Glossary of terms and abbreviations

A

Accredited researchers

Researchers formally approved under recognised data‑access frameworks to use sensitive or detailed datasets for non‑commercial research under strict conditions.

Accruals accounting / Accruals basis

Reporting income and expenditure based on when invoices are issued or received, rather than when cash is paid or received. This ensures that all sales and purchases are recorded in the period to which they relate.

Anonymised dataset

A dataset from which all information that could identify an individual business has been removed, ensuring businesses cannot be re‑identified.

B

Best estimate

A reasonable estimate provided where exact figures are not readily available. Survey respondents are asked to give their best estimate when precise data cannot be extracted from systems.

C

Calendar year 

A 12‑month period beginning on 1 January and ending on 31 December.

Ceased trading

A business that has ceased trading is no longer operating or engaged in economic activity.

Code of Practice for Statistics

A set of principles guiding the production and publication of official statistics in the UK.

D

Data Access Agreement (DAA)

A formal agreement outlining the security, governance and permitted uses of data when shared with approved researchers or public bodies.

Dormant

A dormant company is a company that, in legal terms, has 'no significant accounting transactions' during a financial year.

E

EU

European Union member states.

Exports

Sales to destinations outside of the UK.

F

Financial year

A 12‑month accounting period used by a business or organisation for reporting financial activity, typically 1 April–31 March in the UK.

Follow‑up research

Additional research carried out after the main survey, which may involve re‑contacting some respondents to gather further information.

G

GDPR (General Data Protection Regulation)

The UK’s data‑protection law created when the EU GDPR was incorporated into UK legislation after EU Exit. It applies to organisations processing personal data of individuals in the UK and is regulated by the Information Commissioner’s Office (ICO).

Goods

Goods or materials of a company’s own production.

H

HMRC

His Majesty’s Revenue & Customs.

I

IDBR (Inter-Departmental Business Register)

The Inter-Departmental Business Register is a comprehensive list of UK businesses used by government for statistical purposes.

IFF / IFF Research

Refers to IFF Research, a research agency.

Imports

Purchases originating from countries outside of the UK.

In administration

A legal status where an insolvent business is placed under an administrator who works to repay creditors and, where possible, keep the business operating.

In receivership

A legal process in which an external receiver is appointed (usually by a secured creditor) to take control of a business’s assets and recover debts.

Internal transfer cost / Internal transfer pricing

The value assigned to outputs or inputs transferred between different parts of the same business. Where possible, values should reflect what would have been charged to an external customer; if this is not possible, respondents should use internal transfer costs.

International regions

Geographic areas outside the UK used to classify origins or destinations of a business’s trade in goods or services.

L

Large businesses

Businesses with 250 or more employees.

M

Market Research Society (MRS) Code of Conduct

Professional standards governing how research organisations must collect, manage and report data ethically and responsibly.

Medium businesses

Businesses with between 50 to 249 employees.

Merchanting

The purchase and resale of goods abroad without the goods entering the UK. Only the profit or loss from these transactions is recorded within exports or imports.

N

n.e.c.

Not elsewhere classified.

Nil response

A response outcome used where a business engages with the survey but provides no usable sales or purchases data, often because it made no sales or purchases in the reference period or is unable to provide figures.

Non-EU

Rest of World (countries beyond the EU).

O

ONS

Office for National Statistics

Operational leasing

The hiring or rental of plant, machinery, equipment or other goods where ownership does not transfer to the business. Operational leasing can form part of import or export services.

Out of scope

A business that does not meet the survey’s eligibility criteria, typically because it has no Wales‑based employees or operations. Out‑of‑scope businesses do not complete the full questionnaire.

P

Purchases

The purchase of any goods or services by a business, including sub-contracting and purchase from outside of Wales, the UK and internationally. 

R

Reporting period

The time period for which businesses are asked to provide information, such as the calendar year or financial year.

Rest of UK (RUK)

All the United Kingdom except Wales.

RIM (Random Iterative Method)

A statistical method for weighting survey data.

S

Sales

The sales of any goods or services by a business to a customer, including sub-contracting and sales outside Wales, the UK and internationally.  

Section 39 of the Statistics and Registration Service Act 2007 (SRSA)

A legal provision making it an offence for anyone working with official statistics to unlawfully disclose information identifying an individual business or person.

Services

Provision or supply of services to another business or customer.

SIC (Standard Industrial Classification)

A classification system for industries.

Small businesses

Businesses with 3 to 49 employees.

Spread earnings

In financial services, the difference between the price at which securities are bought and sold, representing dealing profits (minus holding gains).

T

Total trade

The value of sales + purchases.

Trade flows

Movements of goods or services between different geographic areas, such as within Wales, elsewhere in the UK or internationally.

TSW (Trade Survey for Wales)

The Trade Survey for Wales.

U

Unallocated

The value of any sales or purchases that was not possible to allocate to a location or break down further.

V

Validation checks

Automated checks applied to survey responses to identify inconsistencies, such as mismatches between totals and breakdowns or unusual patterns. Responses may be confirmed, corrected, or flagged for manual review.

W

Wales‑based operations

Any part of the business that is located in Wales, including branches, sites or teams that operate from or report into a Welsh location. This includes employees based outside Wales (e.g., remote workers) who work for or report to a Wales‑based branch.

WG (Welsh Government)

The devolved Government for Wales, led by the First Minister, responsible for key public services and decisions in devolved areas.