Board Minutes for a subsidiary company claiming an audit exemption (s.479A Companies Act 2006)

A UK company that is a subsidiary of a UK parent company can qualify for exemption from audit under the subsidiary company exemption (section 479A of the Companies Act 2006) whereby the parent guarantees the subsidiary’s outstanding liabilities for a particular financial year. One of the conditions that must be fulfilled to use this exemption is that the members of the subsidiary company must agree to the exemption, this must be unanimous agreement.

These template board minutes may be used by the subsidiary company to confirm that it will be seeking an exemption form audit of its individual accounts for a particular financial year under section 479A Companies Act 2006. The board minutes go onto confirm the necessary requirements to seek the exemption, including a unanimous members’ written notice, the documents produced to the meeting, and the documents to file with Companies House.

Our guidance note on accounts and audit has more detail on this audit exemption and the formalities that must be met in order to qualify for it.

Optional phrases/clauses are in enclosed brackets. These should be read carefully and selected to be compatible with one another. Unused options should be removed from the document.

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Board Minutes for a subsidiary company claiming an audit exemption (s.479A Companies Act 2006) is part of Corporate Documents. Just £35.00 + VAT provides unlimited downloads from Corporate Documents for 1 year.