The Partnerships (Accounts) Regulations 2008

Interpretation

2.—(1) In these Regulations—

“the accounts”, in relation to a qualifying partnership, means the annual accounts, the directors’ report and the auditor’s report required by regulation 4,

“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(1),

“general partner” has the same meaning as in the Limited Partnerships Act 1907(2),

“the Large and Medium-sized Companies Accounts Regulations” means the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008(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 partnership” has the meaning given by regulation 3,

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

“the Small Companies Accounts Regulations” means the Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008(5),

and except as otherwise provided in these Regulations, words and expressions used in the Companies Act 2006 have the same meaning in these Regulations as they have in that Act.

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

(1)

O.J. L222, 14.8.1978, p.11. 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. L193, 18.7.1983, p.1); (ii) Council Directive (90/604/EEC) of 8th November 1990 on small and medium-sized companies (O.J. L317, 16.11.1990, p.57), (iii) Directive 2001/65/EC on fair value accounting (O.J. L283, 27.10.2001, p.28), (iv) Directive 2003/51/EC on accounts modernisation (O.J. L178, 17.7.2003, p.16) and (v) Directive 2006/46/EC on company reporting (O.J. L224, 16.8.2006, p.1).

(2)

1907 c.24.

(3)

S.I. 2008/410.

(4)

O.J. L193, 18.7.1983, p.1. 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. L317, 16.11.1990, p.57), (iii) Directive 2001/65/EC on fair value accounting (O.J. L283, 27.10.2001, p.28), (iv) Directive 2003/51/EC on accounts modernisation (O.J. L178, 17.7.2003, p.16) and (v) Directive 2006/46/EC on company reporting (O.J. L224, 16.8.2006, p.1).

(5)

S.I. 2008/409.