455. Dormant LLPs: conditions for exemption from audit

(1) An LLP is exempt from the requirements of the Companies 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 LLP —
(a) as regards its individual accounts for the financial year in question —
(i) is entitled to prepare accounts in accordance with the small LLPs regime (see sections 368 (LLPs subject to the small LLPs regime) to 371 (LLPs excluded from the small LLPs regime)), and
(ii) is not required to prepare group accounts for that year.
(3) This section has effect subject to —

section 447(2) and (3) (requirements as to statements to be contained in balance sheet),

section 448 (right of members to require audit), and

section 456 (LLPs excluded from dormant LLPs exemption).