| Commentary

31.3 Dormant companies

| Commentary

31.3 Dormant companies

A company may be exempt from the requirement to have its annual accounts audited if it comes within the definition of a ‘dormant company’1. A company will generally be able to take advantage of this exemption if it has been dormant since its formation, or it has been dormant since the end of the previous financial year and certain other conditions are satisfied2. To claim the exemption, the company must include various statements by the directors in its balance sheet3. Members representing not less than 10% in nominal value of the

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