The Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008
| Jurisdiction | UK Non-devolved |
| Citation | SI 2008/1913 |
| Year | 2008 |
(1) These Regulations may be cited as the Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008.(2) In these Regulations—Regulation 4 of the Large and Medium-sized Companies Accounts Regulations applies to LLPs, modified so that it reads as follows— which qualifies as medium-sized in relation to a financial year under section 465 of the 2006 Act the members of which are preparing non-IAS individual accounts under section 396 of that Act for that year. The individual accounts for the year need not comply with paragraph 45 (disclosure with respect to compliance with accounting standards) of Schedule 1 to these Regulations. members of the LLP that are related parties; andundertakings in which the LLP itself has a participating interest.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(1) Regulation 7 of the Large and Medium-sized Companies Accounts Regulations applies to LLPs, modified so that it reads as follows—
- “the 2006 Act” means the Companies Act 2006 ;
- “the Large and Medium-sized Companies Accounts Regulations” means the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 ;
- F53“LLP” means a limited liability partnership registered under the Limited Liability Partnerships Act 2000.
- (1) Subject to regulation 4, non-IAS individual accounts under section 396 of the 2006 Act (non-IAS individual accounts) must comply with the provisions of Schedule 1 to the Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008 as to the form and content of the balance sheet and profit and loss account, and additional information to be provided by way of notes to the accounts.
- (1) This regulation applies to an LLP—
- (a) which qualifies as medium-sized in relation to a financial year under section 465 of the 2006 Act , and
- (1) Non-IAS or IAS individual or group accounts must comply with the provisions of Schedule 2 to the Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008 as to information about related undertakings to be given in notes to the LLP's accounts.
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(2) In Schedule 2 to the Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008—
- Part 1 contains provisions applying to all LLPs
- Part 2 contains provisions applying only to LLPs not required to prepare group accounts
- Part 3 contains provisions applying only to LLPs required to prepare group accounts.
- (3) Information otherwise required to be given by Schedule 2 need not be disclosed with respect to an undertaking that—
- (a) is established under the law of a country outside the United Kingdom, or
- (b) carries on business outside the United Kingdom, if the conditions specified in section 409(4) of the 2006 Act are met (see section 409(5) of the 2006 Act for disclosure required where advantage taken of this exemption) .
- Part 1 contains provisions applying to all LLPs
- Part 2 contains provisions applying only to LLPs not required to prepare group accounts
- Part 3 contains provisions applying only to LLPs required to prepare group accounts.
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