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Companies (Auditing and Accounting) Act 2003

Amendment of Companies (Amendment) (No. 2) Act 1999 (exemption from requirement to have accounts audited).

53.—The Companies (Amendment) (No. 2) Act 1999 is amended as follows:

(a) in section 32(1) by substituting “Subject to sections 32A and 33(1)” for “Subject to section 33(1)”;

(b) in section 32(3)(a)(ii) by substituting “€1,500,000” for “£250,000”;

(c) in section 32(3)(a)(v)(IV) by substituting “(other than paragraph 18 thereof).” for “(other than paragraph 18 thereof),”;

(d) in section 32(3) by deleting “and” where it occurs after paragraph (a)(v)(IV) and by repealing paragraph (b);

(e) by adding the following section after section 32:

“Exemption conditional on timely filing of annual return.

32A.—Notwithstanding that the conditions specified in section 32(3) are satisfied, a company is not entitled to the exemption in a financial year unless—

(a) the company's annual return to which the accounts for that financial year are annexed is delivered to the registrar of companies in compliance with section 127 of the Principal Act, and

(b) if the annual return referred to in paragraph (a) is not the company's first annual return, its annual return to which the accounts for its preceding financial year were annexed was also delivered to the registrar of companies in compliance with section 127 of the Principal Act.”.