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The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008

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Information to be given in notes to accounts

This section has no associated Explanatory Memorandum

11.  Section 409 to 411(1) apply to LLPs, modified so that they read as follows—

Information about related undertakings

409.(1) The notes to the LLP’s annual accounts must contain the information about related undertakings required by—

(a)regulations 4 and 7 of the Small Limited Liability Partnerships (Accounts) Regulations 2008 (information about related undertakings: non-IAS or IAS individual or group accounts) (S.I. 2008/1912), or

(b)regulation 5 of the Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008 (information about related undertakings: non-IAS or IAS individual or group accounts) (S.I. 2008/1913).

(2) That information need not be disclosed with respect to an undertaking that—

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

(b)carries on business outside the United Kingdom,

if the following conditions are met.

(4) The conditions are—

(a)that in the opinion of the members of the LLP the disclosure would be seriously prejudicial to the business of—

(i)that undertaking,

(ii)the LLP,

(iii)any of the LLP’s subsidiary undertakings, or

(iv)any other undertaking which is included in the consolidation;

(b)that the Secretary of State agrees that the information need not be disclosed.

(5) Where advantage is taken of any such exemption, that fact must be stated in a note to the LLP’s annual accounts.

Information about related undertakings: alternative compliance

410.(1) This section applies where the members of an LLP are of the opinion that the number of undertakings in respect of which the LLP is required to disclose information under any provision of the regulations specified in section 409(1) (related undertakings) is such that compliance with that provision would result in information of excessive length being given in notes to the LLP’s annual accounts.

(2) The information need only be given in respect of—

(a)the undertakings whose results or financial position, in the opinion of the members, principally affected the figures shown in the LLP’s annual accounts, and

(b)where the LLP prepares group accounts, undertakings excluded from consolidation under section 405(3) (undertakings excluded on grounds other than materiality).

(3) If advantage is taken of subsection (2)—

(a)there must be included in the notes to the LLP’s annual accounts a statement that the information is given only with respect to such undertakings as are mentioned in that subsection, and

(b)the full information (both that which is disclosed in the notes to the accounts and that which is not) must be annexed to the LLP’s next annual return.

For this purpose the “next annual return” means that next delivered to the registrar after the accounts in question have been approved under section 414.

(4) If an LLP fails to comply with subsection (3)(b), an offence is committed by—

(a)the LLP, and

(b)every member of the LLP who is in default.

(5) A person guilty of an offence under subsection (4) is liable on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 3 on the standard scale.

Information about off-balance sheet arrangements

410A.(1) In the case of an LLP that is not subject to the small LLPs regime, if in any financial year—

(a)the LLP is or has been party to arrangements that are not reflected in its balance sheet, and

(b)at the balance sheet date the risks or benefits arising form those arrangements are material,

the information required by this section must be given in notes to the LLP’s annual accounts.

(2) The information required is—

(a)the nature and business purpose of the arrangements, and

(b)the financial impact of the arrangements on the LLP.

(3) The information need only be given to the extent necessary for enabling the financial position of the LLP to be assessed.

(4) If the LLP qualifies as medium-sized in relation to the financial year (see sections 465 to 467) it need not comply with subsection (2)(b).

(5) This section applies in relation to group accounts as if the undertakings included in the consolidation were a single LLP.

Information about employee numbers and costs

411.(1) In the case of an LLP not subject to the small LLPs regime, the following information with respect to the employees of the LLP must be given in notes to the LLP’s annual accounts—

(a)the average number of persons employed by the LLP in the financial year, and

(b)the average number of persons so employed within each category of persons employed by the LLP.

(2) The categories by reference to which the number required to be disclosed by subsection (1)(b) is to be determined must be such as the members may select having regard to the manner in which the LLP’s activities are organised.

(3) The average number required by subsection (1)(a) or (b) is determined by dividing the relevant annual number by the number of months in the financial year.

(4) The relevant annual number is determined by ascertaining for each month in the financial year—

(a)for the purposes of subsection (1)(a), the number of persons employed under contracts of service by the LLP in that month (whether throughout the month or not);

(b)for the purposes of subsection (1)(b), the number of persons in the category in question of persons so employed;

and adding together all the monthly numbers.

(5) In respect of all persons employed by the LLP during the financial year who are taken into account in determining the relevant annual number for the purposes of subsection (1)(a) there must also be stated the aggregate amounts respectively of—

(a)wages and salaries paid or payable in respect of that year to those persons;

(b)social security costs incurred by the LLP on their behalf; and

(c)other pension costs so incurred.

This does not apply in so far as those amounts, or any of them, are stated elsewhere in the LLP’s accounts.

(6) In subsection (5)—

“pension costs” includes any costs incurred by the LLP in respect of—

(a)

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;

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

(7) This section applies in relation to group accounts as if the undertakings included in the consolidation were a single LLP.

(1)

Section 410A was inserted by regulation 8 of S.I. 2008/ 393 and section 411 was amended by regulation 11 of S.I. 2008/393.

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