(1.10.2018) by virtue of, S. 478(b)(iii) inserted (E.W.S.) No changes have been applied to the text. (a)whether a company qualifies as a small company shall be determined in accordance with section 382(1) to (6), and. . 4(b).] . This guidance tells you about the accounts a company must deliver every year to Companies House. This version of this provision has been superseded. 3-5, Sch. 3-5, Sch. The members have not required the company to obtain an audit of its nancial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006. 2 of the amending S.I.) . . 2008/1911), reg. F1Words in s. 477(1) substituted (1.10.2012 with application in accordance with reg. A company that meets the following conditions in respect of a financial year is exempt from the requirements of this Act relating to the audit of accounts for that year. 200 provisions and might take some time to download. 1.2 Going concern If (in the case of an unquoted company) the circumstances are not set out in the statement, the auditor must deposit a statement with the company to that effect. Section.448c - exemption from filing accounts for a dormant subsidiary. . The Whole Act you have selected contains over 200 provisions and might take some time to download. Point in time view as at 14/03/2012. . The exemption is relevant to - section 416(3) (contents of report: statement of amount recommended by way of dividend), and. . without . Act (a)that the company qualifies as a small company in relation to that year, (b)that its turnover in that year is [F1not more than 6.5 million], and. How to file your accounts at Companies House, Audit exemption for small companies and micro-entities, Exemption from filing accounts as a dormant subsidiary company, Check benefits and financial support you can get, Find out about the Energy Bills Support Scheme, nationalarchives.gov.uk/doc/open-government-licence/version/3, Read more about personal information on the Companies House register, how to apply for more time to file your companys accounts, Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, claim exemption from audit as a subsidiary company, Some parent or subsidiary companies must have an audit, More than 1 month but not more than 3 months, More than 3 months but not more than 6 months, the company is aligning its accounting reference date with that of a subsidiary or parent undertaking under the law of the UK, entries showing all money received and expended by the company, a record of the assets and liabilities of the company, statements of stock held by the company at the end of each financial year, all statements of stock takings from which you have taken or prepared any statements of stock, statements of all goods sold and purchased, other than by ordinary retail trade. require that the company sends it to the companys members, and to speak at the meeting where the resolution is to be considered. . If your company is dormant and has not traded since incorporation, you can also file a paper form AA02 - but it takes much longer to process paper documents sent to us by post. Check with The Charity Commission for more information about audit requirements. 5)). . For accounting periods beginning on or after 1 January 2016, to qualify for audit exemption a company must qualify as small during that financial year. 477-479 applied (with modifications) (1.10.2008) by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (S.I. Geographical Extent: . Return to the latest available version by using the controls above in the What Version box. Small companies: conditions for exemption from audit, This section has no associated Explanatory Notes. by, S. 479(2) omitted (1.10.2012 with application in accordance with reg. . 477-479 applied (with modifications) (1.10.2008) by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (S.I. . 200 provisions and might take some time to download. Print Friendly Version Wed like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services. . . Companies Act 2006, Section 477 is up to date with all changes known to be in force on or before 22 February 2023. Companies with financial years beginning on or after 1 January 2016 may claim audit exemption if they meet the same criteria as other UK companies. Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect such as a Part, Chapter or section. For small companies theres also sub-classification called a micro-entity, which applies to very small companies. The exemption that previously applied under Companies Act 1985 now only relates to small groups. (1.10.2018) by S.I. 11 (with transitional provisions and savings in regs. The auditors report must be either unqualified or qualified and include a reference to any matters to which the auditors wish to draw attention by way of emphasis without qualifying the report. Reg. . . . CF14 3WE. Schedules you have selected contains over We also use cookies set by other sites to help us deliver content from their services. 4 substituted by regs. This date is our basedate. . These are called individual accounts. Dependent on the legislation item being viewed this may include: This timeline shows the different points in time where a change occurred. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. . 11(1) by, Act amendment to earlier affecting provision S.I. Your company must have an audit if at any time in the financial year its been: A medium-sized company is determined by its: A medium-sized company can prepare accounts according to special provisions applicable to medium-sized companies. . Changes and effects are recorded by our editorial team in lists which can be found in the Changes to Legislation area. . (1.10.2018) by S.I. Indicates the geographical area that this provision applies to. 11 (with transitional provisions and savings in regs. See dormant accounts. A company that meets the following conditions in respect of a financial year is exempt from the requirements of this Act relating to the audit of accounts for that year. The same late filing penalties apply to dormant accounts. However, the company might qualify for exemptions as a small company. Changes and effects are recorded by our editorial team in lists which can be found in the Changes to Legislation area. Changes that have been made appear in the content and are referenced with annotations. No changes have been applied to the text. . . For further information see Frequently Asked Questions. 2020/523, regs. 200 provisions and might take some time to download. 28(e) omitted immediately before IP completion day by virtue of S.I. Small companies: conditions for exemption from audit; 478. Need help? . . . There are changes that may be brought into force at a future date. However small companies and micro-entities can prepare an abridged version of those accounts which has less detail by omitting certain balance sheet items. 2 of the amending S.I.) This statement must be in a prominent position above the directors signature and printed name. long time to run. Subject to the Auditing Practices Board ethical standards, the auditors statutory duties are limited to checking that there are adequate books and records, and to reporting on the annual accounts. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts. . Currently, you can only file these documents on paper. . All companies must file annual accounts with Companies House - including dormant companies and flat management companies. Indicates the geographical area that this provision applies to. . 2170 (2007) (providing authority for the President to suspend or prohibit any foreign acquisition, merger or takeover of a U.S. corporation . . No versions before this date are available. without The guarantee takes effect when its delivered to Companies House and remains in force until all of the liabilities have been satisfied. 2013/2224, reg. 2). For further information see the Editorial Practice Guide and Glossary under Help. 2009/2436), regs. If you choose to file an abridged balance sheet, profit and loss account, or both - you must include a statement on the balance sheet that: The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A). For the period ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the . 475-481 applied (with modifications) (1.10.2009) by, Advanced Search (including Welsh legislation in Welsh language), Original: King's Printer Version Volume 1, Original: King's Printer Version Volume 2, Original: King's Printer Version Volume 3, The Companies Act 2006 (Amendment) (Accounts and Reports) Regulations 2008 (S.I. 200 provisions and might take some time to download. 200 provisions and might take some time to download. . without long time to run. In simple words the following companies . Small companies by virtue of The Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012 (S.I. (2)F9. . All information contained in the accounts will appear on the public record. Access essential accompanying documents and information for this legislation item from this tab. If a private companys articles currently specify that the company must lay accounts before members at a general meeting, they can pass a special resolution to remove that provision. . The s.479 exemption has been in play since October 2012 and when it was first introduced the Government believed that around 83,000 subsidiary companies would benefit from it and it could save between 100m-390m annually in respect of auditors fees. You can also include the name and number on any cover sheet delivered with the accounts. If you think your company might qualify as medium-sized, you should consider consulting a professional accountant before you prepare accounts. 386.02 Companies Act (Investment . The report must also state whether a companys accounts give a true and fair view of its affairs at the end of the year. Reg. Please make cheques payable to Companies House. . Your company may qualify for an audit exemption if it has at least 2 of the following: Your company may qualify for an audit exemption if it has both: You must include the following statement on the balance sheet of your accounts if youre using an audit exemption.