The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016

Information to be given in notes to accounts U.K.

10.—(1) Regulation 11 (information to be given in notes to accounts) is amended as follows.

(2) For “Section 409 to 411(1) apply to LLPs” substitute “Sections 409, 410A and 411 apply to LLPs”.

(3) Omit section 410 (information about related undertakings: alternative compliance).

(4) In section 410A (information about off-balance sheet arrangements)—

(a) for subsection (1) substitute—

“(1) If in any financial year—

(a) an LLP is or has been party to arrangements that are not reflected in its balance sheet, and

(b) at the balance sheet date the risks or benefits arising from those arrangements are material,

the information required by this section must be given in the notes to the LLP’s annual accounts.”; and

(b) for subsection (4) substitute—

“(4) If the LLP is subject to the small LLPs regime in relation to the financial year (see section 381), it need not comply with subsection (2)(b).”.

(5) In section 411 (information about employee numbers and costs)—

(a) for subsection (1) substitute—

“(1) The notes to an LLP’s annual accounts must disclose the average number of persons employed by the LLP in the financial year.

(1A) In the case of an LLP not subject to the small LLPs regime, the notes to the LLP’s accounts must also disclose the average number of persons within each category of persons so employed.”;

(b) in subsection (2), for “subsection (1)(b)” substitute “subsection (1A)”;

(c) in subsection (3), for “subsection (1)(a) or (b)” substitute “subsection (1) or (1A)”;

(d) in subsection (4)—

(i) in paragraph (a), for “subsection (1)(a)” substitute “subsection (1)”; and

(ii) in paragraph (b), for “subsection (1)(b)” substitute “subsection (1A)”; and

(e) for subsection (5) substitute—

“(5) Except in the case of an LLP subject to the small LLPs regime, the notes to the LLP’s annual accounts or the profit and loss account must disclose, with reference to all persons employed by the LLP during the financial year, the total staff costs of the LLP relating to the financial year broken down between—

(a) wages and salaries paid or payable in respect of that year to those persons,

(b) social security costs incurred by the LLP on their behalf, and

(c) other pension costs so incurred.”.

Commencement Information

I1 Reg. 10 in force at 17.5.2016, see reg. 2(1)

(1)

Section 410 of the Companies Act 2006 (c.46) was repealed by S.I. 2015/980, regulation 5(1) and (13).