C4Part 16Audit

Annotations:
Modifications etc. (not altering text)

C1C2 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

Exemption from audit: dormant companies

C3C5480C6Dormant companies: conditions for exemption from audit

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).