Part 3Qualifying conditions for micro-entities, small and medium-sized companies and limited liability partnerships

Chapter 2Amendments to the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008

Amendments to the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 200811.

(1)

The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 are amended as follows.

(2)

In regulation 5 (LLPs subject to the small LLPs regime), in section 382(3) (companies qualifying as small: general) as applied to LLPs by that regulation, in the second column of the table18—

(a)

for “Not more than £10.2 million” substitute “Not more than £15 million”;

(b)

for “Not more than £5.1 million” substitute “Not more than £7.5 million”.

(3)

In regulation 5 (LLPs subject to the small LLPs regime), in section 383(4) (companies qualifying as small: parent companies) as applied to LLPs by that regulation, in the second column of the table19—

(a)

for “Not more than £10.2 million net (or £12.2 million gross)” substitute “Not more than £15 million net (or £18 million gross)”;

(b)

for “Not more than £5.1 million net (or £6.1 million gross)” substitute “Not more than £7.5 million net (or £9 million gross)”.

(4)

In regulation 5A (LLPs qualifying as micro-entities)20, in section 384A(4) (companies qualifying as micro-entities) as applied to LLPs by that regulation, in the second column of the table—

(a)

for “Not more than £632,000” substitute “Not more than £1 million”;

(b)

for “Not more than £316,000” substitute “Not more than £500,000”.

(5)

In regulation 26 (medium-sized LLPs), in section 465(3) (companies qualifying as medium-sized: general) as applied to LLPs by that regulation, in the second column of the table21—

(a)

for “Not more than £36 million” substitute “Not more than £54 million”;

(b)

for “Not more than £18 million” substitute “Not more than £27 million”.

(6)

In regulation 26 (medium-sized LLPs), in section 466(4) (companies qualifying as medium-sized: parent companies) as applied to LLPs by that regulation, in the second column of the table22—

(a)

for “Not more than £36 million net (or £43.2 million gross)” substitute “Not more than £54 million net (or £64 million gross)”;

(b)

for “Not more than £18 million net (or £21.6 million gross)” substitute “Not more than £27 million net (or £32 million gross)”.

(7)

In this regulation “LLP” means a limited liability partnership registered under the Limited Liability Partnerships Act 2000.