Part 16U.K.Audit

Modifications etc. (not altering text)

C1Pt. 16 applied (with modifications) (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 162, 163 (with reg. 189)

C4Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))

Chapter 1U.K.Requirement for audited accounts

Modifications etc. (not altering text)

C11Pt. 16 Ch. 1 applied (with modifications) (6.4.2008) by The Partnerships (Accounts) Regulations 2008 (S.I. 2008/569), regs. 4, 7, Sch. Pt. 1

C12Pt. 16 Ch. 1 applied (with modifications) by S.I. 2008/565, reg. 3 (as substituted (with effect in accordance with reg. 2(4) of the amending S.I.) by The Statutory Auditors Regulations 2017 (S.I. 2017/1164), reg. 1(2)(3), Sch. 2 para. 3 (with reg. 2(6)(7)))

C13Pt. 16 Ch. 1 applied (with modifications) (E.W.S.) (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations 2018 (S.I. 2018/1030), regs. 1(2), 9(4)-(8)

Exemption from audit: dormant companiesU.K.

480Dormant companies: conditions for exemption from auditU.K.

(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—

Modifications etc. (not altering text)

C20Ss. 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)

481Companies excluded from dormant companies exemptionU.K.

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—

[F1(za)is a traded company as defined in section 474(1),]

(a)is an authorised insurance company, a banking company, an e-money issuer, [F2a MiFID investment firm] or a UCITS management company, or

(b)carries on insurance market activity.

Textual Amendments

F1S. 481(za) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 10(4) (with reg. 3)

Modifications etc. (not altering text)

C23Ss. 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)