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

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Approval and signing of abbreviated accounts

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21.  Section 450 is applied to LLPs, modified so as to read as follows—

Approval and signing of abbreviated accounts

450.(1) Abbreviated accounts must be approved by the members and signed on behalf of all the members by a designated member.

(2) The signature must be on the balance sheet.

(3) The balance sheet must contain in a prominent position above the signature a statement to the effect that it is prepared in accordance with the special provisions of this Act relating (as the case may be) to LLPs subject to the small LLPs regime or to medium-sized LLPs.

(4) If abbreviated accounts are approved that do not comply with the requirements of regulation 5 of the Small Limited Liability Partnerships (Accounts) Regulations 2008 (S.I. 2008/1912), or (as the case may be) regulation 4 of the Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008 (S.I. 2008/1913), every member of the LLP who—

(a)knew that they did not comply, or was reckless as to whether they complied, and

(b)failed to take reasonable steps to prevent them from being approved,

commits an offence.

(5) A person guilty of an offence under subsection (4) is liable—

(a)on conviction on indictment, to a fine;

(b)on summary conviction, to a fine not exceeding the statutory maximum.

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