Amendments to the Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008I15

1

The Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008 are amended as follows.

2

In Schedule 2 for sub-paragraph (6) of paragraph 8 and in Schedule 6 for sub-paragraph (6) of paragraph 34 substitute—

6

In sub-paragraph (1) “member”, in relation to a qualifying undertaking which is a qualifying partnership, has the same meaning as in the Partnerships (Accounts) Regulations 2008.

7

In this paragraph—

  • “dealt with on a consolidated basis” and “qualifying partnership” have the same meanings as in the Partnerships (Accounts) Regulations 2008;

  • “qualifying undertaking” means—

    1. a

      a qualifying partnership, or

    2. b

      an unlimited company each of whose members is—

      1. i

        a limited company,

      2. ii

        another unlimited company each of whose members is a limited company,

      3. iii

        a Scottish partnership which is not a limited partnership, each of whose members is a limited company, or

      4. iv

        a Scottish partnership which is a limited partnership, each of whose general partners is a limited company.

8

In sub-paragraph (7) the references to a limited company, another unlimited company, a Scottish partnership which is not a limited partnership or a Scottish partnership which is a limited partnership include a comparable undertaking incorporated in or formed under the law of a country or territory outside the United Kingdom.

9

In sub-paragraph (7) “general partner” means—

a

in relation to a Scottish partnership which is a limited partnership, a person who is a general partner within the meaning of the Limited Partnerships Act 1907, and

b

in relation to an undertaking incorporated in or formed under the law of any country or territory outside the United Kingdom and which is comparable to a Scottish partnership which is a limited partnership, a person comparable to such a general partner.

10

In sub-paragraphs (7), (8) and (9) “limited partnership” means a partnership registered under the Limited Partnerships Act 1907.