(a) in subsection (1)(b), by the substitution of “subject to subsection (1A), the directors’ report”, for “the directors’ report”, and
(b) by the insertion of the following subsection after subsection (1):
“(1A) Subsection (1)(b) shall not apply to a company that qualifies for the micro companies regime and has availed itself of the exemption, under section 325(1A), from preparing a directors’ report.”.