The Small Limited Liability Partnerships (Accounts) Regulations 2008

• (a) the undertaking is not required by any provision of the 2006 Act to deliver a copy of its balance sheet for its relevant financial year and does not otherwise publish that balance sheet in the United Kingdom or elsewhere, and

• (b) the holding of the group is less than 50% of the nominal value of the shares in the undertaking.

• (3) Information otherwise required by this paragraph need not be given if it is not material.

• (4) For the purposes of this paragraph the “relevant financial year” of a subsidiary undertaking is—

• (a) if its financial year ends with that of the LLP, that year, and

• (b) if not, its financial year ending last before the end of the LLP's financial year.

Joint ventures

25

• (1) The following information must be given where an undertaking is dealt with in the consolidated accounts by the method of proportional consolidation in accordance with paragraph 18 of this Schedule (joint ventures)—

• (a) the name of the undertaking,

• (b) the address of the undertaking’s registered office (whether in or outside the United Kingdom),

• (c) the factors on which joint management of the undertaking is based, and

• (d) the proportion of the capital of the undertaking held by or on behalf of undertakings included in the consolidation.

• (2) Where the financial year of the undertaking did not end with that of the LLP, there must be stated the date on which a financial year of the undertaking last ended before that date.

Associated undertakings

26

• (1) The following information must be given where an undertaking included in the consolidation has an interest in an associated undertaking.

• (2) The name of the associated undertaking must be stated.

• (3) There must be stated—

• (a) the address of the undertaking’s registered office (whether in or outside the United Kingdom),

• (b) if it is unincorporated, the address of its principal place of business.

• (4) The following information must be given with respect to the shares of the undertaking held—

• (a) by the parent LLP, and

• (b) by the group,

and the information under paragraphs (a) and (b) must be shown separately.

• (5) There must be stated—

• (a) the identity of each class of shares held, and

• (b) the proportion of the nominal value of the shares of that class represented by those shares.

• (6) In this paragraph “associated undertaking” has the meaning given by paragraph 19 of this Schedule; and the information required by this paragraph must be given notwithstanding that paragraph 20(3) of this Schedule (materiality) applies in relation to the accounts themselves.

Other significant holdings of parent LLP or group

27

• (1) The information required by paragraphs 28 and 29 must be given where at the end of the financial year the parent LLP has a significant holding in an undertaking which is not one of its subsidiary undertakings and does not fall within paragraph 25 (joint ventures) or paragraph 26 (associated undertakings).

• (2) A holding is significant for this purpose if—

• (a) it amounts to 20% or more of the nominal value of any class of shares in the undertaking, or

• (b) the amount of the holding (as stated or included in the LLP's individual accounts) exceeds 20% of the amount of its assets (as so stated).

28

• (1) The name of the undertaking must be stated.

• (2) There must be stated—

• (a) the address of the undertaking’s registered office (whether in or outside the United Kingdom),

• (b) if it is unincorporated, the address of its principal place of business.

• (3) The following information must be given with respect to the shares of the undertaking held by the parent LLP.

• (4) There must be stated—

• (a) the identity of each class of shares held, and

• (b) the proportion of the nominal value of the shares of that class represented by those shares.

29

• (1) There must also be stated—

• (a) the aggregate amount of the capital and reserves of the undertaking as at the end of its relevant financial year, and

• (b) its profit or loss for that year.

• (2) That information need not be given in respect of an undertaking if—

• (a) the undertaking is not required by any provision of the 2006 Act to deliver a copy of its balance sheet for its relevant financial year and does not otherwise publish that balance sheet in the United Kingdom or elsewhere, and

• (b) the LLP's holding is less than 50% of the nominal value of the shares in the undertaking.

• (3) Information otherwise required by this paragraph need not be given if it is not material.

• (4) For the purposes of this paragraph the “relevant financial year” of an undertaking is—

• (a) if its financial year ends with that of the LLP, that year, and

• (b) if not, its financial year ending last before the end of the LLP's financial year.

30

• (1) The information required by paragraphs 31 and 32 must be given where at the end of the financial year the group has a significant holding in an undertaking which is not a subsidiary undertaking of the parent LLP and does not fall within paragraph 25 (joint ventures) or paragraph 26 (associated undertakings).

• (2) A holding is significant for this purpose if—

• (a) it amounts to 20% or more of the nominal value of any class of shares in the undertaking, or

• (b) the amount of the holding (as stated or included in the group accounts) exceeds 20% of the amount of the group's assets (as so stated).

31

• (1) The name of the undertaking must be stated.

• (2) There must be stated—

• (a) the address of the undertaking’s registered office (whether in or outside the United Kingdom),

• (b) if it is unincorporated, the address of its principal place of business.

• (3) The following information must be given with respect to the shares of the undertaking held by the group.

• (4) There must be stated—

• (a) the identity of each class of shares held, and

• (b) the proportion of the nominal value of the shares of that class represented by those shares.

32

• (1) There must also be stated—

• (a) the aggregate amount of the capital and reserves of the undertaking as at the end of its relevant financial year, and

• (b) its profit or loss for that year.

• (2) That information need not be given if—

• (a) the undertaking is not required by any provision of the 2006 Act to deliver a copy of its balance sheet for its relevant financial year and does not otherwise publish that balance sheet in the United Kingdom or elsewhere, and

• (b) the holding of the group is less than 50% of the nominal value of the shares in the undertaking.

• (3) Information otherwise required by this paragraph need not be given if it is not material.

• (4) For the purposes of this paragraph the “relevant financial year” of an outside undertaking is—

• (a) if its financial year ends with that of the parent LLP, that year, and

• (b) if not, its financial year ending last before the end of the parent LLP's financial year.

Parent undertaking drawing up accounts for larger group

33

• (1) Where the parent LLP is itself a subsidiary undertaking, the following information must be given with respect to that parent undertaking of the LLP which heads—

• (a) the largest group of undertakings for which group accounts are drawn up and of which that LLP is a member, and

• (b) the smallest such group of undertakings.

• (2) The name of the parent undertaking must be stated.

• (3) There must be stated—

• (a) if the undertaking is incorporated outside the United Kingdom, the country in which it is incorporated,

• (b) if it is unincorporated, the address of its principal place of business.

• (4) If copies of the group accounts referred to in sub-paragraph (1) are available to the public, there must also be stated the addresses from which copies of the accounts can be obtained.

Identification of ultimate parent

34

• (1) Where the parent LLP is itself a subsidiary undertaking, the following information must be given with respect to the body corporate (if any) regarded by the members as being that LLP's ultimate parent.

• (2) The name of that body corporate must be stated.

• (3) If that body corporate is incorporated outside the United Kingdom, the country in which it is incorporated must be stated (if known to the members).

Construction of references to shares held by parent LLP or group

35

• (1) References in this Part of this Schedule to shares held by the parent LLP or the group are to be construed as follows.

• (2) For the purposes of paragraphs 23, 26(4) and (5) and 27 to 29 (information about holdings in subsidiary and other undertakings)—

• (a) there must be attributed to the parent LLP shares held on its behalf by any person; but

• (b) there must be treated as not held by the parent LLP shares held on behalf of a person other than the LLP.

• (3) References to shares held by the group are to any shares held by or on behalf of the parent LLP or any of its subsidiary undertakings; but any shares held on behalf of a person other than the parent LLP or any of its subsidiary undertakings are not to be treated as held by the group.

• (4) Shares held by way of security must be treated as held by the person providing the security—

• (a) where apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights attached to the shares are exercisable only in accordance with his instructions, and

• (b) where the shares are held in connection with the granting of loans as part of normal business activities and apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights attached to the shares are exercisable only in his interests.

SCHEDULE 5 — GENERAL INTERPRETATION

Financial instruments

1

References to “derivatives” include commodity-based contracts that give either contracting party the right to settle in cash or in some other financial instrument, except where such contracts—

• (a) were entered into for the purpose of, and continue to meet, the LLP's expected purchase, sale or usage requirements,

• (b) were designated for such purpose at their inception, and

• (c) are expected to be settled by delivery of the commodity.

2

• (1) The expressions listed in sub-paragraph (2) have the same meaning as they have in Directive 2013/34/EU of 26 June 2013 on the annual financial statements etc. of certain types of undertakings.

• (2) Those expressions are “available for sale financial asset”, “business combination”, “commodity-based contracts”, “derivative”, “equity instrument”, “exchange difference”, “fair value hedge accounting system”, “financial fixed asset”, “financial instrument”, “foreign entity”, “hedge accounting”, “hedge accounting system”, “hedged items”, “hedging instrument”, “held for trading purposes”, “held to maturity”, “monetary item”, “receivables”, “reliable market” and “trading portfolio”.

Fixed and current assets

3

“Fixed assets” means assets of an LLP which are intended for use on a continuing basis in the LLP's activities, and “current assets” means assets not intended for such use.

Historical cost accounting rules

4

References to the historical cost accounting rules are to be read in accordance with paragraph 30 of Schedule 1 to these Regulations.

Listed investments

5

• (1) “Listed investment” means an investment as respects which there has been granted a listing on—

• (a) a recognised investment exchange other than an overseas investment exchange, or

• (b) a stock exchange of repute outside the United Kingdom.

• (2) “Recognised investment exchange” and “overseas investment exchange” have the meaning given in Part 18 of the Financial Services and Markets Act 2000 .

Loans

6

A loan is treated as falling due for repayment, and an instalment of a loan is treated as falling due for payment, on the earliest date on which the lender could require repayment or (as the case may be) payment, if he exercised all options and rights available to him.

Materiality

7

Amounts which in the particular context of any provision of Schedule 1 to these Regulations are not material may be disregarded for the purposes of that provision.

Participating interests

8

• (1) A “participating interest” means an interest held by an undertaking in the shares of another undertaking which it holds on a long-term basis for the purpose of securing a contribution to its activities by the exercise of control or influence arising from or related to that interest.

• (2) A holding of 20% or more of the shares of the undertaking is to be presumed to be a participating interest unless the contrary is shown.

• (3) The reference in sub-paragraph (1) to an interest in shares includes—

• (a) an interest which is convertible into an interest in shares, and

• (b) an option to acquire shares or any such interest,

and an interest or option falls within paragraph (a) or (b) notwithstanding that the shares to which it relates are, until the conversion or the exercise of the option, unissued.

• (4) For the purposes of this paragraph an interest held on behalf of an undertaking is to be treated as held by it.

• (5) In the balance sheet and profit and loss formats set out in Section B of Part 1 of Schedule 1 ... to these Regulations, “participating interest” does not include an interest in a group undertaking.

• (6) For the purpose of this paragraph as it applies in relation to the expression “participating interest”—

• (a) in those formats as they apply in relation to group accounts, and

• (b) in paragraph 19 of Schedule 4 (group accounts: undertakings to be accounted for as associated undertakings),

the references in sub-paragraphs (1) to (4) to the interest held by, and the purposes and activities of, the undertaking concerned are to be construed as references to the interest held by, and the purposes and activities of, the group (within the meaning of paragraph 1 of that Schedule).

Provisions

9

• (1) References to provisions for depreciation or diminution in value of assets are to any amount written off by way of providing for depreciation or diminution in value of assets.

• (2) Any reference in the profit and loss account formats set out in Part 1 of Schedule 1 to these Regulations to the depreciation of, or amounts written off, assets of any description is to any provision for depreciation or diminution in value of assets of that description.

10

References to provisions for liabilities are to any amount retained as reasonably necessary for the purpose of providing for any liability the nature of which is clearly defined and which is either likely to be incurred, or certain to be incurred but uncertain as to amount or as to the date on which it will arise.

Purchase price

11

“Purchase price”, in relation to an asset of an LLP or any raw materials or consumables used in the production of such an asset, includes any consideration (whether in cash or otherwise) given by the LLP in respect of that asset or those materials or consumables, as the case may be.

Staff costs

12

• (1) “Social security costs” means any contributions by the LLP to any state social security or pension scheme, fund or arrangement.

• (2) “Pension costs” includes—

• (a) any costs incurred by the LLP in respect of any pension scheme established for the purpose of providing pensions for persons currently or formerly employed by the LLP,

• (b) any sums set aside for the future payment of pensions directly by the LLP to current or former employees, and

• (c) any pensions paid directly to such persons without having first been set aside.

• (3) Any amount stated in respect of the item “social security costs” or in respect of the item “wages and salaries” in the profit and loss account Format 2 in Section B of Part 1 of Schedule 1 must be determined by reference to payments made or costs incurred in respect of all persons employed by the LLP during the financial year under contracts of service.

Signed

Gareth Thomas — Parliamentary Under Secretary of State for Trade and Consumer Affairs, — 2008-07-17

Explanatory note

(This note is not part of the Regulations)

Footnotes

[^f00001]: 2000 c 12.

[^f00002]: 2006 c.46.

[^f00003]: 2002 (N.I.) (c.12).

[^f00004]: S.I. 2008/409.

[^f00005]: S.I. 2008/1911.

[^f00006]: Section 381 is amended by regulation 6(1) of S.I. 2008/393.

[^f00007]: S.I. 2008/1912.

[^f00008]: Section 408 is amended by regulation 10 of S.I. 2008/393.

[^f00009]: S.I. 2008/1913.

[^f00010]: A number in brackets following any item is a reference to the note of that number in the notes following the formats.

[^f00011]: O.J. L222 of 14.8.1978, page 11, as amended in particular by Directives 2001/65/EEC, 2003/51/EEC and 2006/46/EEC of the European Parliament and of the Council (O.J. L238 of 27.12.2001, page 28, O.J. L178 of 17.7.2003, page 16 and O.J. L224 of 16.8.2006, page 1).

[^f00012]: 2000 c.8.

(Formats 1 and 2, item A.I.1.)

Amounts representing goodwill must only be included to the extent that the goodwill was acquired for valuable consideration.

(2)	Other intangible assets

(Formats 1 and 2, item A.I.2.)

Amounts in respect of concessions, patents, licences, trade marks and similar rights and assets must only be included in an LLP's balance sheet under this item if either—

• (a) the assets were acquired for valuable consideration and are not required to be shown under goodwill, or

• (b) the assets in question were created by the LLP itself.

(3)	Debtors

(Formats 1 and 2, items B.II.1 to 3.)

The amount falling due after more than one year must be shown separately for each item included under debtors unless the aggregate amount of debtors falling due after more than one year is disclosed in the notes to the accounts.

(4)	Prepayments and accrued income

(Formats 1 and 2, item C.)

This item may alternatively be included under item B.II.3 in Format 1 or 2.

(5)	Other creditors

(Format 1, items D.4, G.4 and I and Format 2, items D.4 and E.)

There must be shown separately—

• (a) the amount of any convertible loans, and

• (b) the amount for creditors in respect of taxation and social security.

Payments received on account of orders must be included in so far as they are not shown as deductions from stocks.

In Format 1, accruals and deferred income may be shown under item I or included under item D.4 or G.4, or both (as the case may require). In Format 2, accruals and deferred income may be shown under item E or within item D.4 under Liabilities.

(6)	Net current assets (liabilities)

(Format 1, item E.)

In determining the amount to be shown under this item any prepayments and accrued income must be taken into account wherever shown.

(7)	Loans and other debts due to members

(Format 1, item J and Format 2, Liabilities item A)

The following amounts must be shown separately under this item—

• (a) the aggregate amount of money advanced to the LLP by the members by way of loan,

• (b) the aggregate amount of money owed to members by the LLP in respect of profits,

• (c) any other amounts.

(8)	Creditors

(Format 2, Liabilities items D.1 to 4.)

Format 1	Format 1	Format 1
(see note (12) below)	(see note (12) below)	(see note (12) below)
	1.	Turnover
	2.	Cost of sales (9)
	3.	Gross profit or loss
	4.	Distribution costs (9)
	5.	Administrative expenses (9)
	6.	Other operating income
	7.	Income from shares in group undertakings
	8.	Income from participating interests
	9.	Income from other fixed asset investments (10)
	10.	Other interest receivable and similar income (10)
	11.	Amounts written off investments
	12.	Interest payable and similar expenses (11)
	13.	Tax on profit or loss ...
	14.	Profit or loss ... after taxation
	15.	. . .
	16.	. . .
	17.	. . .
	18.	. . .
	19.	Other taxes not shown under the above items
	20.	Profit or loss for the financial year before members' remuneration and profit shares
Format 2	Format 2	Format 2
---	---	---
	1.	Turnover
	2.	Change in stocks of finished goods and in work in progress
	3.	Own work capitalised
	4.	Other operating income
	5.	(a)
		(b)
	6.	Staff costs
		(a)
		(b)
		(c)
	7.	(a)
		(b)
	8.	Other operating expenses
	9.	Income from shares in group undertakings
	10.	Income from participating interests
	11.	Income from other fixed asset investments (10)
	12.	Other interest receivable and similar income (10)
	13.	Amounts written off investments
	14.	Interest payable and similar expenses (11)
	15.	Tax on profit or loss ...
	16.	Profit or loss ... after taxation
	17.	. . .
	18.	. . .
	19.	. . .
	20.	. . .
	21.	Other taxes not shown under the above items
	22.	Profit or loss for the financial year before members' remuneration and profit shares

(Format 1, items 2, 4 and 5.)

These items must be stated after taking into account any necessary provisions for depreciation or diminution in value of assets.

(10)	Income from other fixed asset investments: other interest receivable and similar income

(Format 1, items 9 and 10; Format 2, items 11 and 12.)

Income and interest derived from group undertakings must be shown separately from income and interest derived from other sources. Interest receivable from members must not be included under this item.

(11)	Interest payable and similar charges

(Format 1, item 12; Format 2, item 14.)

The amount payable to group undertakings must be shown separately. Interest payable to members must not be included under this item.

(12)	Format 1

The amount of any provisions for depreciation and diminution in value of tangible and intangible fixed assets falling to be shown under item 7(a) in Format 2 must be disclosed in a note to the accounts in any case where the profit and loss account is prepared using Format 1.

Editorial notes

[^c19348891]: 2000 c 12.

[^c19348901]: 2006 c.46.

[^c19348921]: S.I. 2008/409.

[^c19348931]: S.I. 2008/1911.

[^c19348941]: Section 381 is amended by regulation 6(1) of S.I. 2008/393.

[^c19348951]: S.I. 2008/1912.

[^c19348971]: S.I. 2008/1913.

[^c19348981]: A number in brackets following any item is a reference to the note of that number in the notes following the formats.

[^c19349001]: 2000 c.8.

[^key-4fbb276ba236cdc297d5f41af1a5b1ad]: Reg. 5A inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 32

[^key-f87cac543ac981ca3709c3b06f6e42a4]: Pt. 5 inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 46

[^key-5871a8b8d7dbfbc49af2db4d0ced5d20]: Sch. 1 para. 42 substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 41(a)

[^key-c511d87ddf97e5b72b14b18328624d03]: Sch. 1 para. 50 substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 41(f)

[^key-4fd2d26b7314b1409731b8c106ba8b61]: Sch. 1 para. 53 substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 41(h)

[^key-fad0c3369700920e2a56d7cbbc239505]: Sch. 1 para. 55 substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 41(j)

[^key-49405977477229984c908798e3109874]: Sch. 1 paras. 62-64 inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 41(n)

[^key-2474afcd6a6a455d887be301e4716782]: Sch. 1 Pt. 1 Section A para. 1(1A) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 34(a)(i)

[^key-f450f2baf63135eae49c6ed4e95bb212]: Words in Sch. 1 Pt. 1 Section A para. 1(2) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 34(a)(ii)

[^key-45dbeaaf16afbd2289d2c429c55f3c56]: Words in Sch. 1 Pt. 1 Section A para. 1(3) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 34(a)(iii)

[^key-88f729c72aab59eb8676275950dcefb5]: Sch. 1 Pt. 1 Section A paras. 1A-1C inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 34(b)

[^key-a658998cfc1a82f54e3b4a440a34cac3]: Words in Sch. 1 Pt. 1 Section A para. 2 substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 34(c)

[^key-a9379ac10def1f2483e6e0a80a6412cf]: Sch. 1 Pt. 1 Section A para. 2A inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 34(d)

[^key-a129b7922b4ad65a9a388508caf484df]: Words in Sch. 1 Pt. 1 Section A para. 6 inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 34(e)(i)

[^key-373c8780f74f898e51b72bbe73ec348c]: Words in Sch. 1 Pt. 1 Section A para. 6 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 34(e)(ii)

[^key-0f09eb04703ff1d9e0c837f4d69c95eb]: Sch. 1 Pt. 1 Section A para. 9A inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 34(f)

[^key-e49a7ce48e4f2c10175b5f2ee38e679e]: Sch. 1 Pt. 1 Section B heading substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 35(a)

[^key-04383e2fc9fb27dac8d6f56d7553337c]: Words in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 35(b)

[^key-be8fd667e0d5653e62a8a3a25e8d3fa9]: Words in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 35(c)(i)

[^key-12de3c2d3c9ffe6992f7d36d62829eab]: Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 35(c)(ii)

[^key-85f2acd8e4625e23e13e4f873e398e9e]: Word in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 35(d)(i)

[^key-002213cafa994abcd1a306db2a2d969c]: Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 35(d)(ii)

[^M_F_ac95ad35-b6e6-444c-a0f6-2e5b9e572b9d]: Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 35(d)(iii)

[^key-ee2a1f419d08ad69340950b0cb881f0f]: Words in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 35(e)(i)

[^key-5b287e7aa6bc1ed1311adc3e9d31052a]: Word in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 35(e)(ii)

[^key-a90ec21f969e176cbb0822e8dd5671fe]: Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 35(e)(iii)

[^key-2c090517b0ba58df7cb51cb01a62f645]: Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 35(e)(iv)

[^key-6207f2692ddd656845d259d4394d2ded]: Word in Sch. 1 Pt. 1 Section B substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 35(f)(i)

[^key-bd9a46d05fa1a2091cee86b812ddd427]: Words in Sch. 1 Pt. 1 Section B omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 35(f)(ii)

[^key-ff19fe9e8ae5e3fb7e6d24b5e4f57ffd]: Sch. 1 Pt. 1 Section C inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 36

[^key-94668f40092211e31be0ccf771b774cf]: Words in Sch. 1 Pt. 2 Section A para. 12 inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 37(a)

[^key-aab28525c863046ae4d16acc66b44233]: Word in Sch. 1 Pt. 2 Section A para. 13(a) omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 37(b)(i)

[^key-ac4a9b254bf6c7b1d7f2557a3b58b203]: Sch. 1 Pt. 2 Section A para. 13(c)-(e) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 37(b)(ii)

[^key-e2eb003909404ff7790773035b4f8f55]: Sch. 1 Pt. 2 Section A para. 15A inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 37(c)

[^key-2c9204d7121c8db454c21a2baa098301]: Words in Sch. 1 Pt. 2 Section B para. 19(1) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 38(a)(i)

[^key-17111f185e8c2537d0085b923ff8166e]: Sch. 1 Pt. 2 Section B para. 19(3) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 38(a)(ii)

[^key-68a8a9a9202bf85f7eb74ee82ee459f7]: Sch. 1 Pt. 2 Section B para. 20(1A) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 38(b)(i)

[^key-b48c05ba3aea806ed14a8249a93e8786]: Sch. 1 Pt. 2 Section B para. 20(2) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 38(b)(ii)

[^key-fed049b8bd09a25a2743c5a0e8fad6c7]: Sch. 1 Pt. 2 Section B paras. 21, 22 substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 38(c)

[^key-8cb0b6d294a44babb4a6c98450198538]: Sch. 1 Pt. 2 Section B para. 26(1) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 38(d)

[^key-54b2c7cd33d583274ae554a5d10f20d5]: Words in Sch. 1 Pt. 2 Section B para. 27(1) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 38(e)

[^key-07bab4a6c15043d9813c2692e79396b6]: Words in Sch. 1 Pt. 2 Section B para. 28(1)(a) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 38(f)(i)

[^key-d742bb18cacb2d825844de95ca56fd7d]: Words in Sch. 1 Pt. 2 Section B para. 28(2)(d) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 38(f)(ii)

[^key-d6d9a2c5a724130290c99bb056b344b3]: Words in Sch. 1 Pt. 2 Section B para. 29A inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 38(g)

[^key-17bb3049b8ba1d7ba676460cb224a25a]: Sch. 1 Pt. 2 Section C para. 32(4)(5) omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 39(a)

[^key-5dfa434809a9c31ab6d8ff9fcac0c32a]: Words in Sch. 1 Pt. 2 Section C para. 34(2) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 39(b)(i)

[^key-01b1a0dee4f14a09d5e657e56012eb79]: Sch. 1 Pt. 2 Section C para. 34(3) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 39(b)(ii)

[^key-5bd348441154fd0ab6c48848ef9e1d01]: Words in Sch. 1 Pt. 2 Section C para. 35(2) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 39(c)(i)

[^key-8aa71f5e10f918fa448c85a275187ee6]: Words in Sch. 1 Pt. 2 Section C para. 35(2) omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 39(c)(ii)

[^key-760b5c8d6d71c4cc05e4d936c2532db0]: Sch. 1 Pt. 2 Section D para. 36(4) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 40(a)

[^key-50ac8fa29723119f5c8e8da669df4ba6]: Sch. 1 Pt. 2 Section D para. 39 substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 40(b)

[^key-1b0b00040b03155cec5789d28f96b546]: Sch. 1 Pt. 2 Section D para. 41(2) omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 40(c)

[^key-a59d15aa0dbe2871ccd698efcb573064]: Sch. 2 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 42(a)

[^key-086aa129d84a1ee77b0deb7600f1f5f1]: Sch. 3 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 42(b)

[^key-30537aad656657104f4e1fd5e82df44c]: Sch. 4 para. 16A inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 43(d)

[^key-679c57ed100dfdf9a95140e1e12ef31c]: Sch. 4 para. 17 substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 43(e)

[^key-82afd07157a2e2361b9175d13f628c65]: Sch. 4 paras. 20A, 20B inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 43(g)

[^key-fe1770efbef4fdb3ec1b0c54ab3e827c]: Words in reg. 1(2) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 28

[^key-4f65f60daa32cc5d1f9073dd21f1bc27]: Words in reg. 3(1) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 29(a)

[^key-a153666263b9f39459cd0c58c27b9b6b]: Words in reg. 3(1) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 29(b)

[^key-1572a7da2cad08e0205c17954eb8c63b]: Words in reg. 3(1) omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 29(c)

[^key-ecd30896b98f08b5ed0c9f14de6ee7ee]: Reg. 4 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 30

[^key-75aab6dc986812a1ae3989be8cd9fb8f]: Reg. 5 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 31

[^key-7721657b0b4b865ee0119f247fcb6dc7]: Words in reg. 6 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 33

[^key-a05212a690aa9b1056b43dea5bb732e6]: Sch. 1 para. 43 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 41(b)

[^key-6d3dfb262a7592e49217a167d4116f52]: Words in Sch. 1 para. 45 substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 41(c)

[^key-955d917f5b362cbbb2a676800cdf0aae]: Sch. 1 para. 46 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 41(d)

[^key-519bea543e71a96e0b9632c5ef5bc675]: Sch. 1 para. 49 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 41(e)

[^key-e465940c8886a94fef97dbd70adf36ad]: Sch. 1 para. 51 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 41(g)

[^key-5d1c3d7820adbc33a01ff624b2e14de0]: Sch. 1 para. 52 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 41(g)

[^key-60ac12aa8783ae5635e2e545faebf21d]: Words in Sch. 1 para. 54(2) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 41(i)

[^key-8bb7f35bb4af24629572ad17e2a0a0fd]: Sch. 1 paras. 56-58 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 41(k)

[^key-06217dd42981b1ee117c64db58dba88c]: Sch. 1 para. 59(2) substituted for Sch. 1 para. 59(2)(3) (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 41(l)

[^key-2a08780e72e2d6b116b1f34838974485]: Sch. 1 para. 60 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 41(m)

[^key-de0548e72e0de0852ff9a309f3d64628]: Sch. 1 para. 61 omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 41(m)

[^key-f0a20a403db2efe9eba22619378c9856]: Sch. 4 para. 1(1A) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 43(a)(ii)

[^key-b4d75a9e7009322893e2610e7c95921b]: Words in Sch. 4 para. 1(1) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 43(a)(i)

[^key-ed856236fefb08a446cbbd2e15c5450c]: Words in Sch. 4 para. 1(2) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 43(a)(iii)

[^key-5c8f616868146d9d2d96343cbcdad52d]: Words in Sch. 4 para. 1(3) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 43(a)(iv)

[^key-a844f4599f000f7c4ec3f920120711f8]: Sch. 4 para. 2(1A) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 43(b)

[^key-d0db3db2136c54d93b1949b7b56fc9d7]: Sch. 4 para. 9(6) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 43(c)

[^key-67c4d27e3566964e258e6e55fc862ac4]: Words in Sch. 4 para. 18(2) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 43(f)(i)

[^key-df88e952ad83c6461f59c538eba2fca3]: Sch. 4 para. 18(3) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 43(f)(ii)

[^key-307eb2d860004fdc79f919e670bf0d8f]: Sch. 4 para. 22(3)(a) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 44(a)

[^key-fb6c6d0d7a78a79c13c23b01ab6bdac7]: Sch. 4 para. 25(1)(b) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 44(b)(i)

[^key-6c26e28ad0f2df64e23321cf364123b7]: Words in Sch. 4 para. 25(1)(d) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 44(b)(ii)

[^key-f36f91f06115e5c7ff6cf3bdaebaf1ad]: Sch. 4 para. 26(3)(a) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 44(c)

[^key-93312ffb151025e0b196bc659a60403a]: Sch. 4 para. 28(2)(a) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 44(d)

[^key-193bc1e2139b2385858ca445ddf46684]: Sch. 4 para. 31(2)(a) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 44(e)

[^key-e65176b57f446ad7b1c4a5361bb7d0e9]: Sch. 5 para. 2(1) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 45(a)

[^key-8f42c8ddef645ab3d1ce7b7bfa734b68]: Words in Sch. 5 para. 8(5) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 45(b)(i)

[^key-aaf1b848bba71e019f25a6dcb1cd2ba5]: Words in Sch. 5 para. 8(5) omitted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by virtue of The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 45(b)(ii)

[^key-d1dbbfb98c870699711dd49ae9abc662]: Words in Sch. 5 para. 12(3) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 45(c)

[^key-f6b070b67c81474c5aafddc3504afc52]: Words in Sch. 1 para. 36(4) substituted (31.12.2020) by The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/685), reg. 1(2), Sch. 1 para. 59(a) (with reg. 1(3)(4)) (as amended by S.I. 2020/523, regs. 1(2), 22); 2020 c. 1, Sch. 5 para. 1(1)

[^key-e15a65d23bb701da6eb895543d91711f]: Words in Sch. 1 para. 64(5) substituted (31.12.2020) by The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/685), reg. 1(2), Sch. 1 para. 59(b) (with reg. 1(3)(4)) (as amended by S.I. 2020/523, regs. 1(2), 22); 2020 c. 1, Sch. 5 para. 1(1)

Non-IAS individual accounts: micro-entities – notes to the accounts

5A

Regulation 5A of the Small Companies Accounts Regulations applies to LLPs, modified so that it reads as follows—

(5A) Nothing in Schedule 1 to these Regulations requires the non-IAS individual accounts of an LLP for a financial year in which the LLP qualifies as a micro-entity (see sections 384A and 384B of the 2006 Act) to contain any information by way of notes to the accounts, except that the LLP is required to disclose by way of notes to the accounts the information required by paragraph 55 in Part 3 of Schedule 1.

PART5 — REVIEW

Review

9

• (1) The Secretary of State must from time to time—

• (a) carry out a review of the provisions of these Regulations to which amendments have been made by Part 3 of the Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (“the 2016 Regulations”),

• (b) set out the conclusions of the review in a report, and

• (c) publish the report.

• (2) The report must, in particular—

• (a) set out the objectives intended to be achieved by those provisions,

• (b) assess the extent to which those objectives are achieved,

• (c) assess whether those objectives remain appropriate, and

• (d) if those objectives remain appropriate, assess the extent to which they could be achieved in another way which involves less onerous regulatory provision.

• (3) The first report under this regulation must be published before the end of the period of 5 years beginning with the date on which the 2016 Regulations come into force.

• (4) Subsequent reports under this regulation must be published at intervals not exceeding 5 years.

• (5) In this regulation, “regulatory provision” has the meaning given by section 32(4) of the Small Business, Enterprise and Employment Act 2015.

1A

• (1) Where appropriate to the circumstances of an LLP’s business, the members of the LLP may, with reference to one of the formats in Section B, draw up an abridged balance sheet showing only those items in that format preceded by letters and roman numerals, provided that—

• (a) in the case of format 1, note (3) of the notes to the formats is complied with,

• (b) in the case of format 2, notes (3) and (8) of those notes are complied with,

• (c) all of the members of the LLP have consented to the drawing up of the abridged balance sheet.

• (2) Where appropriate to the circumstances of an LLP’s business, the members of the LLP may, with reference to one of the formats in Section B, draw up an abridged profit and loss account, combining under one item called “Gross profit or loss”—

• (a) items 1, 2, 3 and 6 in the case of format 1, and

• (b) items 1 to 5 in the case of format 2,

provided that, in either case, all of the members of the LLP have consented to the drawing up of the abridged profit and loss account.

• (3) Such consent as is referred to in sub-paragraphs (1) and (2) may only be given as regards the preparation of, as appropriate, the balance sheet or profit and loss account in respect of the preceding financial year.

1B

• (1) The members of the LLP may adapt one of the balance sheet formats in Section B so to distinguish between current and non-current items in a different way, provided that—

• (a) the information given is at least equivalent to that which would have been required by the use of such format had it not been thus adapted, and

• (b) the presentation of those items is in accordance with generally accepted accounting principles or practice.

• (2) The members of the LLP may, otherwise than pursuant to paragraph 1A(2), adapt one of the profit and loss account formats in Section B, provided that—

• (a) the information given is at least equivalent to that which would have been required by the use of such format had it not been thus adapted, and

• (b) the presentation is in accordance with generally accepted accounting principles or practice.

1C

So far as is practicable, the following provisions of this Section apply to the balance sheet or profit and loss account of an LLP notwithstanding any such abridgment or adaptation pursuant to paragraph 1A or 1B.

2A

Where in accordance with paragraph 1(1A) an LLP’s balance sheet or profit and loss account for any financial year has been prepared by reference to one of the formats in Section C, the members of the LLP must use the same format in preparing non-IAS individual accounts for subsequent financial years, unless in their opinion there are special reasons for a change.

9A

Where an asset or liability relates to more than one item in the balance sheet, the relationship of such asset or liability to the relevant items must be disclosed either under those items or in the notes to the accounts.