The Small Limited Liability Partnerships (Accounts) Regulations 2008

1Citation and interpretation

2Commencement and application

3Non-IAS individual accounts

4Information about related undertakings (non-IAS or IAS individual accounts)

5Accounts for delivery to registrar of companies (non-IAS individual accounts)

6Non-IAS group accounts

7Information about related undertakings (Non-IAS or IAS group accounts)

8General interpretation

SCHEDULE 1NON-IAS INDIVIDUAL ACCOUNTS

PART 1GENERAL RULES AND FORMATS

SECTION AGENERAL RULES

1(1) Subject to the following provisions of this Schedule—

2(1) Where in accordance with paragraph 1 an LLP’s balance...

3(1) Any item required to be shown in an LLP’s...

4(1) Where the special nature of the LLP’s business requires...

5(1) Subject to sub-paragraph (2), the members must not include...

6Every profit and loss account must show the amount of...

7(1) For every item shown in the balance sheet or...

8Amounts in respect of items representing assets or income may...

9The members of the LLP must, in determining how amounts...

SECTION BTHE REQUIRED FORMATS FOR ACCOUNTS

PART 2ACCOUNTING PRINCIPLES AND RULES

SECTION AACCOUNTING PRINCIPLES

11Accounting principles

12Accounting policies must be applied consistently within the same accounts...

13The amount of any item must be determined on a...

14All income and charges relating to the financial year to...

15In determining the aggregate amount of any item, the amount...

SECTION BHISTORICAL COST ACCOUNTING RULES

17General rules

18Rules for depreciation and diminution in value

19(1) Where a fixed asset investment of a description falling...

20(1) Where the reasons for which any provision was made...

21Development costs

23Current assets

24(1) If the net realisable value of any current asset...

Miscellaneous and supplementary provisions

25Excess of money owed over value received as an asset item

26Assets included at a fixed amount

27Determination of purchase price or production cost

28(1) The purchase price or production cost of—

29Substitution of original stated amount where price or cost unknown

SECTION CALTERNATIVE ACCOUNTING RULES

31Subject to paragraphs 33 to 35, the amounts to be...

32Alternative accounting rules

33Application of the depreciation rules

34Additional information to be provided in case of departure from historical cost accounting rules

35Revaluation reserve

SECTION DFAIR VALUE ACCOUNTING

36Inclusion of financial instruments at fair value

37Determination of fair value

39Other assets that may be included at fair value

40Accounting for changes in value

41The fair value reserve

PART 3NOTES TO THE ACCOUNTS

44Disclosure of accounting policies

Information supplementing the balance sheet

45Paragraphs 46 to 56 require information which either supplements the...

46Loans and other debts due to members

48Where any fixed assets of the LLP (other than listed...

50Information about fair value of assets and liabilities

51(1) This paragraph applies if— (a) the LLP has financial...

52Information where investment property and living animals and plants included at fair value

53Reserves and provisions

54Details of indebtedness

55Guarantees and other financial commitments

56Miscellaneous matters

57Information supplementing the profit and loss account

58Particulars of turnover

59Miscellaneous matters

60Sums denominated in foreign currencies

61Dormant LLPs acting as agents

SCHEDULE 2INFORMATION ABOUT RELATED UNDERTAKINGS WHERE LLP NOT PREPARING GROUP ACCOUNTS (NON-IAS OR IAS INDIVIDUAL ACCOUNTS)

1Subsidiary undertakings

2Holdings in subsidiary undertakings

3Financial information about subsidiary undertakings

4Significant holdings in undertakings other than subsidiary undertakings

5(1) The name of the undertaking must be stated.

6(1) There must also be stated— (a) the aggregate amount...

7Parent undertaking drawing up accounts for larger group

8Identification of ultimate parent

9Construction of references to shares held by LLP

SCHEDULE 3NON-IAS ABBREVIATED ACCOUNTS FOR DELIVERY TO REGISTRAR OF COMPANIES

PART 1THE REQUIRED BALANCE SHEET FORMATS

1(1) An LLP may deliver to the registrar a copy...

PART 2NOTES TO THE ACCOUNTS

3Disclosure of accounting policies

Information supplementing the balance sheet

5Financial fixed assets

6Details of indebtedness

7Sums denominated in foreign currencies

8Dormant LLPs acting as agents

SCHEDULE 4GROUP ACCOUNTS

PART 1FORM AND CONTENT OF NON-IAS GROUP ACCOUNTS

2(1) The consolidated balance sheet and profit and loss account...

3(1) Where assets and liabilities to be included in the...

4Any differences of accounting rules as between a parent LLP’s...

5Amounts that in the particular context of any provision of...

6Elimination of group transactions

7Acquisition and merger accounting

8An acquisition must be accounted for by the acquisition method...

9(1) The acquisition method of accounting is as follows.

10The conditions for accounting for an acquisition as a merger...

11(1) Where an LLP adopts the merger method of accounting,...

12(1) Where a group is acquired, paragraphs 9 to 11...

13(1) The following information with respect to acquisitions taking place...

14(1) There must also be stated in a note to...

15Where during the financial year there has been a disposal...

16The information required by paragraph 13, 14 or 15 need...

17Minority interests

18Joint ventures

19Associated undertakings

20(1) The interest of an undertaking in an associated undertaking,...

PART 2INFORMATION ABOUT RELATED UNDERTAKINGS WHERE LLP PREPARING GROUP ACCOUNTS (NON-IAS OR IAS GROUP ACCOUNTS)

21Introduction and interpretation

22Subsidiary undertakings

23Holdings in subsidiary undertakings

24Financial information about subsidiary undertakings not included in the consolidation

25Joint ventures

26Associated undertakings

27Other significant holdings of parent LLP or group

28(1) The name of the undertaking must be stated.

29(1) There must also be stated— (a) the aggregate amount...

30(1) The information required by paragraphs 31 and 32 must...

31(1) The name of the undertaking must be stated.

32(1) There must also be stated— (a) the aggregate amount...

33Parent undertaking drawing up accounts for larger group

34Identification of ultimate parent

35Construction of references to shares held by parent LLP or group

SCHEDULE 5GENERAL INTERPRETATION

1Financial instruments

2(1) The expressions listed in sub-paragraph (2) have the same...

3Fixed and current assets

4Historical cost accounting rules

5Listed investments

8Participating interests

10References to provisions for liabilities are to any amount retained...

11Purchase price

2008 No. 1912

Limited Liability Partnerships

The Small Limited Liability Partnerships (Accounts) Regulations 2008

Made17th July 2008

Coming into force1st October 2008

The Secretary of State makes the following Regulations in exercise of the powers conferred by sections 15 and 17 of the Limited Liability Partnerships Act 20001.

In accordance with section 17(4) and (5)(b) of the Limited Liability Partnerships Act 2000, a draft of this instrument was laid before Parliament and approved by a resolution of each House of Parliament.