Section 477 | Small companies: conditions for exemption from audit

From legislation.gov.uk

(1)A company that qualifies as a small company in relation to a financial year is exempt from the requirements of this Act relating to the audit of accounts for that year.^F1

(2)Repealed^F2

(3)Repealed^F2

(4)For the purposes of this section—

(a)whether a company qualifies as a small company shall be determined in accordance with section 382(1) to (6), . . .^F3

(b)Repealed^F3

(5)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),

section 478 (companies excluded from small companies exemption), and

section 479 (availability of small companies exemption in case of group company).

Notes

F1
Words in s. 477(1) substituted (1.10.2012 with application in accordance with reg. 2 of the amending S.I.) by The Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012 (S.I. 2012/2301), regs. 1, 4(a)
F2
S. 477(2)(3) omitted (1.10.2012 with application in accordance with reg. 2 of the amending S.I.) by virtue of The Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012 (S.I. 2012/2301), regs. 1, 4(b)
F3
S. 477(4)(b) and preceding word omitted (1.10.2012 with application in accordance with reg. 2 of the amending S.I.) by virtue of The Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012 (S.I. 2012/2301), regs. 1, 4(c)