Information supplementing the profit and loss accountU.K.
62. Paragraphs 63 to 67 require information which either supplements the information given with respect to any particular items shown in the profit and loss account or otherwise provides particulars of income or expenditure of the LLP or of circumstances affecting the items shown in the profit and loss account (see regulation 3 for exemption for LLP falling within section 408 of the 2006 Act (individual profit and loss account where group accounts prepared)).U.K.
Separate statement of certain items of income and expenditureU.K.
63.—(1) Subject to sub-paragraph (2), there must be stated the amount of the interest on or any similar charges in respect of bank loans and overdrafts, and loans of any other kind made to the LLP.
(2) Sub-paragraph (1) does not apply to interest or charges on loans to the LLP from group undertakings, but, with that exception, it applies to interest or charges on all loans, whether made on the security of debentures or not.
Particulars of taxU.K.
64.—(1) Particulars must be given of any special circumstances which affect liability in respect of taxation of profits, income or capital gains for the financial year or liability in respect of taxation of profits, income or capital gains for succeeding financial years.
(2) The following amounts must be stated—
(a)the amount of the charge for United Kingdom corporation tax,
(b)if that amount would have been greater but for relief from double taxation, the amount which it would have been but for such relief,
(c)the amount of the charge for United Kingdom income tax, and
(d)the amount of the charge for taxation imposed outside the United Kingdom of profits, income and (so far as charged to revenue) capital gains.
[F1These amounts must be stated separately in respect of each of the amounts which is or would but for paragraph 4(2)(b) be shown under the item “tax on profit or loss” in the profit and loss account.]
Textual Amendments
F1Words in Sch. 1 para. 64(2) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 56(g)
Particulars of turnoverU.K.
65.—(1) If in the course of the financial year the LLP has carried on business of two or more classes that, in the opinion of the members, differ substantially from each other, the amount of the turnover attributable to each class must be stated and the class described (see regulation 4(3)(b) for exemption for medium-sized LLP in accounts delivered to registrar).
(2) If in the course of the financial year the LLP has supplied markets that, in the opinion of the members, differ substantially from each other, the amount of the turnover attributable to each such market must also be stated. In this paragraph “market” means a market delimited by geographical bounds.
(3) In analysing for the purposes of this paragraph the source (in terms of business or in terms of market) of turnover, the members of the LLP must have regard to the manner in which the LLP's activities are organised.
(4) For the purposes of this paragraph—
(a)classes of business which, in the opinion of the members, do not differ substantially from each other must be treated as one class, and
(b)markets which, in the opinion of the members, do not differ substantially from each other must be treated as one market,
and any amounts properly attributable to one class of business or (as the case may be) to one market which are not material may be included in the amount stated in respect of another.
(5) Where in the opinion of the members the disclosure of any information required by this paragraph would be seriously prejudicial to the interests of the LLP, that information need not be disclosed, but the fact that any such information has not been disclosed must be stated.
Particulars of membersU.K.
66.—(1) Particulars must be given of the average number of members of the LLP in the financial year, which number is to be determined by dividing the relevant annual number by the number of months in the financial year.
(2) The relevant annual number is to be determined by ascertaining for each month in the financial year the number of members of the LLP for all or part of that month, and adding together all the monthly numbers.
(3) Where the amount of the profit of the LLP for the financial year before members' remuneration and profit shares exceeds £200,000, there must be disclosed the amount of profit (including remuneration) which is attributable to the member with the largest entitlement to profit (including remuneration).
(4) For the purpose of determining the amount to be disclosed under sub-paragraph (3), “remuneration” includes any emoluments specified in paragraph 1(1)(a), (c) or (d) of Schedule 5 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 M1 receivable from—
(a)the LLP,
(b)the LLP's subsidiary undertakings, and
(c)any other person.
Marginal Citations
Miscellaneous mattersU.K.
67.—(1) Where any amount relating to any preceding financial year is included in any item in the profit and loss account, the effect must be stated.
[F2(2) The amount, nature and effect of any individual items of income or expenditure which are of exceptional size or incidence must be stated.]
Textual Amendments
F2Sch. 1 para. 67(2) substituted for Sch. 1 para. 67(2)(3) (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 56(h)
Sums denominated in foreign currenciesU.K.
68. Where any sums originally denominated in foreign currencies have been brought into account under any items shown in the balance sheet format or profit and loss account formats, the basis on which those sums have been translated into sterling (or the currency in which the accounts are drawn up) must be stated.
Dormant LLPs acting as agentsU.K.
69. Where the members of an LLP take advantage of the exemption conferred by section 480 of the 2006 Act (dormant LLPs: exemption from audit), and the LLP has during the financial year in question acted as an agent for any person, the fact that it has so acted must be stated.
Related party transactionsU.K.
70.—(1) Particulars may be given of transactions which the LLP has entered into with related parties, and must be given if such transactions are material and have not been concluded under normal market conditions (see [F3regulation 4(2B) for a modification] for medium-sized LLPs).
(2) The particulars of transactions required to be disclosed by sub-paragraph (1) must include—
(a)the amount of such transactions,
(b)the nature of the related party relationship, and
(c)other information about the transactions necessary for an understanding of the financial position of the LLP.
(3) Information about individual transactions may be aggregated according to their nature, except where separate information is necessary for an understanding of the effects of related party transactions on the financial position of the LLP.
(4) Particulars need not be given of transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly-owned by such a member.
(5) In this paragraph, “” has the same meaning as in [F4UK-adopted international accounting standards].
Textual Amendments
F3Words in Sch. 1 para. 70(1) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 56(i)
F4Words in Sch. 1 para. 70(5) substituted (31.12.2020) by The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/685), reg. 1(2), Sch. 1 para. 60(b) (with reg. 1(3)(4)) (as amended by S.I. 2020/523, regs. 1(2), 22); 2020 c. 1, Sch. 5 para. 1(1)
[F5Post balance sheet eventsU.K.
70A. The nature and financial effect of material events arising after the balance sheet date which are not reflected in the profit and loss account or balance sheet must be stated.
Textual Amendments
F5Sch. 1 paras. 70A, 70B inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 56(j)
AppropriationsU.K.
70B. Particulars must be given of the proposed appropriation of profit or treatment of loss or, where applicable, particulars of the actual appropriation of the profits or treatment of the losses.]
Textual Amendments
F5Sch. 1 paras. 70A, 70B inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 56(j)