(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.
(2) . . .
(3) . . .
(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). . .
(b) . . ..
(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),
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