The Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008

SECTION B THE REQUIRED FORMATS FOR ACCOUNTS(1)

Balance sheet formats
Format 1
A.	Fixed assets
		I.	Intangible assets
				1.	Development costs
				2.	Concessions, patents, licences, trade marks and similar rights and assets (1)
				3.	Goodwill (2)
				4.	Payments on account
		II.	Tangible assets
				1.	Land and buildings
				2.	Plant and machinery
				3.	Fixtures, fittings, tools and equipment
				4.	Payments on account and assets in course of construction
		III.	Investments
				1.	Shares in group undertakings
				2.	Loans to group undertakings
				3.	Participating interests
				4.	Loans to undertakings in which the LLP has a participating interest
				5.	Other investments other than loans
				6.	Other loans
B.	Current assets
		I.	Stocks
				1.	Raw materials and consumables
				2.	Work in progress
				3.	Finished goods and goods for resale
				4.	Payments on account
		II.	Debtors (3)
				1.	Trade debtors
				2.	Amounts owed by group undertakings
				3.	Amounts owed by undertakings in which the LLP has a participating interest
				4.	Other debtors
				5.	Prepayments and accrued income (4)
		III.	Investments
				1.	Shares in group undertakings
				2.	Other investments
		IV.	Cash at bank and in hand
C.	Prepayments and accrued income (4)
D.	Creditors: amounts falling due within one year
				1.	Debenture loans (5)
				2.	Bank loans and overdrafts
				3.	Payments received on account (6)
				4.	Trade creditors
				5.	Bills of exchange payable
				6.	Amounts owed to group undertakings
				7.	Amounts owed to undertakings in which the LLP has a participating interest
				8.	Other creditors including taxation and social security (7)
				9.	Accruals and deferred income (8)
E.	Net current assets (liabilities) (9)
F.	Total assets less current liabilities
G.	Creditors: amounts falling due after more than one year
				1.	Debenture loans (5)
				2.	Bank loans and overdrafts
				3.	Payments received on account (6)
				4.	Trade creditors
				5.	Bills of exchange payable
				6.	Amounts owed to group undertakings
				7.	Amounts owed to undertakings in which the LLP has a participating interest
				8.	Other creditors including taxation and social security (7)
				9.	Accruals and deferred income (8)
H.	Provisions for liabilities
				1.	Pensions and similar obligations
				2.	Taxation, including deferred taxation
				3.	Other provisions
I.	Accruals and deferred income (8)
J.	Loans and other debts due to members (10)
K.	Members’ other interests
		I.	Members’ capital
		II.	Revaluation reserve
		III.	Other reserves

Balance sheet formats
Format 2
ASSETS
A.	Fixed assets
		I.	Intangible assets
				1.	Development costs
				2.	Concessions, patents, licences, trade marks and similar rights and assets (1)
				3.	Goodwill (2)
				4.	Payments on account
		II.	Tangible assets
				1.	Land and buildings
				2.	Plant and machinery
				3.	Fixtures, fittings, tools and equipment
				4.	Payments on account and assets in course of construction
		III.	Investments
				1.	Shares in group undertakings
				2.	Loans to group undertakings
				3.	Participating interests
				4.	Loans to undertakings in which the LLP has a participating interest
				5.	Other investments other than loans
				6.	Other loans
B.	Current assets
		I.	Stocks
				1.	Raw materials and consumables
				2.	Work in progress
				3.	Finished goods and goods for resale
				4.	Payments on account
		II.	Debtors (3)
				1.	Trade debtors
				2.	Amounts owed by group undertakings
				3.	Amounts owed by undertakings in which the LLP has a participating interest
				4.	Other debtors
				5.	Prepayments and accrued income (4)
		III.	Investments
				1.	Shares in group undertakings
				2.	Other investments
		IV.	Cash at bank and in hand
C.	Prepayments and accrued income (4)
LIABILITIES
A.	Loans and other debts due to members (10)
B.	Members’ other interests
		I.	Members’ capital
		II.	Revaluation reserve
		III.	Other reserves
C.	Provisions for liabilities
				1.	Pensions and similar obligations
				2.	Taxation, including deferred taxation
				3.	Other provisions
D.	Creditors (11)
				1.	Debenture loans (5)
				2.	Bank loans and overdrafts
				3.	Payments received on account (6)
				4.	Trade creditors
				5.	Bills of exchange payable
				6.	Amounts owed to group undertakings
				7.	Amounts owed to undertakings in which the LLP has a participating interest
				8.	Other creditors including taxation and social security (7)
				9.	Accruals and deferred income (8)
E.	Accruals and deferred income (8)

Notes on the balance sheet formats

(1)	Concessions, patents, licences, trade marks and similar rights and assets

(Formats 1 and 2, item A.I.2.)

Amounts in respect of assets are only to be included in an LLP’s balance sheet under this item if either—

(a) the assets were acquired for valuable consideration and are not required to be shown under goodwill, or

(b) the assets in question were created by the LLP itself.

(2)

Goodwill

(Formats 1 and 2, item A.I.3.)

Amounts representing goodwill are only to be included to the extent that the goodwill was acquired for valuable consideration.

(3)

Debtors

(Formats 1 and 2, items B.II.1 to 5.)

The amount falling due after more than one year must be shown separately for each item included under debtors.

(4)	Prepayments and accrued income

(Formats 1 and 2, items B.II.5 and C.)

This item may be shown in either of the two positions given in Formats 1 and 2.

(5)	Debenture loans

(Format 1, items D.1 and G.1 and Format 2, item D.1.)

The amount of any convertible loans must be shown separately.

(6)	Payments received on account

(Format 1, items D.3 and G.3 and Format 2, item D.3.)

Payments received on account of orders must be shown for each of these items in so far as they are not shown as deductions from stocks.

(7)	Other creditors including taxation and social security

(Format 1, items D.8 and G.8 and Format 2, item D.8.)

The amount for creditors in respect of taxation and social security must be shown separately from the amount for other creditors.

(8)	Accruals and deferred income

(Format 1, items D.9, G.9 and I and Format 2, items D.9 and E.)

The two positions given for this item in Format 1 at D.9 and G.9 are an alternative to the position at I, but if the item is not shown in a position corresponding to that at I it may be shown in either or both of the other two positions (as the case may require).

The two positions given for this item in Format 2 are alternatives.

(9)	Net current assets (liabilities)

(Format 1, item E.)

In determining the amount to be shown for this item any amounts shown under “prepayments and accrued income” must be taken into account wherever shown.

(10)	Loans and other debts due to members

(Format 1, item J and Format 2, Liabilities item A.)

The following amounts must be shown separately under this item—

(a) the aggregate amount of money advanced to the LLP by the members by way of loan,

(b) the aggregate amount of money owed to members by the LLP in respect of profits,

(c) any other amounts.

(11)

Creditors

(Format 2, items D.1 to 9.)

Amounts falling due within one year and after one year must be shown separately for each of these items and for the aggregate of all of these items.

Profit and loss account formats(2)
Format 1
(see note (15) below)
	1.	Turnover
	2.	Cost of sales (12)
	3.	Gross profit or loss
	4.	Distribution costs (12)
	5.	Administrative expenses (12)
	6.	Other operating income
	7.	Income from shares in group undertakings
	8.	Income from participating interests
	9.	Income from other fixed asset investments (13)
	10.	Other interest receivable and similar income (13)
	11.	Amounts written off investments
	12.	Interest payable and similar charges (14)
	13.	Tax on profit or loss on ordinary activities
	14.	Profit or loss on ordinary activities after taxation
	15.	Extraordinary income
	16.	Extraordinary charges
	17.	Extraordinary profit or loss
	18.	Tax on extraordinary profit or loss
	19.	Other taxes not shown under the above items
	20.	Profit or loss for the financial year before members’ remuneration and profit shares

Profit and loss account formats(3)
Format 2
	1.	Turnover
	2.	Change in stocks of finished goods and in work in progress
	3.	Own work capitalised
	4.	Other operating income
	5.	(a)	Raw materials and consumables
		(b)	Other external charges
	6.	Staff costs
		(a)	wages and salaries
		(b)	social security costs
		(c)	other pension costs
	7.	(a)	Depreciation and other amounts written off tangible and intangible fixed assets
		(b)	Exceptional amounts written off current assets
	8.	Other operating charges
	9.	Income from shares in group undertakings
	10.	Income from participating interests
	11.	Income from other fixed asset investments (13)
	12.	Other interest receivable and similar income (13)
	13.	Amounts written off investments
	14.	Interest payable and similar charges (14)
	15.	Tax on profit or loss on ordinary activities
	16.	Profit or loss on ordinary activities after taxation
	17.	Extraordinary income
	18.	Extraordinary charges
	19.	Extraordinary profit or loss
	20.	Tax on extraordinary profit or loss
	21.	Other taxes not shown under the above items
	22.	Profit or loss for the financial year before members’ remuneration and profit shares

Notes on the profit and loss account formats

(12)	Cost of sales: distribution costs: administrative expenses

(Format 1, items 2, 4 and 5.)

These items must be stated after taking into account any necessary provisions for depreciation or diminution in value of assets.

(13)	Income from other fixed asset investments: other interest receivable and similar income

(Format 1, items 9 and 10; Format 2, items 11 and 12.)

Income and interest derived from group undertakings must be shown separately from income and interest derived from other sources. Interest receivable from members must not be included under this item.

(14)	Interest payable and similar charges

(Format 1, item 12; Format 2, item 14.)

The amount payable to group undertakings must be shown separately. Interest payable to members must not be included under this item.

(15)

Format 1

The amount of any provisions for depreciation and diminution in value of tangible and intangible fixed assets falling to be shown under item 7(a) in Format 2 must be disclosed in a note to the accounts in any case where the profit and loss account is prepared using Format 1.

(1)

A number in brackets following any item is a reference to the note of that number in the notes following the formats.

(2)

See regulation 4(3)(a) for exemption for medium-sized LLP in accounts delivered to registrar of companies.

(3)

See regulation 4(3)(a) for exemption for medium-sized LLP in accounts delivered to registrar of companies.