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

1. Introductory Text

2. PART 1 INTRODUCTION

   1. 1. Citation and interpretation

   2. 2. Commencement and application

3. PART 2 FORM AND CONTENT OF ACCOUNTS

   1. 3. Non-IAS individual accounts

   2. 4. Medium-sized LLPs: exemptions for non-IAS individual accounts

   3. 5. Information about related undertakings (non-IAS or IAS individual or group accounts)

   4. 6. Non-IAS group accounts

4. PART 3 INTERPRETATION

   1. 7. General interpretation

5. PART 4 REVIEW

   1. 8. Review

6. Signature

7. 1. SCHEDULE 1

      NON-IAS INDIVIDUAL ACCOUNTS

      1. PART 1 GENERAL RULES AND FORMATS

         1. SECTION A GENERAL RULES

            1. 1. (1) Subject to the following provisions of this Schedule—

            2. 1A. (1) The members of the LLP may adapt one of...

            3. 2. (1) Where in accordance with paragraph 1 an LLP's balance...

            4. 3. (1) Any item required to be shown in an LLP's...

            5. 4. (1) Where the special nature of the LLP's business requires...

            6. 5. (1) Subject to sub-paragraph (2), the members must not include...

            7. 6. Every profit and loss account must show the amount of...

            8. 7. (1) For every item shown in the balance sheet or...

            9. 8. Amounts in respect of items representing assets or income may...

            10. 9. The members of the LLP must, in determining how amounts...

            11. 9A. Where an asset or liability relates to more than one...

         2. SECTION B THE REQUIRED FORMATS FOR ACCOUNTS

            1. Balance sheet formats

            2. Balance sheet formats

            3. Notes on the balance sheet formats

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

               2. Amounts in respect of assets are only to be included...

               3. (2) Goodwill

               4. Amounts representing goodwill are only to be included to the...

               5. (3) Debtors

               6. The amount falling due after more than one year must...

               7. (4) Prepayments and accrued income

               8. This item may be shown in either of the two...

               9. (5) Debenture loans

               10. The amount of any convertible loans must be shown separately....

               11. (6) Payments received on account

               12. Payments received on account of orders must be shown for...

               13. (7) Other creditors including taxation and social security

               14. The amount for creditors in respect of taxation and social...

               15. (8) Accruals and deferred income

               16. The two positions given for this item in Format 1...

               17. The two positions given for this item in Format 2...

               18. (9) Net current assets (liabilities)

               19. In determining the amount to be shown for this item...

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

               21. The following amounts must be shown separately under this item—...

               22. (11) Creditors

               23. Amounts falling due within one year and after one year...

            4. Profit and loss account formats

            5. Profit and loss account formats

               1. Format 2 1. Turnover 2. Change in stocks of finished...

            6. Notes on the profit and loss account formats

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

               2. These items must be stated after taking into account any...

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

               4. Income and interest derived from group undertakings must be shown...

               5. (14) Interest payable and similar expenses

               6. The amount payable to group undertakings must be shown separately....

               7. (15) Format 1

      2. PART 2 ACCOUNTING PRINCIPLES AND RULES

         1. SECTION A ACCOUNTING PRINCIPLES

            1. 10. Preliminary

            2. 11. Accounting principles

            3. 12. Accounting policies and measurement bases must be applied consistently within...

            4. 13. The amount of any item must be determined on a...

            5. 14. All income and charges relating to the financial year to...

            6. 15. In determining the aggregate amount of any item, the amount...

            7. 15A. The opening balance sheet for each financial year must correspond...

         2. SECTION B HISTORICAL COST ACCOUNTING RULES

            1. 16. Preliminary

         3. Fixed assets

            1. 17. General rules

            2. 18. Rules for depreciation and diminution in value

            3. 19. (1) Where a fixed asset investment falling to be included...

            4. 20. (1) Where the reasons for which any provision was made...

            5. 21. Intangible Assets

            6. 22. (1) Intangible assets must be written off over the useful...

            7. 23. Current assets

            8. 24. (1) If the net realisable value of any current asset...

         4. Miscellaneous and supplementary provisions

            1. 25. Excess of money owed over value received as an asset item

            2. 26. Assets included at a fixed amount

            3. 27. Determination of purchase price or production cost

            4. 28. (1) The purchase price or production cost of—

            5. 29. Substitution of original stated amount where price or cost unknown

            6. 29A. Equity method in respect of participating interests

         5. SECTION C ALTERNATIVE ACCOUNTING RULES

            1. 30. Preliminary

            2. 31. Subject to paragraphs 33 to 35, the amounts to be...

            3. 32. Alternative accounting rules

            4. 33. Application of the depreciation rules

            5. 34. Additional information to be provided in case of departure from historical cost accounting rules

            6. 35. Revaluation reserve

         6. SECTION D FAIR VALUE ACCOUNTING

            1. 36. Inclusion of financial instruments at fair value

            2. 37. Determination of fair value

            3. 38. Hedged items

            4. 39. Other assets that may be included at fair value

            5. 40. Accounting for changes in value

            6. 41. The fair value reserve

      3. PART 3 NOTES TO THE ACCOUNTS

         1. 42. Preliminary

         2. General

            1. 43. Reserves

            2. 44. Disclosure of accounting policies

            3. 45. It must be stated whether the accounts have been prepared...

         3. Information supplementing the balance sheet

            1. 46. Paragraphs 47 to 61 require information which either supplements the...

            2. 47. Loans and other debts due to members

            3. 48. Debentures

            4. 49. Fixed assets

            5. 50. Where any fixed assets of the LLP (other than listed...

            6. 51. (1) In relation to any amount which is or would...

            7. 52. Investments

            8. 53. Information about fair value of assets and liabilities

            9. 54. Where the LLP has derivatives that it has not included...

            10. 55. (1) This paragraph applies if— (a) the LLP has financial...

            11. 56. Information where investment property and living animals and plants included at fair value

            12. 57. Reserves and provisions

            13. 58. Provision for taxation

            14. 59. Details of indebtedness

            15. 60. Guarantees and other financial commitments

            16. 61. Miscellaneous matters

         4. Information supplementing the profit and loss account

            1. 62. Paragraphs 63 to 67 require information which either supplements the...

            2. 63. Separate statement of certain items of income and expenditure

            3. 64. Particulars of tax

            4. 65. Particulars of turnover

            5. 66. Particulars of members

            6. 67. Miscellaneous matters

            7. 68. Sums denominated in foreign currencies

            8. 69. Dormant LLPs acting as agents

            9. 70. Related party transactions

            10. 70A. Post balance sheet events

            11. 70B. Appropriations

      4. PART 4 SPECIAL PROVISION WHERE LLP IS A PARENT LLP OR SUBSIDIARY UNDERTAKING

         1. 71. LLP's own accounts: guarantees and other financial commitments in favour of group undertakings

   2. SCHEDULE 2

      INFORMATION ON RELATED UNDERTAKINGS REQUIRED WHETHER PREPARING NON-IAS OR IAS ACCOUNTS

      1. PART 1 PROVISIONS APPLYING TO ALL LLPs

         1. 1. Subsidiary undertakings

         2. 2. Financial information about subsidiary undertakings

         3. 3. Significant holdings in undertakings other than subsidiary undertakings

         4. 4. (1) The name of the undertaking must be stated.

         5. 5. (1) Subject to paragraph 12, there must also be stated—...

         6. 6. Parent undertaking drawing up accounts for larger group

         7. 7. Identification of ultimate parent

      2. PART 2 LLP NOT REQUIRED TO PREPARE GROUP ACCOUNTS

         1. 8. Reason for not preparing group accounts

         2. 9. Holdings in subsidiary undertakings

         3. 10. Financial years of subsidiary undertakings

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

         5. 12. Construction of references to shares held by LLP

      3. PART 3 LLP REQUIRED TO PREPARE GROUP ACCOUNTS

         1. 13. Introductory

         2. 14. Subsidiary undertakings

         3. 15. Holdings in subsidiary undertakings

         4. 16. Joint ventures

         5. 17. Associated undertakings

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

         7. 19. Construction of references to shares held by parent LLP or group

   3. SCHEDULE 3

      NON-IAS GROUP ACCOUNTS

      1. 1. General rules

      2. 2. (1) The consolidated balance sheet and profit and loss account...

      3. 3. (1) Where assets and liabilities to be included in the...

      4. 4. Any differences of accounting rules as between a parent LLP's...

      5. 5. Amounts that in the particular context of any provision of...

      6. 6. Elimination of group transactions

      7. 7. Acquisition and merger accounting

      8. 8. An acquisition must be accounted for by the acquisition method...

      9. 9. (1) The acquisition method of accounting is as follows.

      10. 10. The conditions for accounting for an acquisition as a merger...

      11. 11. (1) Where an LLP adopts the merger method of accounting...

      12. 12. (1) Where a group is acquired, paragraphs 9 to 11...

      13. 13. (1) The following information with respect to acquisitions taking place...

      14. 14. (1) There must also be stated in a note to...

      15. 15. Where during the financial year there has been a disposal...

      16. 16. The information required by paragraph 13, 14 or 15 need...

      17. 16A. Where an acquisition has taken place in the financial year...

      18. 17. Non-controlling interests

      19. 18. Joint ventures

      20. 19. Associated undertakings

      21. 20. (1) The formats set out in Schedule 1 to these...

      22. 21. (1) The interest of an undertaking in an associated undertaking,...

      23. 22. Related party transactions

      24. 22A. Deferred tax balances

   4. SCHEDULE 4

      GENERAL INTERPRETATION

      1. 1. Financial instruments

      2. 2. (1) The expressions listed in sub-paragraph (2) have the same...

      3. 3. Fixed and current assets

      4. 4. Historical cost accounting rules

      5. 5. Listed investments

      6. 6. Loans

      7. 7. Materiality

      8. 8. Participating interests

      9. 9. Provisions

      10. 10. References to provisions for liabilities are to any amount retained...

      11. 11. Purchase price

      12. 12. Staff costs

8. Explanatory Note