[479A Subsidiary companies: conditions for exemption from audit]
[479A Subsidiary companies: conditions for exemption from audit]
Companies Act 2006 | Legislation

[(1)     A company is exempt from the requirements of this Act relating to the audit of individual accounts for a financial year if—

(a)     it is itself a subsidiary undertaking, and

(b)     its parent undertaking is established under the law of an EEA State [or part of the United Kingdom].

(2)     Exemption is conditional upon compliance with all of the following conditions—

(a)     all members of the company must agree to the exemption in respect of the financial year in question,

(b)     the parent undertaking must give a guarantee under section 479C in respect of that year,

(c)     the company must be included in the consolidated accounts drawn up for that year or to an earlier date in that year by the parent undertaking in accordance with—