The Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012

Small companies: conditions for exemption from audit

5.  In section 479(1) of the 2006 Act (availability of small companies exemption in case of group company)—

(a) in subsection (1), for paragraph (a) substitute—

“(a) 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) omit subsection (2); and

(c) in subsection (5), omit paragraphs (c), (d) and (e).

(1)

Section 479 was amended by S.I. 2008/393, regulation 5(2).