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

Type Statutory-Instrument

Publication 2008-07-17

Last updated 2020-12-31

State In force

Department King's Printer of Acts of Parliament

Source legislation.gov.uk

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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)

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)

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)

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)

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)

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)

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)

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)

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

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)

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)

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)

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)

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)

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)

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)

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)

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)

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

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)

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)

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

(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,

(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.

Format 1	Format 1	Format 1	Format 1	Format 1	Format 1

A.	Fixed assets	Fixed assets	Fixed assets	Fixed assets	Fixed assets
		I.	Intangible assets	Intangible assets	Intangible assets
				1.	Development costs
				2.	Concessions, patents, licences, trade marks and similar rights and assets (1)
				3.	Goodwill (2)
				4.	Payments on account
		II.	Tangible assets	Tangible assets	Tangible assets
				1.	Land and buildings
				2.	Plant and machinery
				3.	Fixtures, fittings, tools and equipment
				4.	Payments on account and assets in course of construction
		III.	Investments	Investments	Investments
				1.	Shares in group undertakings
				2.	Loans to group undertakings
				3.	Participating interests
				4.	Loans to undertakings in which the LLP has a participating interest
				5.	Other investments other than loans
				6.	Other loans

B.	Current assets	Current assets	Current assets	Current assets	Current assets
		I.	Stocks	Stocks	Stocks
				1.	Raw materials and consumables
				2.	Work in progress
				3.	Finished goods and goods for resale
				4.	Payments on account
		II.	Debtors (3)	Debtors (3)	Debtors (3)
				1.	Trade debtors
				2.	Amounts owed by group undertakings
				3.	Amounts owed by undertakings in which the LLP has a participating interest
				4.	Other debtors
				5.	Prepayments and accrued income (4)
		III.	Investments	Investments	Investments
				1.	Shares in group undertakings
				2.	Other investments
		IV.	Cash at bank and in hand	Cash at bank and in hand	Cash at bank and in hand

C.	Prepayments and accrued income (4)	Prepayments and accrued income (4)	Prepayments and accrued income (4)	Prepayments and accrued income (4)	Prepayments and accrued income (4)

D.	Creditors: amounts falling due within one year	Creditors: amounts falling due within one year	Creditors: amounts falling due within one year	Creditors: amounts falling due within one year	Creditors: amounts falling due within one year
				1.	Debenture loans (5)
				2.	Bank loans and overdrafts
				3.	Payments received on account (6)
				4.	Trade creditors
				5.	Bills of exchange payable
				6.	Amounts owed to group undertakings
				7.	Amounts owed to undertakings in which the LLP has a participating interest
				8.	Other creditors including taxation and social security (7)
				9.	Accruals and deferred income (8)

E.	Net current assets (liabilities) (9)	Net current assets (liabilities) (9)	Net current assets (liabilities) (9)	Net current assets (liabilities) (9)	Net current assets (liabilities) (9)

F.	Total assets less current liabilities	Total assets less current liabilities	Total assets less current liabilities	Total assets less current liabilities	Total assets less current liabilities

G.	Creditors: amounts falling due after more than one year	Creditors: amounts falling due after more than one year	Creditors: amounts falling due after more than one year	Creditors: amounts falling due after more than one year	Creditors: amounts falling due after more than one year
				1.	Debenture loans (5)
				2.	Bank loans and overdrafts
				3.	Payments received on account (6)
				4.	Trade creditors
				5.	Bills of exchange payable
				6.	Amounts owed to group undertakings
				7.	Amounts owed to undertakings in which the LLP has a participating interest
				8.	Other creditors including taxation and social security (7)
				9.	Accruals and deferred income (8)

H.	Provisions for liabilities	Provisions for liabilities	Provisions for liabilities	Provisions for liabilities	Provisions for liabilities
				1.	Pensions and similar obligations
				2.	Taxation, including deferred taxation
				3.	Other provisions

I.	Accruals and deferred income (8)	Accruals and deferred income (8)	Accruals and deferred income (8)	Accruals and deferred income (8)	Accruals and deferred income (8)

J.	Loans and other debts due to members (10)	Loans and other debts due to members (10)	Loans and other debts due to members (10)	Loans and other debts due to members (10)	Loans and other debts due to members (10)

K.	Members' other interests	Members' other interests	Members' other interests	Members' other interests	Members' other interests
		I.	Members' capital	Members' capital	Members' capital
		II.	Revaluation reserve	Revaluation reserve	Revaluation reserve
		III.	Other reserves, including the fair value reserve	Other reserves, including the fair value reserve	Other reserves, including the fair value reserve
Format 2	Format 2	Format 2	Format 2	Format 2	Format 2
---	---	---	---	---	---

ASSETS	ASSETS	ASSETS	ASSETS	ASSETS	ASSETS

A.	Fixed assets	Fixed assets	Fixed assets	Fixed assets	Fixed assets
		I.	Intangible assets	Intangible assets	Intangible assets
				1.	Development costs
				2.	Concessions, patents, licences, trade marks and similar rights and assets (1)
				3.	Goodwill (2)
				4.	Payments on account
		II.	Tangible assets	Tangible assets	Tangible assets
				1.	Land and buildings
				2.	Plant and machinery
				3.	Fixtures, fittings, tools and equipment
				4.	Payments on account and assets in course of construction
		III.	Investments	Investments	Investments
				1.	Shares in group undertakings
				2.	Loans to group undertakings
				3.	Participating interests
				4.	Loans to undertakings in which the LLP has a participating interest
				5.	Other investments other than loans
				6.	Other loans

B.	Current assets	Current assets	Current assets	Current assets	Current assets
		I.	Stocks	Stocks	Stocks
				1.	Raw materials and consumables
				2.	Work in progress
				3.	Finished goods and goods for resale
				4.	Payments on account
		II.	Debtors (3)	Debtors (3)	Debtors (3)
				1.	Trade debtors
				2.	Amounts owed by group undertakings
				3.	Amounts owed by undertakings in which the LLP has a participating interest
				4.	Other debtors
				5.	Prepayments and accrued income (4)
		III.	Investments	Investments	Investments
				1.	Shares in group undertakings
				2.	Other investments
		IV.	Cash at bank and in hand	Cash at bank and in hand	Cash at bank and in hand

C.	Prepayments and accrued income (4)	Prepayments and accrued income (4)	Prepayments and accrued income (4)	Prepayments and accrued income (4)	Prepayments and accrued income (4)

CAPITAL, RESERVES AND LIABILITIES	CAPITAL, RESERVES AND LIABILITIES	CAPITAL, RESERVES AND LIABILITIES	CAPITAL, RESERVES AND LIABILITIES	CAPITAL, RESERVES AND LIABILITIES	CAPITAL, RESERVES AND LIABILITIES

A.	Loans and other debts due to members (10)	Loans and other debts due to members (10)	Loans and other debts due to members (10)	Loans and other debts due to members (10)	Loans and other debts due to members (10)

B.	Members' other interests	Members' other interests	Members' other interests	Members' other interests	Members' other interests
		I.	Members' capital	Members' capital	Members' capital
		II.	Revaluation reserve	Revaluation reserve	Revaluation reserve
		III.	Other reserves, including the fair value reserve	Other reserves, including the fair value reserve	Other reserves, including the fair value reserve

C.	Provisions for liabilities	Provisions for liabilities	Provisions for liabilities	Provisions for liabilities	Provisions for liabilities
				1.	Pensions and similar obligations
				2.	Taxation, including deferred taxation
				3.	Other provisions

D.	Creditors (11)	Creditors (11)	Creditors (11)	Creditors (11)	Creditors (11)
				1.	Debenture loans (5)
				2.	Bank loans and overdrafts
				3.	Payments received on account (6)
				4.	Trade creditors
				5.	Bills of exchange payable
				6.	Amounts owed to group undertakings
				7.	Amounts owed to undertakings in which the LLP has a participating interest
				8.	Other creditors including taxation and social security (7)
				9.	Accruals and deferred income (8)

E.	Accruals and deferred income (8)	Accruals and deferred income (8)	Accruals and deferred income (8)	Accruals and deferred income (8)	Accruals and deferred income (8)

(1) Concessions, patents, licences, trade marks and similar rights and assets

(2) Goodwill

(3) Debtors

(4) Prepayments and accrued income

(5) Debenture loans

(6) Payments received on account

(8) Accruals and deferred income

(9) Net current assets (liabilities)

(10) Loans and other debts due to members

(11) Creditors

Amounts falling due within one year and after one year must be shown separately for each of these items and for the aggregate of all of these items.

Format 1	Format 1	Format 1
(see note (15) below)	(see note (15) below)	(see note (15) below)

	1.	Turnover

	2.	Cost of sales (12)

	3.	Gross profit or loss

	4.	Distribution costs (12)

	5.	Administrative expenses (12)

	6.	Other operating income

	7.	Income from shares in group undertakings

	8.	Income from participating interests

	9.	Income from other fixed asset investments (13)

	10.	Other interest receivable and similar income (13)

	11.	Amounts written off investments

	12.	Interest payable and similar expenses (14)

	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

(12) Cost of sales: distribution costs: administrative expenses

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

(14) Interest payable and similar expenses

(15) Format 1

15A

The opening balance sheet for each financial year must correspond to the closing balance sheet for the preceding financial year.

Intangible Assets

Current assets

Equity method in respect of participating interests

29A

Participating interests may be accounted for using the equity method.

Post balance sheet events

70A

The nature and financial effect of material events arising after the balance sheet date which are not reflected in the profit and loss account or balance sheet must be stated.

Appropriations

70B

Particulars must be given of the proposed appropriation of profit or treatment of loss or, where applicable, particulars of the actual appropriation of the profits or treatment of the losses.

16A

Where an acquisition has taken place in the financial year and the merger method of accounting has been adopted, the notes to the accounts must also disclose the names and the addresses of the registered offices of the undertakings concerned (whether in or outside the United Kingdom).

Non-controlling interests

Deferred tax balances

22A

Deferred tax balances must be recognised on consolidation where it is probable that a charge to tax will arise within the foreseeable future for one of the undertakings included in the consolidation.

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