(1) The exemption in subsection (2) is available for a company that -
(a) qualifies for the small companies regime (or the micro companies regime), and
(b) has not elected to prepare group financial statements in accordance with section 293.
(2) That exemption is an exemption from the requirement in section 347 to annex to the company's annual return the following documents:
(a) the statutory financial statements of the company;
(b) the directors' report (except where that company qualifies for the micro companies regime and has not elected to prepare the directors' report);
(c) the statutory auditors' report on those financial statements and that directors' report.
(3) If a company that qualifies for the small companies regime or the micro companies regime avails itself of the exemption provided by this section, it shall instead annex to its annual return a copy of each of the following documents:
(a) abridged financial statements prepared in accordance with section 353 and which have
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