(1) A company is exempt from the requirement to prepare individual accounts for a financial year if -
(a) it is itself a subsidiary undertaking,
(b) it has been dormant throughout the whole of that year, and
(c) its parent undertaking is established under the law of any part of the United Kingdom.
(2) Exemption is conditional upon compliance with all of the following conditions -
(a) all members of the company must agree to the exemption in respect of the financial year in question,
(b) the parent undertaking must give a guarantee under section 394C in respect of that year,
(c) the company must be included in the consolidated accounts drawn up for that year or to an earlier date in that year by the parent undertaking in accordance with -
(i) if the undertaking is a company, the requirements of this Part of this Act, or, if the undertaking is not a company, the legal requirements which apply to the drawing up of consolidated accounts for that undertaking, or
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