455. Dormant companies: conditions for exemption from audit
(1) A company is exempt from the requirements of these Regulations relating to the audit of accounts in respect of a financial year if—
(a) it has been dormant since its formation, or
(b) it has been dormant since the end of the previous financial year and the following conditions are met.
(2) The conditions are that the company—
(a) as regards its individual accounts for the financial year in question—
(i) is entitled to prepare accounts in accordance with the small companies regime (see sections 368 (companies subject to the small companies regime) to 371 (companies excluded from the small companies regime)), and
(ii) is not required to prepare group accounts for that year.