In section 477 [Section 477 was amended by S.I. 2008/393, regulation 5(1).] of the 2006 Act (small companies: conditions for exemption from audit) -

(a) in subsection (1), for "meets the following conditions in respect of" substitute "qualifies as a small company in relation to";

(b) omit subsections (2) and (3); and

(c) in subsection (4), omit paragraph (b) and the preceding "and".