Amendment of Companies (Amendment) (No. 2) Act 1999 (exemption from requirement to have accounts audited).
"Exemption conditional on timely filing of annual return.
(b) if the annual return referred to in paragraph (a) is not the company's first annual return, its annual return to which the accounts for its preceding financial year were annexed was also delivered to the registrar of companies in compliance with section 127 of the Principal Act.".