The Partnerships and Unlimited Companies (Accounts) Regulations 1993

Interpretation

2.—(1) In these Regulations, unless the context otherwise requires—

“the 1985 Act” means the Companies Act 1985(1);

“the accounts”, in relation to a qualifying partnership, means the annual accounts, the annual report and the auditors' report required by regulation 4 below;

“dealt with on a consolidated basis” means dealt with by the method of full consolidation, the method of proportional consolidation or the equity method of accounting;

“financial year”, in relation to a qualifying partnership, means any period of not more than 18 months in respect of which a profit and loss account of the partnership is required to be made up by or in accordance with its constitution or, failing any such requirement, each period of 12 months beginning with 1st April;

“the Fourth Directive” means the Fourth Council Directive (78/660/EEC) of 25th July 1978 on the annual accounts of certain types of companies(2), as amended;

“general partner” has the same meaning as in the Limited Partnerships Act 1907(3);

“limited company” means a company limited by shares or limited by guarantee;

“limited partnership” means a partnership formed in accordance with the Limited Partnerships Act 1907;

“qualifying company” has the meaning given by regulation 9 below;

“qualifying partnership” has the meaning given by regulation 3 below;

“the Seventh Directive” means the Seventh Council Directive (83/349/EEC) of 13th June 1983 on consolidated accounts(4), as amended;

and other expressions shall have the meanings ascribed to them by the 1985 Act.

(2) Any reference in these Regulations to the members of a qualifying partnership shall be construed, in relation to a limited partnership, as a reference to its general partner or partners.

(1)

The 1985 Act, and in particular Part VII of that Act dealing with accounts and audit, has been substantially amended by the Companies Act 1989.

(2)

O.J. No. L222 of 14.8.1978, pages 11 to 31. Relevant amendments to the Fourth Directive have been made by— (i)the Seventh Council Directive (83/349/EEC) of 13th June 1983 on consolidated accounts (O.J. No. L193 of 18.7.1983, pages 1 to 17); and (ii) Council Directive (90/604/EEC) of 8th November 1990 on small and medium-sized companies (O.J. No. L317 of 16.11.1990, pages 57 to 59).

(3)

1907 c. 24 (7 Edw 7).

(4)

O.J. No. L193 of 18.7.1983, pages 1 to 17. Relevant amendments to the Seventh Directive have been made by Council Directive (90/604/EEC) of 8th November 1990 on small and medium-sized companies (O.J. No. L317 of 16.11.1990, pages 57 to 59).