C4Part 16Audit
C1C2 Chapter 1Requirement for audited accounts
Pt. 16 Ch. 1 applied (with modifications) (6.4.2008) by The Bank Accounts Directive (Miscellaneous Banks) Regulations 2008 (S.I. 2008/567), reg. 4, Sch. para. 1 (with Sch. para. 11)
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).
Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2