The Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008 No. 1913

SCHEDULE 1 NON-IAS INDIVIDUAL ACCOUNTS

PART 2 ACCOUNTING PRINCIPLES AND RULES

Miscellaneous and supplementary provisions

Assets included at a fixed amount

26.—(1) Subject to sub-paragraph (2), assets which fall to be included—

(a) amongst the fixed assets of an LLP under the item “tangible assets”, or

(b) amongst the current assets of an LLP under the item “raw materials and consumables”,

may be included at a fixed quantity and value.

(2) Sub-paragraph (1) applies to assets of a kind which are constantly being replaced where—

(a) their overall value is not material to assessing the LLP’s state of affairs, and

(b) their quantity, value and composition are not subject to material variation.