No versions valid at: 01/01/2007
Point in time view as at 01/01/2007. This version of this cross heading contains provisions that are not valid for this point in time.
Companies Act 2006, Cross Heading: Exemption from audit: dormant companies is up to date with all changes known to be in force on or before 02 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Valid from 06/04/2008
(1)A company is exempt from the requirements of this Act relating to the audit of accounts in respect of a financial year if—
(a)it has been dormant since its formation, or
(b)it has been dormant since the end of the previous financial year and the following conditions are met.
(2)The conditions are that the company—
(a)as regards its individual accounts for the financial year in question—
(i)is entitled to prepare accounts in accordance with the small companies regime (see sections 381 to 384), or
(ii)would be so entitled but for having been a public company or a member of an ineligible group, and
(b)is not required to prepare group accounts for that year.
(3)This section has effect subject to—
section 475(2) and (3) (requirements as to statements to be contained in balance sheet),
section 476 (right of members to require audit), and
section 481 (companies excluded from dormant companies exemption).
Modifications etc. (not altering text)
C1Ss. 480, 481 applied (with modifications) (1.10.2008) by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (S.I. 2008/1911), reg. 35
C2Ss. 475-481 applied (with modifications) (1.10.2009) by The Unregistered Companies Regulations 2009 (S.I. 2009/2436), regs. 3-5, Sch. 1 para. 11 (with transitional provisions and savings in regs. 7, 9, Sch. 2)
Prospective
A company is not entitled to the exemption conferred by section 480 (dormant companies) if it was at any time within the financial year in question a company that—
(a)is an authorised insurance company, a banking company, an e-money issuer, an ISD investment firm or a UCITS management company, or
(b)carries on insurance market activity.
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