The Companies Act 1985 (Operating and Financial Review) (Repeal) Regulations 2005

The Limited Liability Partnerships Regulations 2001

3.—(1) Schedule 1 to the Limited Liability Partnerships Regulations 2001 (modifications to provisions of Part 7 of the 1985 Act as applied to limited liability partnerships)(1) is amended as follows.

(2) Omit the entries relating to sections 234AA (duty to prepare operating and financial review), 234AB (approval and signing of operating and financial review) and 256A (reporting standards for operating and financial review) of the 1985 Act(2).

(3) In the entries relating to section 239(1) (right to demand copies of accounts and reports) and 242(1) (accounts and reports to be delivered to registrar) of the 1985 Act(3), omit the reference to paragraph (ba) (in both places).

(4) In the entry relating to section 245 of the 1985 Act (voluntary revision of accounts)(4)—

(a) for paragraph (a) of the entry relating to subsection (2) substitute—

“(a) Omit the words “or report” in both places where they occur, and”, and

(b) for paragraphs (a), (b) and (c)(i) of the entry relating to subsection (4) substitute—

“(a) In paragraph (a), omit the words “, statement or report”,

(b) in paragraph (b), omit the words “or reporting accountant” and the words “, statement or report”, and

(c) in paragraph (c)—

(i) for “where the previous accounts or report” substitute “where the previous accounts”,”.

(5) In the entry relating to section 245A of the 1985 Act (Secretary of State’s notice in respect of annual accounts, reports and reviews)(5)—

(a) for paragraph (b) of the entry relating to subsection (1) substitute—

“(b) omit the words “or report”.”;

(b) for the entry relating to subsection (2) substitute “Omit the words “or report” and the words “or a revised report”.”;

(c) for the entry relating to subsection (3) substitute “Omit the words “or report” in both places where they occur.”;

(d) for the entry relating to subsection (4) substitute “Omit the words “and revised directors' reports” and the words “or reports” in both places where they occur.”.

(6) In the entry relating to section 245B of the 1985 Act (application in respect of defective accounts and reports)(6)—

(a) for the entry relating to subsection (1) substitute “Omit the words “, or a directors' report does not comply,” and the words “or a revised report”.”;

(b) for the entry relating to subsection (4) substitute “Omit the words “or report” in each place where they occur and the words “or a revised report”.”;

(c) for the entry relating to subsection (5) substitute “Omit the words “or report” in both places where they occur.”;

(d) for the entry relating to subsection (7) substitute “ Omit the words “and revised directors' reports” and the words “or reports” in both places where they occur.”.

(7) For the entry relating to section 245C(1) of the 1985 Act (other persons authorised to apply to court)(7) substitute “Omit the words “and directors' reports” in both places where they occur.”.

(1)

S.I. 2001/1090, as amended by S.I. 2004/355 and S.I. 2005/1989.

(2)

The entry relating to sections 234AA and 234AB of the 1985 Act was inserted by regulation 2 of, and paragraph 4 of Schedule 1 to, S.I. 2005/1989, and that relating to section 256A by regulation 2 of, and paragraph 19 of Schedule 1 to, S.I. 2005/1989.

(3)

The entry relating to section 239(1) was substituted by regulation 2 of, and paragraph 7 of Schedule 1 to, S.I. 2005/1989, and that relating to section 242(1) by regulation 2 of, and paragraph 10 of Schedule 1 to, S.I. 2005/1989.

(4)

The entry relating to section 245 was substituted by regulation 2 of, and paragraph 13 of Schedule 1 to, S.I. 2005/1989.

(5)

The entry relating to section 245A was substituted by regulation 2 of, and paragraph 14 of Schedule 1 to, S.I. 2005/1989.

(6)

The entry relating to section 245B was substituted by regulation 2 of, and paragraph 15 of Schedule 1 to, S.I. 2005/1989.

(7)

The entry relating to section 245C(1) was inserted by regulation 2 of, and paragraph 16 of Schedule 1 to, S.I. 2005/1989.