Companies (1986 Order) (Audit Exemption) (Amendment) Regulations (Northern Ireland) 1997

Amendment of Article 257A

2.—(1) Article 257A of the 1986 Order (exemptions from audit for certain categories of small company)(1) is amended as follows.

(2) In paragraph (2), for the words “a company”, substitute the words “a company which is a charity and”.

(3) In paragraph (3)(b) for “£90,000” substitute “£350,000”.

(4) After paragraph (3) insert the following paragraph—

“(3A) In relation to any company which is a charity, paragraph (3)(b) shall have effect with the substitution—

(a) for the reference to turnover of a reference to gross income, and

(b) for the reference to £350,000 of a reference to £90,000.”.

(5) In paragraph (4)—

(a) for the words “a company” substitute the words “a company which is a charity”, and

(b) in paragraph (b)—

(i) for the word “turnover” substitute the words “gross income”, and

(ii) for “£350,000” substitute “£250,000”.

(6) Paragraph (5) is hereby repealed.

(7) After paragraph (6) insert the following paragraph—

“(6A) A company is entitled to the exemption conferred by paragraph (1) or (2) notwithstanding that it falls within sub-paragraph (a) or (b) of Article 258(1).”.

(1)

Article 257A was inserted into the 1986 Order by regulation 2 of S.R. 1995 No. 128