ▁only ▁small ▁or ▁medium ▁but ▁also ▁have ▁a ▁much ▁bro ader ▁set ▁of ▁values ▁and ▁more ▁el astic ▁definition . ▁ ▁The ▁Department ▁for ▁Business ▁In nov ation ▁and ▁Sk ills ▁estimated ▁that ▁at ▁the ▁start ▁of ▁ 2 0 1 4 , ▁ 9 9 . 3 % ▁of ▁UK ▁private ▁sector ▁business es ▁were ▁S ME s , ▁with ▁their ▁£ 1 . 6 ▁tr ill ion ▁annual ▁turn over ▁account ing ▁for ▁ 4 7 % ▁of ▁private ▁sector ▁turn over . ▁ ▁In ▁order ▁to ▁support ▁S ME s , ▁the ▁UK ▁government ▁set ▁a ▁target ▁in