| (1) | A company's annual accounts for a financial year must be audited in accordance with this Part unless the company— |
| (a) | is exempt from audit under— |
| section 477 (small companies), |
| [section 479A (subsidiary companies)], or |
| section 480 (dormant companies); |
| or |
| (b) | is exempt from the requirements of this Part under section 482 (non–profit–making companies subject to public sector audit). |
| (2) | A company is not entitled to any such exemption unless its balance sheet contains a statement by the directors to that effect. |
| (3) | A company is not entitled to exemption under any of the provisions mentioned in subsection (1)(a) unless its balance sheet contains a statement by the directors to the effect that— |
| (a) | the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476, and |
| (b) | the directors acknowledge their responsibilities for complying with the requirements of this Act with respect to accounting records and the preparation of accounts. |
| (4) | The statement required by subsection (2) or (3) must appear on the balance sheet above the signature required by section 414. |
| NOTES |
| Derivation |
| Sub–s (1) derived from the Companies Act 1985, s 235(1); sub–ss (2)–(4) derived from the Companies Act 1985, s 249B(4), (5). |
| Initial Commencement |
| To be appointed |
| To be appointed: see s 1300(2). |
| Appointment |
| Appointment: 6 April 2008: see SI 2007/3495, art 3(1)(e); for transitional provisions and savings see art 9, Sch 4, Pt 1, para 9 thereto. |
| Amendment |
| Sub–s (1): in para (a) entry “section 479A (subsidiary companies)” inserted by SI 2012/2301, reg 6. |
| Date in force: this amendment has effect in relation to accounts for financial years ending on or after 1 October 2012: see SI 2012/2301, regs 1, 2. |
| See Further |
| See further, in relation to the application of this section, with modifications, to limited liability partnership accounts for financial years beginning on or after 1 October 2008: the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, SI 2008/1911, regs 2(1), 33 (as amended by SI 2012/2301, reg 20(1), (2)). |
| See further, in relation to the application of this section to unregistered companies: the Unregistered Companies Regulations 2009, SI 2009/2436, regs 3–5, 7, 9, Sch 1, para 11(1), Sch 2, para 23(1)(a). |
| See further: the European Grouping of Territorial Cooperation Regulations 2015, SI 2015/1493, reg 7(1)(j), (2)–(4). |
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