The Small Limited Liability Partnerships (Accounts) Regulations 2008
| Jurisdiction | UK Non-devolved |
| Citation | SI 2008/1912 |
(1) These Regulations may be cited as the Small Limited Liability Partnerships (Accounts) Regulations 2008.(2) In these Regulations—. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Regulation 5A of the Nothing in Schedule 1 to these Regulations requires the non-IAS individual accounts of an LLP for a financial year in which the LLP qualifies as a micro-entity (see sections 384A and 384B of the 2006 Act) to contain any information by way of notes to the accounts, except that the LLP is required to disclose by way of notes to the accounts the information required by paragraph 55 in Part 3 of Schedule 1.(1) Regulation 8 of the Small Companies Accounts Regulations applies to LLPs, modified so that it reads as follows—
- “the 2006 Act” means the Companies Act 2006 ;
- F67“LLP” means a limited liability partnership registered under the Limited Liability Partnerships Act 2000;
- “the Small Companies Accounts Regulations” means the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008 .
- (1) F68Subject to the following provisions of this regulation and regulation 5A, 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 Small 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.
- (1A) Sections C (alternative accounting rules) and D (fair value accounting) in Part 2 of Schedule 1 to these Regulations do not apply to an LLP which qualifies as a micro-entity in relation to a financial year (see sections 384A and 384B of the 2006 Act) and whose accounts for that year are prepared in accordance with the exemption permitted by—
- (a) regulation 5A, or
- (b) paragraph 1(1A) of Section A in Part 1 of Schedule 1 to these Regulations.
- (1) Where the members of a parent LLP which—
- (a) is subject to the small LLPs regime, and
- (b) has prepared non-IAS individual accounts in accordance with regulation 3, prepare non-IAS group accounts under section 398 of the 2006 Act (option to prepare group accounts) , those accounts must comply with the provisions of ... Schedule 4 to the Small Limited Liability Partnerships (Accounts) Regulations 2008 as to the form and content of the consolidated balance sheet and consolidated profit and loss account, and additional information to be provided by way of notes to the accounts.
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