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

S.I. 2008/1913 · Made 17 July 2008 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 31 December 2020.

Limited Liability Partnerships

Made 17th July 2008

Coming into force 1st 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 2000 M1.

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.

Annotations to the whole text

Marginal citations

M1

2000 c.12.

Contents

  1. Part 1: INTRODUCTION
  2. 1Citation and interpretation
  3. 2Commencement and application
  4. Part 2: FORM AND CONTENT OF ACCOUNTS
  5. 3Non-IAS individual accounts
  6. 4Medium-sized LLPs: exemptions for non-IAS individual accounts
  7. 5Information about related undertakings (non-IAS or IAS individual or group accounts)
  8. 6Non-IAS group accounts
  9. Part 3: INTERPRETATION
  10. 7General interpretation
  11. Part 4: REVIEW
  12. 8Review
  13. Signature
  14. Schedule 1: NON-IAS INDIVIDUAL ACCOUNTS
  15. Part 1: GENERAL RULES AND FORMATS
  16. GENERAL RULES
  17. 1Paragraph 1
  18. 1AParagraph 1A
  19. 2Paragraph 2
  20. 3Paragraph 3
  21. 4Paragraph 4
  22. 5Paragraph 5
  23. 6Paragraph 6
  24. 7Paragraph 7
  25. 8Paragraph 8
  26. 9Paragraph 9
  27. 9AParagraph 9A
  28. THE REQUIRED FORMATS FOR ACCOUNTS
  29. Balance sheet formats
  30. Balance sheet formats
  31. Notes on the balance sheet formats
  32. (1) Concessions, patents, licences, trade marks and similar rights and assets
  33. (2) Goodwill
  34. (3) Debtors
  35. (4) Prepayments and accrued income
  36. (5) Debenture loans
  37. (6) Payments received on account
  38. (7) Other creditors including taxation and social security
  39. (8) Accruals and deferred income
  40. (9) Net current assets (liabilities)
  41. (10) Loans and other debts due to members
  42. (11) Creditors
  43. Profit and loss account formats
  44. Profit and loss account formats
  45. Notes on the profit and loss account formats
  46. (12) Cost of sales: distribution costs: administrative expenses
  47. (13) Income from other fixed asset investments: other interest receivable and similar income
  48. (14) Interest payable and similar expenses
  49. (15) Format 1
  50. Part 2: ACCOUNTING PRINCIPLES AND RULES
  51. ACCOUNTING PRINCIPLES
  52. 10Preliminary
  53. 11Accounting principles
  54. 12Paragraph 12
  55. 13Paragraph 13
  56. 14Paragraph 14
  57. 15Paragraph 15
  58. 15AParagraph 15A
  59. HISTORICAL COST ACCOUNTING RULES
  60. 16Preliminary
  61. Fixed assets
  62. 17General rules
  63. 18Rules for depreciation and diminution in value
  64. 19Rules for depreciation and diminution in value
  65. 20Rules for depreciation and diminution in value
  66. 21Intangible Assets
  67. 22Intangible Assets
  68. 23Current assets
  69. 24Current assets
  70. Miscellaneous and supplementary provisions
  71. 25Excess of money owed over value received as an asset item
  72. 26Assets included at a fixed amount
  73. 27Determination of purchase price or production cost
  74. 28Paragraph 28
  75. 29Substitution of original stated amount where price or cost unknown
  76. 29AEquity method in respect of participating interests
  77. ALTERNATIVE ACCOUNTING RULES
  78. 30Preliminary
  79. 31Paragraph 31
  80. 32Alternative accounting rules
  81. 33Application of the depreciation rules
  82. 34Additional information to be provided in case of departure from historical cost accounting rules
  83. 35Revaluation reserve
  84. FAIR VALUE ACCOUNTING
  85. 36Inclusion of financial instruments at fair value
  86. 37Determination of fair value
  87. 38Hedged items
  88. 39Other assets that may be included at fair value
  89. 40Accounting for changes in value
  90. 41The fair value reserve
  91. Part 3: NOTES TO THE ACCOUNTS
  92. 42Preliminary
  93. General
  94. 43Reserves
  95. 44Disclosure of accounting policies
  96. 45Paragraph 45
  97. Information supplementing the balance sheet
  98. 46Paragraph 46
  99. 47Loans and other debts due to members
  100. 48Debentures
  101. 49Fixed assets
  102. 50Paragraph 50
  103. 51Paragraph 51
  104. 52Investments
  105. 53Information about fair value of assets and liabilities
  106. 54Paragraph 54
  107. 55Paragraph 55
  108. 56Information where investment property and living animals and plants included at fair value
  109. 57Reserves and provisions
  110. 58Provision for taxation
  111. 59Details of indebtedness
  112. 60Guarantees and other financial commitments
  113. 61Miscellaneous matters
  114. Information supplementing the profit and loss account
  115. 62Paragraph 62
  116. 63Separate statement of certain items of income and expenditure
  117. 64Particulars of tax
  118. 65Particulars of turnover
  119. 66Particulars of members
  120. 67Miscellaneous matters
  121. 68Sums denominated in foreign currencies
  122. 69Dormant LLPs acting as agents
  123. 70Related party transactions
  124. 70APost balance sheet events
  125. 70BAppropriations
  126. Part 4: SPECIAL PROVISION WHERE LLP IS A PARENT LLP OR SUBSIDIARY UNDERTAKING
  127. 71LLP's own accounts: guarantees and other financial commitments in favour of group undertakings Repealed
  128. Schedule 2: INFORMATION ON RELATED UNDERTAKINGS REQUIRED WHETHER PREPARING NON-IAS OR IAS ACCOUNTS
  129. Part 1: PROVISIONS APPLYING TO ALL LLPs
  130. 1Subsidiary undertakings
  131. 2Financial information about subsidiary undertakings
  132. 3Significant holdings in undertakings other than subsidiary undertakings
  133. 4Paragraph 4
  134. 5Paragraph 5
  135. 6Parent undertaking drawing up accounts for larger group
  136. 7Identification of ultimate parent
  137. Part 2: LLP NOT REQUIRED TO PREPARE GROUP ACCOUNTS
  138. 8Reason for not preparing group accounts
  139. 9Holdings in subsidiary undertakings
  140. 10Financial years of subsidiary undertakings
  141. 11Exemption from giving information about significant holdings in non-subsidiary undertakings
  142. 12Construction of references to shares held by LLP
  143. Part 3: LLP REQUIRED TO PREPARE GROUP ACCOUNTS
  144. 13Introductory
  145. 14Subsidiary undertakings
  146. 15Holdings in subsidiary undertakings
  147. 16Joint ventures
  148. 17Associated undertakings
  149. 18Requirement to give information about other significant holdings of parent LLP or group
  150. 19Construction of references to shares held by parent LLP or group
  151. Schedule 3: NON-IAS GROUP ACCOUNTS
  152. 1General rules
  153. 2Paragraph 2
  154. 3Paragraph 3
  155. 4Paragraph 4
  156. 5Paragraph 5
  157. 6Elimination of group transactions
  158. 7Acquisition and merger accounting
  159. 8Paragraph 8
  160. 9Paragraph 9
  161. 10Paragraph 10
  162. 11Paragraph 11
  163. 12Paragraph 12
  164. 13Paragraph 13
  165. 14Paragraph 14
  166. 15Paragraph 15
  167. 16Paragraph 16
  168. 16AParagraph 16A
  169. 17Non-controlling interests
  170. 18Joint ventures
  171. 19Associated undertakings
  172. 20Paragraph 20
  173. 21Paragraph 21
  174. 22Related party transactions
  175. 22ADeferred tax balances
  176. Schedule 4: GENERAL INTERPRETATION
  177. 1Financial instruments
  178. 2Paragraph 2
  179. 3Fixed and current assets
  180. 4Historical cost accounting rules
  181. 5Listed investments
  182. 6Loans
  183. 7Materiality
  184. 8Participating interests
  185. 9Provisions
  186. 10Paragraph 10
  187. 11Purchase price
  188. 12Staff costs
  189. Explanatory note