Sections 480 and 481 [Section 481 was amended by regulation 3(6) of S.I. 2007/2932.] apply to LLPs, modified so that they read as follows -

"480. Dormant LLPS: conditions for exemption from audit

(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. LLPs excluded from dormant LLPs exemption