C11C6C13C5C15C14C4Part 16Audit

Annotations:
Modifications etc. (not altering text)
C11

Pt. 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)

C5

Pts. 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))

C1C2C10C7C5C8C9 Chapter 1Requirement for audited accounts

Annotations:
Modifications etc. (not altering text)
C2

Pt. 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

C10

Pt. 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)))

C7

Pt. 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: small companies

C3C12479Availability of small companies exemption in case of group company

1

A company is not entitled to the exemption conferred by section 477 (small companies) in respect of a financial year during any part of which it was a group company unless—

F1a

the group—

i

qualifies as a small group in relation to that financial year, and

ii

was not at any time in that year an ineligible group, or

b

subsection (3) applies.

2

F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3

A company is not excluded by subsection (1) if, throughout the whole of the period or periods during the financial year when it was a group company, it was both a subsidiary undertaking and dormant.

4

In this section—

a

“group company” means a company that is a parent company or a subsidiary undertaking, and

b

“the group”, in relation to a group company, means that company together with all its associated undertakings.

For this purpose undertakings are associated if one is a subsidiary undertaking of the other or both are subsidiary undertakings of a third undertaking.

5

For the purposes of this section—

a

whether a group qualifies as small shall be determined in accordance with section 383 (companies qualifying as small: parent companies);

b

“ineligible group” has the meaning given by section 384(2) and (3);

c

F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

d

F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

e

F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6

The provisions mentioned in subsection (5) apply for the purposes of this section as if all the bodies corporate in the group were companies.