Search Legislation

Advanced Search

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

Status:

This is the original version (as it was originally made).

  1. Introductory Text

  2. PART 1

    1. 1.Citation and interpretation

    2. 2.Commencement and application

  3. PART 2

    1. 3.Non-IAS individual accounts

    2. 4.Medium-sized LLPs: exemptions for non-IAS individual accounts

    3. 5.Information about related undertakings (non-IAS or IAS individual or group accounts)

    4. 6.Non-IAS group accounts

  4. PART 3

    1. 7.General interpretation

  5. Signature

    1. SCHEDULE 1

      NON-IAS INDIVIDUAL ACCOUNTS

      1. PART 1 GENERAL RULES AND FORMATS

        1. SECTION A GENERAL RULES

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

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

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

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

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

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

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

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

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

        2. SECTION B THE REQUIRED FORMATS FOR ACCOUNTS

      2. PART 2 ACCOUNTING PRINCIPLES AND RULES

        1. SECTION A ACCOUNTING PRINCIPLES

          1. 10.Preliminary

          2. 11.Accounting principles

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

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

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

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

        2. SECTION B HISTORICAL COST ACCOUNTING RULES

          1. 16.Preliminary

        3. Fixed assets

          1. 17.General rules

          2. 18.Rules for depreciation and diminution in value

          3. 19.(1) Where a fixed asset investment falling to be included...

          4. 20.(1) Where the reasons for which any provision was made...

          5. 21.Development costs

          6. 22.Goodwill

          7. 23.Current assets

          8. 24.(1) If the net realisable value of any current asset...

        4. Miscellaneous and supplementary provisions

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

          2. 26.Assets included at a fixed amount

          3. 27.Determination of purchase price or production cost

          4. 28.(1) The purchase price or production cost of—

          5. 29.Substitution of original stated amount where price or cost unknown

        5. SECTION C ALTERNATIVE ACCOUNTING RULES

          1. 30.Preliminary

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

          3. 32.Alternative accounting rules

          4. 33.Application of the depreciation rules

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

          6. 35.Revaluation reserve

        6. SECTION D FAIR VALUE ACCOUNTING

          1. 36.Inclusion of financial instruments at fair value

          2. 37.Determination of fair value

          3. 38.Hedged items

          4. 39.Other assets that may be included at fair value

          5. 40.Accounting for changes in value

          6. 41.The fair value reserve

      3. PART 3 NOTES TO THE ACCOUNTS

        1. 42.Preliminary

        2. General

          1. 43.Reserves

          2. 44.Disclosure of accounting policies

          3. 45.It must be stated whether the accounts have been prepared...

        3. Information supplementing the balance sheet

          1. 46.Paragraphs 47 to 61 require information which either supplements the...

          2. 47.Loans and other debts due to members

          3. 48.Debentures

          4. 49.Fixed assets

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

          6. 51.(1) In relation to any amount which is or would...

          7. 52.Investments

          8. 53.Information about fair value of assets and liabilities

          9. 54.Where the LLP has derivatives that it has not included...

          10. 55.(1) This paragraph applies if— (a) the LLP has financial...

          11. 56.Information where investment property and living animals and plants included at fair value

          12. 57.Reserves and provisions

          13. 58.Provision for taxation

          14. 59.Details of indebtedness

          15. 60.Guarantees and other financial commitments

          16. 61.Miscellaneous matters

        4. Information supplementing the profit and loss account

          1. 62.Paragraphs 63 to 67 require information which either supplements the...

          2. 63.Separate statement of certain items of income and expenditure

          3. 64.Particulars of tax

          4. 65.Particulars of turnover

          5. 66.Particulars of members

          6. 67.Miscellaneous matters

          7. 68.Sums denominated in foreign currencies

          8. 69.Dormant LLPs acting as agents

          9. 70.Related party transactions

      4. PART 4 SPECIAL PROVISION WHERE LLP IS A PARENT LLP OR SUBSIDIARY UNDERTAKING

        1. 71.LLP’s own accounts: guarantees and other financial commitments in favour of group undertakings

    2. SCHEDULE 2

      INFORMATION ON RELATED UNDERTAKINGS REQUIRED WHETHER PREPARING NON-IAS OR IAS ACCOUNTS

      1. PART 1 PROVISIONS APPLYING TO ALL LLPs

        1. 1.Subsidiary undertakings

        2. 2.Financial information about subsidiary undertakings

        3. 3.Significant holdings in undertakings other than subsidiary undertakings

        4. 4.(1) The name of the undertaking must be stated.

        5. 5.(1) Subject to paragraph 12, there must also be stated—...

        6. 6.Parent undertaking drawing up accounts for larger group

        7. 7.Identification of ultimate parent

      2. PART 2 LLP NOT REQUIRED TO PREPARE GROUP ACCOUNTS

        1. 8.Reason for not preparing group accounts

        2. 9.Holdings in subsidiary undertakings

        3. 10.Financial years of subsidiary undertakings

        4. 11.Exemption from giving information about significant holdings in non-subsidiary undertakings

        5. 12.Construction of references to shares held by LLP

      3. PART 3 LLP REQUIRED TO PREPARE GROUP ACCOUNTS

        1. 13.Introductory

        2. 14.Subsidiary undertakings

        3. 15.Holdings in subsidiary undertakings

        4. 16.Joint ventures

        5. 17.Associated undertakings

        6. 18.Requirement to give information about other significant holdings of parent LLP or group

        7. 19.Construction of references to shares held by parent LLP or group

    3. SCHEDULE 3

      NON-IAS GROUP ACCOUNTS

      1. 1.General rules

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

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

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

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

      6. 6.Elimination of group transactions

      7. 7.Acquisition and merger accounting

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

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

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

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

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

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

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

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

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

      17. 17.Minority interests

      18. 18.Joint ventures

      19. 19.Associated undertakings

      20. 20.(1) The formats set out in Schedule 1 to these...

      21. 21.(1) The interest of an undertaking in an associated undertaking,...

      22. 22.Related party transactions

    4. SCHEDULE 4

      GENERAL INTERPRETATION

      1. 1.Financial instruments

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

      3. 3.Fixed and current assets

      4. 4.Historical cost accounting rules

      5. 5.Listed investments

      6. 6.Loans

      7. 7.Materiality

      8. 8.Participating interests

      9. 9.Provisions

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

      11. 11.Purchase price

      12. 12.Staff costs

  7. Explanatory Note

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources