Conditions for small companies exemption from audit
5.—(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)”.