Joint venturesU.K.
18.—(1) Where an undertaking included in the consolidation manages another undertaking jointly with one or more undertakings not included in the consolidation, that other undertaking (“the joint venture”) may, if it is not—
(a)a body corporate, or
(b)a subsidiary undertaking of the parent LLP,
be dealt with in the group accounts by the method of proportional consolidation.
(2) The provisions of this Schedule relating to the preparation of consolidated accounts [F1and sections 402 and 405 of the 2006 Act] apply, with any necessary modifications, to proportional consolidation under this paragraph.
[F2(3) In addition to the disclosure of the average number of employees employed during the financial year (see section 411(7) of the 2006 Act), there must be a separate disclosure in the notes to the accounts of the average number of employees employed by undertakings that are proportionately consolidated.]
Textual Amendments
F1Words in Sch. 4 para. 18(2) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 43(f)(i)
F2Sch. 4 para. 18(3) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 43(f)(ii)