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) where 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, and this must be unanimous agreement.

Use these minutes to document a subsidiary’s decision to claim the s.479A audit exemption

These template board minutes may be used by a subsidiary company to confirm that it will be seeking an exemption from audit of its individual accounts for a particular financial year under section 479A of the Companies Act 2006.

What these minutes record to support the exemption

The minutes go on to confirm the requirements for seeking the exemption, including:

• Unanimous members’ written notice agreeing to the exemption.
• The documents produced to the meeting.
• The documents to file with Companies House.

Further guidance on accounts, audit and related formalities

Our guidance note on Guidance Notes: Accounts, Audit & other statutory filings has more detail on this audit exemption and the formalities that must be met in order to qualify.

Board Minutes for a subsidiary company claiming an audit exemption (s.479A Companies Act 2006) is part of Corporate. Just £38.50 + VAT provides unlimited downloads from Corporate for 1 year.