(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);
(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
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