PART 2SMALL AND MEDIUM-SIZED COMPANIES AND GROUPS
Conditions for small companies exemption from audit5
1
In section 477(2) of the 2006 Act (conditions to be met by company to be exempt from audit)—
a
in paragraph (b) (turnover), for “not more than £5.6 million” substitute “not more than £6.5 million”, and
b
in paragraph (c) (balance sheet total), for “not more than £2.8 million” substitute “not more than £3.26 million”.
2
In section 479(2) of the 2006 Act (conditions to be met by group for group company to be exempt from audit)—
a
in paragraph (b) (aggregate turnover), for “not more than £5.6 million net (or £6.72 million gross)” substitute “not more than £6.5 million net (or £7.8 million gross)”, and
b
in paragraph (c) (aggregate balance sheet total), for “not more than £2.8 million net (or £3.36 million gross)” substitute “not more than £3.26 million net (or £3.9 million gross)”.