An exemption from the requirement to audit individual accounts for a financial year available to companies that meet the statutory requirements.
A dormant company's annual accounts for a financial year must be audited, unless the company is exempt from audit because:
—it has been dormant since incorporation, or
—it has been dormant since the end of the previous financial year and, in the current financial year, is not required to prepare group accounts (whether IAS group accounts or Companies Act group accounts) but:
? is entitled to prepare individual accounts in accordance with the small companies regime, or
? would be entitled to prepare individual accounts in accordance with the small companies regime, but for the fact that it is a public company or a member of an ineligible group