35. Sections 480 and 481(1) apply to LLPs, modified so that they read as follows—
480.—(1) An LLP is exempt from the requirements of this Act 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 381 to 384), or
(ii)would be so entitled but for having been a member of an ineligible group, and
(b)is not required to prepare group accounts for that year.
(3) This section has effect subject to—
section 475(2) and (3) (requirements as to statements to be contained in balance sheet), and
section 481 (LLPs excluded from dormant LLPs exemption).
481. An LLP is not entitled to the exemption conferred by section 480 (dormant LLPs) if it was at any time within the financial year in question an LLP that—
(a)is an authorised insurance company, a banking LLP, an e-money issuer, a MiFID investment firm or a UCITS management company, or
(b)carries on insurance market activity.”
Section 481 was amended by regulation 3(6) of S.I. 2007/2932.