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Partnerships and Unlimited Companies (Accounts) Regulations (Northern Ireland) 1994

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Interpretation

2.—(1) The Interpretation Act (Northern Ireland) 1954(1) shall apply to these Regulations as it applies to a Measure of the Northern Ireland Assembly.

(2) In these Regulations—

“the 1986 Order” means the Companies (Northern Ireland) Order 1986(2);

“the accounts”, in relation to a qualifying partnership, means the annual accounts, the annual report and the auditors' report required by regulation 4;

“dealt with on a consolidated basis” means dealt with by the method of full consolidation, the method of proportional consolidation or the equity method of accounting;

“financial year”, in relation to a qualifying partnership, means any period of not more than 18 months in respect of which a profit and loss account of the partnership is required to be made up by or in accordance with its constitution or, failing any such requirement, each period of 12 months beginning on 31st March;

“the Fourth Directive” means the Fourth Council Directive (78/660/EEC) of 25th July 1978 on the annual accounts of certain types of companies(3), as amended;

“general partner” has the same meaning as in the Limited Partnerships Act 1907(4);

“limited company” means a company limited by shares or limited by guarantee;

“limited partnership” means a partnership formed in accordance with the Limited Partnerships Act 1907;

“qualifying company” has the meaning given by regulation 9;

“qualifying partnership” has the meaning given by regulation 3;

“the Seventh Directive” means the Seventh Council Directive (83/349/EEC) of 13th June 1983 on consolidated accounts(5), as amended;

and other expressions shall have the meanings ascribed to them by the 1986 Order.

(3) Any reference in these Regulations to the members of a qualifying partnership shall be construed, in relation to a limited partnership, as a reference to its general partner or partners.

(2)

S.I. 1986/1032 (N.I.6); Part VIII of that Order dealing with accounts and audit has been substantially amended by the Companies (Northern Ireland) Order 1990 (S.I. 1990/593 (N.l. 5))

(3)

O.J. No. L222 of 14.8.1978, pages 11 to 31. Relevant amendments to the Fourth Directive have been made by — (i) the Seventh Council Directive (83/349/EEC) of 13th June 1983 on consolidated accounts (O.J. No. L 193 of 18.7.1983, pages 1 to 17); and (ii) Council Directive (90/604/EEC) of 8th November 1990 on small and medium-sized companies (O.J. No. L317 of 16.11.90, pages 57 to 59)

(4)

1907 c. 24 (7 Edw 7)

(5)

O.J. No. L193 of 18.7.1983, pages 1 to 17. Relevant amendments to the Seventh Directive have been made by Council Directive (90/604/EEC) of 8th November 1990 on small and medium-sized companies (O.J. No. L3I7 of 16.11.1990, pages 57 to 59)

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