(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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BREXIT: UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on e-money requirements, see Practice Note: Impact of Brexit: Payment services and electronic money directives—quick
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