The Small Limited Liability Partnerships (Accounts) Regulations 2008

  1. Introductory Text

  2. PART 1 INTRODUCTION

    1. 1.Citation and interpretation

    2. 2.Commencement and application

  3. PART 2 FORM AND CONTENT OF INDIVIDUAL ACCOUNTS

    1. 3.Non-IAS individual accounts

    2. 4.Information about related undertakings (non-IAS or IAS individual accounts)

    3. 5.Accounts for delivery to registrar of companies (non-IAS individual accounts)

    4. 5A.Non-IAS individual accounts: micro-entities – notes to the accounts

  4. PART 3 FORM AND CONTENT OF GROUP ACCOUNTS

    1. 6.Non-IAS group accounts

    2. 7.Information about related undertakings (Non-IAS or IAS group accounts)

  5. PART 4 INTERPRETATION

    1. 8.General interpretation

  6. PART 5 REVIEW

    1. 9.Review

  7. Signature

    1. SCHEDULE 1

      NON-IAS INDIVIDUAL ACCOUNTS

      1. PART 1 GENERAL RULES AND FORMATS

        1. SECTION A GENERAL RULES

          1. 1.(1) Subject to the following provisions of this Schedule—

          2. 1A.(1) Where appropriate to the circumstances of an LLP ’s...

          3. 1B.(1) The members of the LLP may adapt one of...

          4. 1C.So far as is practicable, the following provisions of this...

          5. 2.(1) Where in accordance with paragraph 1(1) an LLP's balance...

          6. 2A.Where in accordance with paragraph 1(1A) an LLP ’s balance...

          7. 3.(1) Any item required to be shown in an LLP's...

          8. 4.(1) Where the special nature of the LLP's business requires...

          9. 5.(1) Subject to sub-paragraph (2), the members must not include...

          10. 6.Every profit and loss account other than one prepared by...

          11. 7.(1) For every item shown in the balance sheet or...

          12. 8.Amounts in respect of items representing assets or income may...

          13. 9.The members of the LLP must, in determining how amounts...

          14. 9A.Where an asset or liability relates to more than one...

        2. SECTION B THE REQUIRED FORMATS FOR THE ACCOUNTS OF LLPS OTHER THAN MICRO-ENTITIES

          1. Balance sheet formats

          2. Notes on the balance sheet formats

          3. Profit and loss account formats

            1. Format 1 (see note (12) below) 1. Turnover 2. Cost...

          4. Notes on the profit and loss account formats

        3. SECTION C THE REQUIRED FORMATS FOR THE ACCOUNTS OF MICRO-ENTITIES

          1. Balance Sheet Formats

            1. Format 1

            2. Format 2

          2. Notes on the balance sheet formats

          3. Profit and loss account format

      2. PART 2 ACCOUNTING PRINCIPLES AND RULES

        1. SECTION A ACCOUNTING PRINCIPLES

          1. 10.Preliminary

          2. 11.Accounting principles

          3. 12.Accounting policies and measurement bases must be applied consistently within...

          4. 13.The amount of any item must be determined on a...

          5. 14.All income and charges relating to the financial year to...

          6. 15.In determining the aggregate amount of any item, the amount...

          7. 15A.The opening balance sheet for each financial year must correspond...

        2. SECTION B HISTORICAL COST ACCOUNTING RULES

          1. 16.Preliminary

        3. Fixed assets

          1. 17.General rules

          2. 18.Rules for depreciation and diminution in value

          3. 19.(1) Where a fixed asset investment of a description falling...

          4. 20.(1) Where the reasons for which any provision was made...

          5. 21.Intangible assets

          6. 22.(1) Intangible assets must be written off over the useful...

          7. 23.Current assets

          8. 24.(1) If the net realisable value of any current asset...

        4. Miscellaneous and supplementary provisions

          1. 25.Excess of money owed over value received as an asset item

          2. 26.Assets included at a fixed amount

          3. 27.Determination of purchase price or production cost

          4. 28.(1) The purchase price or production cost of—

          5. 29.Substitution of original stated amount where price or cost unknown

          6. 29A. Equity method in respect of participating interests

        5. SECTION C ALTERNATIVE ACCOUNTING RULES

          1. 30.Preliminary

          2. 31.Subject to paragraphs 33 to 35, the amounts to be...

          3. 32.Alternative accounting rules

          4. 33.Application of the depreciation rules

          5. 34.Additional information to be provided in case of departure from historical cost accounting rules

          6. 35.Revaluation reserve

        6. SECTION D FAIR VALUE ACCOUNTING

          1. 36.Inclusion of financial instruments at fair value

          2. 37.Determination of fair value

          3. 38.Hedged items

          4. 39.Other assets that may be included at fair value

          5. 40.Accounting for changes in value

          6. 41.The fair value reserve

      3. PART 3 NOTES TO THE ACCOUNTS

        1. 42.Preliminary

        2. 43.Reserves

        3. 44.Disclosure of accounting policies

        4. Information supplementing the balance sheet

          1. 45.Paragraphs 47 to 55 require information which either supplements the...

          2. 46.Loans and other debts due to members

          3. 47.Fixed assets

          4. 48.Where any fixed assets of the LLP (other than listed...

          5. 49.Investments

          6. 50.Information about fair value of assets and liabilities

          7. 51.(1) This paragraph applies if— (a) the LLP has financial...

          8. 52.Information where investment property and living animals and plants included at fair value

          9. 53.Information about revalued fixed assets

          10. 54.Details of indebtedness

          11. 55.Guarantees and other financial commitments

          12. 56.Miscellaneous matters

          13. 57.Information supplementing the profit and loss account

          14. 58.Particulars of turnover

          15. 59.Miscellaneous matters

          16. 60.Sums denominated in foreign currencies

          17. 61.Dormant LLPs acting as agents

          18. 62.Post balance sheet events

          19. 63.Parent undertaking information

          20. 64.Related party transactions

    2. SCHEDULE 2

      INFORMATION ABOUT RELATED UNDERTAKINGS WHERE LLP NOT PREPARING GROUP ACCOUNTS (NON-IAS OR IAS INDIVIDUAL ACCOUNTS)

      1. 1.Subsidiary undertakings

      2. 2.Holdings in subsidiary undertakings

      3. 3.Financial information about subsidiary undertakings

      4. 4.Significant holdings in undertakings other than subsidiary undertakings

      5. 5.(1) The name of the undertaking must be stated.

      6. 6.(1) There must also be stated— (a) the aggregate amount...

      7. 7.Parent undertaking drawing up accounts for larger group

      8. 8.Identification of ultimate parent

      9. 9.Construction of references to shares held by LLP

    3. SCHEDULE 3

      NON-IAS ABBREVIATED ACCOUNTS FOR DELIVERY TO REGISTRAR OF COMPANIES

      1. PART 1 THE REQUIRED BALANCE SHEET FORMATS

        1. 1.(1) An LLP may deliver to the registrar a copy...

      2. PART 2 NOTES TO THE ACCOUNTS

        1. 2.Preliminary

        2. 3.Disclosure of accounting policies

        3. Information supplementing the balance sheet

          1. 4.Fixed assets

          2. 5.Financial fixed assets

          3. 6.Details of indebtedness

          4. 7.Sums denominated in foreign currencies

          5. 8.Dormant LLPs acting as agents

    4. SCHEDULE 4

      GROUP ACCOUNTS

      1. PART 1 FORM AND CONTENT OF NON-IAS GROUP ACCOUNTS

        1. 1.General rules

        2. 2.(1) The consolidated balance sheet and profit and loss account...

        3. 3.(1) Where assets and liabilities to be included in the...

        4. 4.Any differences of accounting rules as between a parent LLP's...

        5. 5.Amounts that in the particular context of any provision of...

        6. 6.Elimination of group transactions

        7. 7.Acquisition and merger accounting

        8. 8.An acquisition must be accounted for by the acquisition method...

        9. 9.(1) The acquisition method of accounting is as follows.

        10. 10.The conditions for accounting for an acquisition as a merger...

        11. 11.(1) Where an LLP adopts the merger method of accounting,...

        12. 12.(1) Where a group is acquired, paragraphs 9 to 11...

        13. 13.(1) The following information with respect to acquisitions taking place...

        14. 14.(1) There must also be stated in a note to...

        15. 15.Where during the financial year there has been a disposal...

        16. 16.The information required by paragraph 13, 14 or 15 need...

        17. 16A.Where an acquisition has taken place in the financial year...

        18. 17.Non-controlling interests

        19. 18.Joint ventures

        20. 19.Associated undertakings

        21. 20.(1) The interest of an undertaking in an associated undertaking,...

        22. 20A.Deferred tax balances

        23. 20B.Related party transactions

      2. PART 2 INFORMATION ABOUT RELATED UNDERTAKINGS WHERE LLP PREPARING GROUP ACCOUNTS (NON-IAS OR IAS GROUP ACCOUNTS)

        1. 21.Introduction and interpretation

        2. 22.Subsidiary undertakings

        3. 23.Holdings in subsidiary undertakings

        4. 24.Financial information about subsidiary undertakings not included in the consolidation

        5. 25.Joint ventures

        6. 26.Associated undertakings

        7. 27.Other significant holdings of parent LLP or group

        8. 28.(1) The name of the undertaking must be stated.

        9. 29.(1) There must also be stated— (a) the aggregate amount...

        10. 30.(1) The information required by paragraphs 31 and 32 must...

        11. 31.(1) The name of the undertaking must be stated.

        12. 32.(1) There must also be stated— (a) the aggregate amount...

        13. 33.Parent undertaking drawing up accounts for larger group

        14. 34.Identification of ultimate parent

        15. 35.Construction of references to shares held by parent LLP or group

    5. SCHEDULE 5

      GENERAL INTERPRETATION

      1. 1.Financial instruments

      2. 2.(1) The expressions listed in sub-paragraph (2) have the same...

      3. 3.Fixed and current assets

      4. 4.Historical cost accounting rules

      5. 5.Listed investments

      6. 6.Loans

      7. 7.Materiality

      8. 8.Participating interests

      9. 9.Provisions

      10. 10.References to provisions for liabilities are to any amount retained...

      11. 11.Purchase price

      12. 12.Staff costs

  9. Explanatory Note