PART 2PARTNERSHIP ACCOUNTS
Exemption from regulations 4 to 6 where accounts consolidatedC1C2C3C4C5C67
1
The members of a qualifying partnership are exempt from the requirements of regulations 4 to 6 if the partnership is dealt with on a consolidated basis in group accounts prepared by—
a
a member of the partnership which is established under the law of F2any part of the United Kingdom, or
b
a parent undertaking of such a member which parent undertaking is so established,
and (in either case) the conditions mentioned in paragraph (2) are complied with.
2
The conditions are—
F1a
that the group accounts are prepared and audited, if the undertaking is a company, in accordance with the requirements of the Companies Act 2006, or, if the undertaking is not a company, the legal requirements which apply to the preparation and audit of consolidated accounts for that undertaking, and
b
the notes to those accounts disclose that advantage has been taken of the exemption conferred by this regulation.
3
Where advantage is taken of the exemption conferred by this regulation, any member of the qualifying partnership which is a limited company must disclose on request the name of at least one member or parent undertaking in whose group accounts the partnership has been or is to be dealt with on a consolidated basis.