The Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008

• (2) The name of each subsidiary undertaking must be stated.

• (3) There must be stated with respect to each subsidiary undertaking—

• (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.

Financial information about subsidiary undertakings

2

• (1) There must be disclosed with respect to each subsidiary undertaking not included in consolidated accounts by the LLP—

• (a) the aggregate amount of its capital and reserves 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 the LLP is exempt by virtue of section 400 or 401 of the 2006 Act from the requirement to prepare group accounts (parent LLP included in accounts of larger group).

• (3) That information need not be given if the LLP's investment in the subsidiary undertaking is included in the LLP's accounts by way of the equity method of valuation.

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

• (a) the subsidiary 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.

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

• (6) 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.

Significant holdings in undertakings other than subsidiary undertakings

3

• (1) The information required by paragraphs 4 and 5 must be given where at the end of the financial year the LLP has a significant holding in an undertaking which is not a subsidiary undertaking of the LLP, and which does not fall within paragraph 16 (joint ventures) or 17 (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 one-fifth of the amount (as so stated) of the LLP's assets.

4

• (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) There must also be stated—

• (a) the identity of each class of shares in the undertaking held by the LLP, and

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

5

• (1) Subject to paragraph 12, 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.

Parent undertaking drawing up accounts for larger group

6

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

• (a) the largest group of undertakings for which group accounts are drawn up and of which the 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) 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) 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

7

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

PART 2 — LLP NOT REQUIRED TO PREPARE GROUP ACCOUNTS

Reason for not preparing group accounts

8

• (1) The reason why the LLP is not required to prepare group accounts must be stated.

• (2) If the reason is that all the subsidiary undertakings of the LLP fall within the exclusions provided for in section 405 of the 2006 Act (non-IAS group accounts: subsidiary undertakings included in the consolidation), it must be stated with respect to each subsidiary undertaking which of those exclusions applies.

Holdings in subsidiary undertakings

9

• (1) There must be stated in relation to shares of each class held by the LLP in a subsidiary undertaking—

• (a) the identity of the class, and

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

• (2) The shares held by or on behalf of the LLP itself must be distinguished from those attributed to the LLP which are held by or on behalf of a subsidiary undertaking.

Financial years of subsidiary undertakings

10

Where—

• (a) disclosure is made under paragraph 2(1) with respect to a subsidiary undertaking, and

• (b) that undertaking's financial year does not end with that of the LLP,

there must be stated in relation to that undertaking the date on which its last financial year ended (last before the end of the LLP's financial year).

Exemption from giving information about significant holdings in non-subsidiary undertakings

11

The information otherwise required by paragraph 3 (significant holdings in undertakings other than subsidiary undertaking) need not be given if—

• (a) the LLP is exempt by virtue of section 400 or 401 of the 2006 Act from the requirement to prepare group accounts (parent LLP included in accounts of larger group), and

• (b) the investment of the LLP in all undertakings in which it has such a holding as is mentioned in sub-paragraph (1) is shown, in aggregate, in the notes to the accounts by way of the equity method of valuation.

Construction of references to shares held by LLP

12

• (1) References in Parts 1 and 2 of this Schedule to shares held by an LLP are to be construed as follows.

• (2) For the purposes of paragraphs 2, 9 and 10 (information about subsidiary undertakings)—

• (a) there must be attributed to the LLP any shares held by a subsidiary undertaking, or by a person acting on behalf of the LLP or a subsidiary undertaking; but

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

• (3) For the purposes of paragraphs 3 to 5 (information about undertakings other than subsidiary undertakings)—

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

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

• (4) For the purposes of any of those provisions, 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 that person's 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 that person's interests.

PART 3 — LLP REQUIRED TO PREPARE GROUP ACCOUNTS

Introductory

13

In this Part of this Schedule “the group” means the group consisting of the parent LLP and its subsidiary undertakings.

Subsidiary undertakings

14

• (1) In addition to the information required by paragraph 2, the following information must also be given with respect to the undertakings which are subsidiary undertakings of the parent LLP at the end of the financial year.

• (2) It must be stated whether the subsidiary undertaking is included in the consolidation and, if it is not, the reasons for excluding it from consolidation must be given.

• (3) It must be stated with respect to each subsidiary undertaking by virtue of which of the conditions specified in section 1162(2) or (4) of the 2006 Act it is a subsidiary undertaking of its immediate parent undertaking. That information need not be given if the relevant condition is that specified in subsection (2)(a) of that section (holding of a majority of the voting rights) and the immediate parent undertaking holds the same proportion of the shares in the undertaking as it holds voting rights.

Holdings in subsidiary undertakings

15

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

• (a) by the parent LLP, and

• (b) by the group,

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

• (2) 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.

Joint ventures

16

• (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 Schedule 3 to these Regulations (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 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

17

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

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

• (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 Schedule 3 to these Regulations; and the information required by this paragraph must be given notwithstanding that paragraph 21(3) of that Schedule (materiality) applies in relation to the accounts themselves.

Requirement to give information about other significant holdings of parent LLP or group

18

• (1) The information required by paragraphs 4 and 5 must also 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 16 (joint ventures) or 17 (associated undertakings), as though the references to the LLP in those paragraphs were a reference to the group.

• (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 one-fifth of the amount of the group's assets (as so stated).

• (3) For the purposes of those paragraphs as applied to a group 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.

Construction of references to shares held by parent LLP or group

19

• (1) References in Parts 1 and 3 of this Schedule to shares held by that parent LLP or group are to be construed as follows.

• (2) For the purposes of paragraphs 3 to 5, 15 and 17(4) and (5) (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 3 — NON-IAS GROUP ACCOUNTS

General rules

1

Group accounts must comply so far as practicable with the provisions of Schedule 1 to these Regulations as if the undertakings included in the consolidation (“the group”) were a single LLP.

2

• (1) The consolidated balance sheet and profit and loss account must incorporate in full the information contained in the individual accounts of the undertakings included in the consolidation, subject to the adjustments authorised or required by the following provisions of this Schedule and to such other adjustments (if any) as may be appropriate in accordance with generally accepted accounting principles or practice.

• (1A) Group accounts must be drawn up as at the same date as the accounts of the parent LLP.

• (2) If the financial year of a subsidiary undertaking included in the consolidation does not end with that of the parent LLP, the group accounts must be made up—

• (a) from the accounts of the subsidiary undertaking for its financial year last ending before the end of the parent LLP's financial year, provided that year ended no more than three months before that of the parent LLP, or

• (b) from interim accounts prepared by the subsidiary undertaking as at the end of the parent LLP's financial year.

3

• (1) Where assets and liabilities to be included in the group accounts have been valued or otherwise determined by undertakings according to accounting rules differing from those used for the group accounts, the values or amounts must be adjusted so as to accord with the rules used for the group accounts.

• (2) If it appears to the members of the parent LLP that there are special reasons for departing from sub-paragraph (1) they may do so, but particulars of any such departure, the reasons for it and its effect must be given in a note to the accounts.

• (3) The adjustments referred to in this paragraph need not be made if they are not material for the purpose of giving a true and fair view.

4

Any differences of accounting rules as between a parent LLP's individual accounts for a financial year and its group accounts must be disclosed in a note to the latter accounts and the reasons for the difference given.

5

Amounts that in the particular context of any provision of this Schedule are not material may be disregarded for the purposes of that provision.

Elimination of group transactions

6

• (1) Debts and claims between undertakings included in the consolidation, and income and expenditure relating to transactions between such undertakings, must be eliminated in preparing the group accounts.

• (2) Where profits and losses resulting from transactions between undertakings included in the consolidation are included in the book value of assets, they must be eliminated in preparing the group accounts.

• (3) The elimination required by sub-paragraph (2) may be effected in proportion to the group's interest in the shares of the undertakings.

• (4) Sub-paragraphs (1) and (2) need not be complied with if the amounts concerned are not material for the purpose of giving a true and fair view.

Acquisition and merger accounting

7

• (1) The following provisions apply where an undertaking becomes a subsidiary undertaking of the parent LLP.

• (2) That event is referred to in those provisions as an “acquisition”, and references to the “undertaking acquired” are to be construed accordingly.

8

An acquisition must be accounted for by the acquisition method of accounting unless the conditions for accounting for it as a merger are met and the merger method of accounting is adopted.

9

• (1) The acquisition method of accounting is as follows.

• (2) The identifiable assets and liabilities of the undertaking acquired must be included in the consolidated balance sheet at their fair values as at the date of acquisition.

• (3) The income and expenditure of the undertaking acquired must be brought into the group accounts only as from the date of the acquisition.

• (4) There must be set off against the acquisition cost of the interest in the shares of the undertaking held by the parent LLP and its subsidiary undertakings the interest of the parent LLP and its subsidiary undertakings in the adjusted capital and reserves of the undertaking acquired.

• (5) The resulting amount if positive must be treated as goodwill, and if negative as a negative consolidation difference.

• (6) Negative goodwill may be transferred to the consolidated profit and loss account where such a treatment is in accordance with the principles and rules of Part 2 of Schedule 1 to these Regulations.

10

The conditions for accounting for an acquisition as a merger are that adoption of the merger method of accounting accords with generally accepted accounting principles or practice.

11

• (1) Where an LLP adopts the merger method of accounting it must comply with this paragraph, and with generally accepted accounting principles or practice.

• (2) The assets and liabilities of the undertaking acquired must be brought into the group accounts at the figures at which they stand in the undertaking's accounts, subject to any adjustment authorised or required by this Schedule.

• (3) The income and expenditure of the undertaking acquired must be included in the group accounts for the entire financial year, including the period before the acquisition.

• (4) The group accounts must show corresponding amounts relating to the previous financial year as if the undertaking acquired had been included in the consolidation throughout that year.

12

• (1) Where a group is acquired, paragraphs 9 to 11 apply with the following adaptations.

• (2) References to shares of the undertaking acquired are to be construed as references to shares of the parent undertaking of the group.

• (3) Other references to the undertaking acquired are to be construed as references to the group; and references to the assets and liabilities, income and expenditure and capital and reserves of the undertaking acquired must be construed as references to the assets and liabilities, income and expenditure and capital and reserves of the group after making the set-offs and other adjustments required by this Schedule in the case of group accounts.

13

• (1) The following information with respect to acquisitions taking place in the financial year must be given in a note to the accounts.

• (2) There must be stated—

• (a) the name of the undertaking acquired or, where a group was acquired, the name of the parent undertaking of that group, and

• (b) whether the acquisition has been accounted for by the acquisition or the merger method of accounting;

and in relation to an acquisition which significantly affects the figures shown in the group accounts, the following further information must be given.

• (3) The composition and fair value of the consideration for the acquisition given by the parent LLP and its subsidiary undertakings must be stated.

• (4) Where the acquisition method of accounting has been adopted, the book values immediately prior to the acquisition, and the fair values at the date of acquisition, of each class of assets and liabilities of the undertaking or group acquired must be stated in tabular form, including a statement of the amount of any goodwill or negative consolidation difference arising on the acquisition, together with an explanation of any significant adjustments made.

• (5) In ascertaining for the purposes of sub-paragraph (4) the profit or loss of a group, the book values and fair values of assets and liabilities of a group or the amount of the assets and liabilities of a group, the set-offs and other adjustments required by this Schedule in the case of group accounts must be made.

14

• (1) There must also be stated in a note to the accounts the cumulative amount of goodwill resulting from acquisitions in that and earlier financial years which has been written off otherwise than in the consolidated profit and loss account for that or any earlier financial year.

• (2) That figure must be shown net of any goodwill attributable to subsidiary undertakings or businesses disposed of prior to the balance sheet date.

15

Where during the financial year there has been a disposal of an undertaking or group which significantly affects the figure shown in the group accounts, there must be stated in a note to the accounts—

• (a) the name of that undertaking or, as the case may be, of the parent undertaking of that group, and

• (b) the extent to which the profit or loss shown in the group accounts is attributable to profit or loss of that undertaking or group.

16

The information required by paragraph 13, 14 or 15 need not be disclosed with respect to an undertaking which—

• (a) is established under the law of a country outside the United Kingdom, or

• (b) carries on business outside the United Kingdom,

if in the opinion of the members of the parent LLP the disclosure would be seriously prejudicial to the business of that undertaking or to the business of the parent LLP or any of its subsidiary undertakings and the Secretary of State agrees that the information should not be disclosed.

Minority interests

17

• (1) The formats set out in Schedule 1 to these Regulations have effect in relation to group accounts with the following additions.

• (2) In the balance sheet formats there must be shown, as a separate item and under the heading “non-controlling interests”, the amount of capital and reserves attributable to shares in subsidiary undertakings included in the consolidation held by or on behalf of persons other than the parent LLP and its subsidiary undertakings.

• (3) In the profit and loss account formats there must be shown, as a separate item and under the heading “non-controlling interests”, the amount of any profit or loss attributable to shares in subsidiary undertakings included in the consolidation held by or on behalf of persons other than the parent LLP and its subsidiary undertakings.

• (4) For the purpose of paragraph 4(1) and (2) of Schedule 1 (power to adapt or combine items)—

• (a) the additional item required by sub-paragraph (2) above is treated as one to which a letter is assigned, and

• (b) the additional item required by sub-paragraph (3) above is treated as one to which an Arabic number is assigned.

Joint ventures

18

• (1) Where an undertaking included in the consolidation manages another undertaking jointly with one or more undertakings not included in the consolidation, that other undertaking (“the joint venture”) may, if it is not—

• (a) a body corporate, or

• (b) a subsidiary undertaking of the parent LLP,

be dealt with in the group accounts by the method of proportional consolidation.

• (2) The provisions of this Schedule relating to the preparation of consolidated accounts and sections 402 and 405 of the 2006 Act apply, with any necessary modifications, to proportional consolidation under this paragraph.

• (3) In addition to the disclosure of the average number of employees employed during the financial year (see section 411(7) of the 2006 Act), there must be a separate disclosure in the notes to the accounts of the average number of employees employed by undertakings that are proportionately consolidated.

Associated undertakings

19

• (1) An “associated undertaking” means an undertaking in which an undertaking included in the consolidation has a participating interest and over whose operating and financial policy it exercises a significant influence, and which is not—

• (a) a subsidiary undertaking of the parent LLP, or

• (b) a joint venture dealt with in accordance with paragraph 18.

• (2) Where an undertaking holds 20% or more of the voting rights in another undertaking, it is presumed to exercise such an influence over it unless the contrary is shown.

• (3) The voting rights in an undertaking means the rights conferred on shareholders in respect of their shares or, in the case of an undertaking not having a share capital, on members, to vote at general meetings of the undertaking on all, or substantially all, matters.

• (4) The provisions of paragraphs 5 to 11 of Schedule 7 to the 2006 Act (parent and subsidiary undertakings: rights to be taken into account and attribution of rights) apply in determining for the purposes of this paragraph whether an undertaking holds 20% or more of the voting rights in another undertaking.

20

• (1) The formats set out in Schedule 1 to these Regulations have effect in relation to group accounts with the following modifications.

• (2) In the balance sheet formats replace the items headed “Participating interests”, that is—

• (a) in format 1, item A.III.3, and

• (b) in format 2, item A.III.3 under the heading “ASSETS”,

by two items: “ Interests in associated undertakings ” and “ Other participating interests ”.

• (3) In the profit and loss account formats replace the items headed “Income from participating interests”, that is—

• (a) in format 1, item 8, and

• (b) in format 2, item 10,

by two items: “ Income from interests in associated undertakings ” and “ Income from other participating interests ”.

21

• (1) The interest of an undertaking in an associated undertaking, and the amount of profit or loss attributable to such an interest, must be shown by the equity method of accounting (including dealing with any goodwill arising in accordance with paragraphs 17 to 20 and 22 of Schedule 1 to these Regulations).

• (2) Where the associated undertaking is itself a parent undertaking, the net assets and profits or losses to be taken into account are those of the parent and its subsidiary undertakings (after making any consolidation adjustments).

• (3) The equity method of accounting need not be applied if the amounts in question are not material for the purpose of giving a true and fair view.

Related party transactions

22

Paragraph 70 of Schedule 1 to these Regulations applies to transactions which the parent LLP, or other undertakings included in the consolidation, have entered into with related parties, unless they are intra group transactions.

SCHEDULE 4 — 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 and Council Directive 91/674/EEC of 19 December 1991 on the annual accounts and consolidated accounts of insurance 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 or advance (including a liability comprising a loan or advance) is treated as falling due for repayment, and an instalment of a loan or advance 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 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 3 (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 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 LLP's profit and loss account 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, — Department for Business, Enterprise and Regulatory Reform — 2008-07-17

Explanatory note

(This note is not part of the Regulations)

Footnotes

[^f00001]: 2000 c.12.

[^f00002]: 2006 c.46.

[^f00003]: S.I. 2008/410.

[^f00004]: 2002 (N.I.) (c.12).

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

[^f00006]: S.I. 2008/1913.

[^f00007]: Section 408 is amended by regulation 10 of S.I. 2008/393.

[^f00008]: Section 465 is amended by regulation 4(1) of S.I. 2008/393.

[^f00009]: A number in brackets following any item is a reference to the note of that number in the notes following the formats.

[^f00010]: See regulation 4(3)(a) for exemption for medium-sized LLP in accounts delivered to registrar of companies.

[^f00011]: See regulation 4(3)(a) for exemption for medium-sized LLP in accounts delivered to registrar of companies.

[^f00012]: S.I. 2008/410.

[^f00013]: 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).

[^f00014]: 2000 c.8.

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

Amounts in respect of assets are only to 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.

(Formats 1 and 2, item A.I.3.)

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

(Formats 1 and 2, items B.II.1 to 5.)

The amount falling due after more than one year must be shown separately for each item included under debtors.

(Formats 1 and 2, items B.II.5 and C.)

This item may be shown in either of the two positions given in Formats 1 and 2.

(Format 1, items D.1 and G.1 and Format 2, item D.1.)

The amount of any convertible loans must be shown separately.

(Format 1, items D.3 and G.3 and Format 2, item D.3.)

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

(Format 1, items D.8 and G.8 and Format 2, item D.8.)

The amount for creditors in respect of taxation and social security must be shown separately from the amount for other creditors.

(Format 1, items D.9, G.9 and I and Format 2, items D.9 and E.)

The two positions given for this item in Format 1 at D.9 and G.9 are an alternative to the position at I, but if the item is not shown in a position corresponding to that at I it may be shown in either or both of the other two positions (as the case may require).

The two positions given for this item in Format 2 are alternatives.

(Format 1, item E.)

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

(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.

(Format 2, items D.1 to 9.)

Format 2	Format 2	Format 2	Format 2
	1.	Turnover	Turnover
	2.	Change in stocks of finished goods and in work in progress	Change in stocks of finished goods and in work in progress
	3.	Own work capitalised	Own work capitalised
	4.	Other operating income	Other operating income
	5.	(a)	Raw materials and consumables
		(b)	Other external expenses
	6.	Staff costs	Staff costs
		(a)	wages and salaries
		(b)	social security costs
		(c)	other pension costs
	7.	(a)	Depreciation and other amounts written off tangible and intangible fixed assets
		(b)	Amounts written off current assets, to the extent that they exceed write-offs which are normal in the undertaking concerned
	8.	Other operating expenses	Other operating expenses
	9.	Income from shares in group undertakings	Income from shares in group undertakings
	10.	Income from participating interests	Income from participating interests
	11.	Income from other fixed asset investments (13)	Income from other fixed asset investments (13)
	12.	Other interest receivable and similar income (13)	Other interest receivable and similar income (13)
	13.	Amounts written off investments	Amounts written off investments
	14.	Interest payable and similar expenses (14)	Interest payable and similar expenses (14)
	15.	Tax on profit or loss ...	Tax on profit or loss ...
	16.	Profit or loss ... after taxation	Profit or loss ... after taxation
	17.	. . .	. . .
	18.	. . .	. . .
	19.	. . .	. . .
	20.	. . .	. . .
	21.	Other taxes not shown under the above items	Other taxes not shown under the above items
	22.	Profit or loss for the financial year before members' remuneration and profit shares	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.

(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.

(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.

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

[^c19349011]: 2000 c.12.

[^c19349021]: 2006 c.46.

[^c19349031]: S.I. 2008/410.

[^c19349051]: S.I. 2008/1911.

[^c19349061]: S.I. 2008/1913.

[^c19349071]: Section 408 is amended by regulation 10 of S.I. 2008/393.

[^c19349081]: Section 465 is amended by regulation 4(1) of S.I. 2008/393.

[^c19349091]: See regulation 4(3)(a) for exemption for medium-sized LLP in accounts delivered to registrar of companies.

[^c19349101]: See regulation 4(3)(a) for exemption for medium-sized LLP in accounts delivered to registrar of companies.

[^c19349111]: A number in brackets following any item is a reference to the note of that number in the notes following the formats.

[^c19349121]: S.I. 2008/410.

[^c19349141]: 2000 c.8.

[^key-6d489aecca5fe1c0f2dceebee98781cb]: Pt. 4 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), 62

[^key-263ec9d71ae23231956826ed73541b12]: Words in Sch. 1 Pt. 1 s. 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), 50(a)

[^key-128e9a7e7b23a8985a7367a49b63e80d]: Sch. 1 Pt. 1 s. A para. 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), 50(b)

[^key-012ebcce72cc15b799f8cc3695555c97]: Words in Sch. 1 Pt. 1 s. 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), 50(c)

[^key-7bdadf5b589c24018701df17ef079a0c]: Sch. 1 Pt. 1 s. 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), 50(d)

[^key-bdf3ee7185fe057dc585dc8f47cc38bb]: Words in Sch. 1 Pt. 1 s. B 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), 51(a)

[^key-803e866c18b87722289f78b6f3a5c04a]: Words in Sch. 1 Pt. 1 s. 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), 51(b)(i)

[^key-8c2ad63d8fc896583420113eebb90f0f]: Words in Sch. 1 Pt. 1 s. B 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), 51(b)(ii)

[^key-84693a2d614da0690f86a663a3cf1b84]: Word in Sch. 1 Pt. 1 s. 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), 51(c)(i)

[^key-bef6b40c3e36c901d3488f9dfb267f0a]: Words in Sch. 1 Pt. 1 s. 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), 51(c)(ii)

[^key-834ed9d74ecc13ed7bc4398e8299dbad]: Word in Sch. 1 Pt. 1 s. 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), 51(d)(i)

[^key-d0e93bce5cbb748252ef328554463798]: Words in Sch. 1 Pt. 1 s. 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), 51(d)(ii)

[^key-9780a4f56e44cee441c911c300441a36]: Words in Sch. 1 Pt. 1 s. 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), 51(d)(iii)

[^key-29ee587fe0718f50d3f314b5b42bc93a]: Words in Sch. 1 Pt. 1 s. 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), 51(d)(iv)

[^key-c2fa9ba651259e34251b08d21c5e4d3e]: Word in Sch. 1 Pt. 1 s. 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), 51(e)

[^key-014f7be4836bf0baa8e178fb6c8b79d7]: Words in Sch. 1 Pt. 2 s. 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), 52(a)

[^key-bafea31d5eb29448218979a113970e91]: Word in Sch. 1 Pt. 2 s. 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), 52(b)(i)

[^key-9b8e3c337128b5efe9d40f5feefdc39e]: Sch. 1 Pt. 2 s. 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), 52(b)(ii)

[^key-66fcdb429f63abf806bfbee6cc5e6628]: Sch. 1 Pt. 2 s. 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), 52(c)

[^key-4da7c6ebec85742af23243d6d752bf70]: Sch. 1 Pt. 2 s. 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), 53(a)

[^key-d85b269b242021ffc9951b736c8c535b]: Sch. 1 Pt. 2 s. 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), 53(b)(i)

[^key-71430f91ae9f58f7f9d4e389f7826db7]: Sch. 1 Pt. 2 s. 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), 53(b)(ii)

[^key-e145aad9b686cf6d460f6cb58ea8834a]: Sch. 1 Pt. 2 s. 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), 53(c)

[^key-d2fc721789da91dfc886a089da362f1d]: Words in Sch. 1 Pt. 2 s. 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), 53(d)

[^key-a5fcab47752409a96d5833e7b10e8656]: Words in Sch. 1 Pt. 2 s. 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), 53(e)

[^key-995a1c54b3d1772998a2ba21fb0f7e7b]: Sch. 1 Pt. 2 s. 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), 53(f)

[^key-12483036ece2e11ac7b8316786818240]: Sch. 1 Pt. 2 s. 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), 54(a)

[^key-059bcac1ea4d739706e1fde2be7a73f1]: Words in Sch. 1 Pt. 2 s. 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), 54(b)(i)

[^key-2828419bccb70ff99625cbb750fc8146]: Sch. 1 Pt. 2 s. 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), 54(b)(ii)

[^key-3b02125f55eea15fc7a8dd08cc14669e]: Words in Sch. 1 Pt. 2 s. 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), 54(c)(i)

[^key-e918ed54cc6b419ac602301d79a84354]: Words in Sch. 1 Pt. 2 s. 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), 54(c)(ii)

[^key-daaf6502fcb00f0d8c0a78cc8a7678d0]: Words in Sch. 1 Pt. 2 s. 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), 55(a)

[^key-7cdfb67fe7873d8094c14b14a4d1356b]: Words in Sch. 1 Pt. 2 s. 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), 55(b)

[^key-15cf593736cc62945d1c997af2d5592a]: 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), 56(a)

[^key-2e8ddc3180eb30fe6ec02c693f4887c9]: 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), 56(b)

[^key-9d669f3394689c69b383f0a76f1db5b9]: Sch. 1 para. 60 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), 56(f)

[^key-b4beea708808d945c334b7e7ece33742]: Sch. 1 paras. 70A, 70B 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), 56(j)

[^key-7e47dfd35b28ad1acdd210ac6f77eb0e]: Sch. 3 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), 60(c)

[^key-552d9c519a3fbb8a2b17741ebe9e935e]: Sch. 3 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), 60(d)

[^key-3fd19083dd2364768c3e98ebfdc70e39]: Sch. 3 para. 22A 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), 60(f)

[^key-6e48570e3088c79f5ecf224cea079899]: 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), 48

[^key-df1712e4188f8ea3dd34778c82b62d92]: Words in reg. 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), 49(a)

[^key-9afce0c9988b30d8f5d7998f6abcaf1f]: Words in 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), 49(b)

[^key-49f899942f872361dfe6ce14f064add5]: Word in Sch. 1 para. 56(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), 56(c)

[^key-aff2c2245bfb8822dee5b83b87e950e6]: Words in Sch. 1 para. 57(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), 56(d)

[^key-b7cafe21bd334d34ea586b40e06e2a4e]: Words in Sch. 1 para. 59(4)(b) 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), 56(e)

[^key-b05c56359840749ac112e61c239cd8f3]: Words in Sch. 1 para. 64(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), 56(g)

[^key-919531ea7ebf0da2705712c75c77aa46]: Sch. 1 para. 67(2) substituted for Sch. 1 para. 67(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), 56(h)

[^key-ec92a0b7c92a823a6d981b62cf07394b]: Words in Sch. 1 para. 70(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), 56(i)

[^key-04d4b511f038e9978f6bc5fe77c5e253]: Sch. 1 para. 71 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), 57

[^key-30b9ad2d1a1875a023bcb72b14a1533b]: Sch. 2 para. 1(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), 58(a)

[^key-cbc2e31f0b4c077044a10c848f5751ea]: Sch. 2 para. 4(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), 58(b)

[^key-0f7c4ae2943e26d096277995f405b746]: Sch. 2 para. 6(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), 58(c)

[^key-5281cc02c156b17dd87b07d3b9a95639]: Sch. 2 para. 16(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), 59(a)

[^key-d2a1792168574b54a6ae030a30f5417d]: Sch. 2 para. 17(3)(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), 59(b)

[^key-9b72cfbac697177d3ac16ee48285c76d]: Sch. 3 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), 60(a)

[^key-90981af683ed647875fbdd26f904a758]: Sch. 3 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), 60(b)

[^key-d8593e36dd436196c517d227df1087d6]: Words in Sch. 3 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), 60(e)(i)

[^key-1e7fe7213cc911bf17bda589b6c63376]: Sch. 3 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), 60(e)(ii)

[^key-483363ce2c2e5e81ce77a673e6423edf]: Words in Sch. 4 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), 61

[^M_F_1888a995-a0fb-4f74-fe75-38c8dfd5ae16]: Words in Sch. 1 Pt. 1 s. 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), 51(c)(iii)

[^key-041574b318ed3e8274ee52c49dc20483]: 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. 60(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-094a413591bb73f0f6b3bd75dd9a7877]: Words in Sch. 1 para. 70(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. 60(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)

PART4 — REVIEW

Review

8

• (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 4 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) The members of the LLP may adapt one of the balance sheet formats in Section B so as 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 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.

• (3) So far as is practicable, the following provisions of this Section apply to the balance sheet or profit or loss account of an LLP notwithstanding any such adaptation pursuant to this paragraph.

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.