# Limited Liability Partnerships Regulations (Northern Ireland) 2004, Schedule 1: MODIFICATIONS TO PROVISIONS OF PART VIII OF THE 1986 ORDER APPLIED BY THESE REGULATIONS

Extent: N.I.
Status: prospective

Provision of Part VIII
Modification
Article 230 (where and for how long accounting records to be kept)
Paragraph (5)
In sub-paragraph (a), omit the words “in the case of a private company,” and the word “and”. Omit sub-paragraph (b).
Article 232 (accounting reference periods and accounting reference date)
Paragraphs (2) and (3)
Omit paragraphs (2) and (3).
Paragraph (3A)
Omit the words “incorporated on or after 22nd August 1997”.
Article 233 (alteration of accounting reference date)
Paragraph (5)
For the words “laying and delivering accounts and reports” substitute “delivering the accounts and the auditors' report”.
Article 236 (exemption for parent companies included in accounts of larger group)
Paragraph (4)
Omit paragraph (4).
Article 239 (disclosure required in notes to accounts: related undertakings)
Paragraph (3)
Omit the words from “This paragraph” to the end.
Article 240 (disclosure required in notes to accounts: emoluments and other benefits of directors and others)
Omit Article 240, save that Schedule 6 shall apply for the purpose of paragraph 56A of Schedule 4, as inserted by this Schedule.
Article 241 (approval and signing of accounts)
Paragraph (1)
For paragraph (1) substitute –
“(1) A limited liability partnership's annual accounts shall be approved by the members, and shall be signed on behalf of all the members by a designated member.”.
Paragraph (3)
Omit the words from “laid before” to “otherwise”, and for the words “the board” substitute “the members of the limited liability partnership”.
Paragraph (4)
For the words “the board by a director of the company” substitute “the members by a designated member”.
Paragraph (6)
In sub-paragraph (a), omit the words “laid before the company, or otherwise”.
Articles 242 (duty to prepare directors' report) and 242A (approval and signing of directors' report)
Omit Articles 242 and 242A.
Article 243 (auditors' report)
Paragraph (1)
For paragraph (1) substitute –
“(1) The limited liability partnership's annual accounts shall be submitted to its auditors, who shall make a report on them to the members of the limited liability partnership.”.
Paragraph (3)
Omit paragraph (3).
Article 244 (signature of auditors' report)
Paragraph (2)
For paragraph (2) substitute –
“(2) Every copy of the auditors' report which is circulated, published or issued shall state the names of the auditors.”.
Paragraph (4)
In sub-paragraph (a), omit the words “laid before the company, or otherwise”.
Article 245 (duties of auditors)
Paragraph (4)
Omit paragraph (4).
Article 246 (persons entitled to receive copies of accounts and report)
Paragraph (1)
For paragraph (1) substitute –
“(1) A copy of the limited liability partnership's annual accounts, together with a copy of the auditors' report on those accounts, shall be sent to every member of the limited liability partnership and to every holder of the limited liability partnership's debentures, within one month of their being signed in accordance with Article 241(1) and in any event not later than 10 months after the end of the relevant accounting reference period.”.
Paragraph (2)
(a) In sub-paragraph (a), omit the words from “who is” to “meetings and”, and
(b) in sub-paragraphs (b) and (c), omit the words “shares or” in both places where they occur.
Paragraphs (3) and (4)
Omit paragraphs (3) and (4).
Paragraph (4A)
Omit the words “, of the directors' report”.
Paragraphs (4C) to (4E)
Omit paragraphs (4C) to (4E).
Article 247 (right to demand copies of accounts and report)
Paragraph (1)
Omit the words “and directors' report”.
Paragraph (2B)
Omit paragraph (2B).
Article 248 (requirements in connection with publication of accounts)
Paragraph (1)
Omit the words from “or, as the case may be,” to the end.
Paragraph (3)
(a) In sub-paragraph (c), omit the words from “and, if no such report has been made,” to “any such financial year”,
(b) in sub-paragraph (d), omit the words “or whether any report made for the purposes of Article 257A(2) was qualified”, and
(c) omit the words “or any report made for the purposes of Article 257A(2)”.
Article 249 (accounts and report to be laid before general meeting)
Omit Article 249.
Article 250 (accounts and report to be delivered to the registrar)
Paragraph (1)
(a) For the words “The directors of a company” substitute “The designated members of a limited liability partnership”,
(b) omit the words “a copy of the directors' report for that year and”,
(c) for the words “or reports” substitute “or that report”, and
(d) for the words “the directors shall annex” substitute “the designated members shall annex”.
Paragraph (2)
(a) For the words “laying and delivering accounts and reports”, substitute “delivering the accounts and the auditors' report”, and
(b) for the word “director” substitute the words “designated member”.
Paragraph (3)
For the words “the directors” in each place where they occur substitute the words “the designated members”.
Paragraph (4)
For the words “laying and delivering accounts and reports”, substitute “delivering the accounts and the auditors' report”.
Article 250A (civil penalty for failure to deliver accounts)
Paragraph (1)
(a) For the words “laying and delivering accounts and reports” substitute “delivering the accounts and the auditors' report”, and
(b) for the words “the directors” substitute “the designated members”.
Paragraph (2)
(a) For the words “laying and delivering accounts and reports” substitute “delivering the accounts and the auditors' report”,
(b) omit the words “, and whether the company is a public or private company,”,
(c) omit the heading “Public company” and all entries under it, and
(d) for the heading “Private company” substitute “Amount of penalty”.
Article 250B (delivery and publications of accounts in euros)
Paragraph (2)
For the words “the directors of a company” substitute “the designated members of a limited liability partnership”.
Article 251 (accounts of subsidiary undertakings to be appended in certain cases)
Paragraph (4)
For the words “the directors” substitute “the designated members”.
Article 252 (period allowed for delivering accounts and report)
Paragraph (1)
For paragraph (1), substitute the following –
“(1) The period allowed for delivering the accounts and the auditors' report is 10 months after the end of the relevant accounting reference period.
This is subject to the following provisions of this Article.”.
Paragraph (2)
In sub-paragraph (a), omit the words “or 7 months, as the case may be,”.
Paragraph (3)
(a) For the words “the directors” substitute “the designated members”, and
(b) in sub-paragraph (b), for the words “laying and delivering accounts and reports” substitute “delivering the accounts and the auditors' report”.
Paragraph (4)
For the words “laying and delivering accounts” substitute “delivering the accounts and the auditors' report”.
Article 253 (voluntary revision of accounts)
Paragraph (1)
Omit the words “, or any directors' report,” and the words “or a revised report”.
Paragraph (2)
(a) Omit the words “or report” in both places where they occur, and
(b) omit the words “laid before the company in general meeting or”.
Paragraph (3)
Omit the words “or a revised directors' report”.
Paragraph (4)
(a) In sub-paragraph (a), omit the words “or report”,
(b) in sub-paragraph (b), omit the words “or reporting accountant” and the words “or report”, and
(c) in sub-paragraph (c) –
(i) for the words “previous accounts or report” substitute “previous accounts”,
(ii) omit head (ii), and
(iii) omit the words from “, or where a summary financial statement” to the end.
Article 253A (Department’s notice in respect of annual accounts)
Paragraph (1)
For the words from “copies of” to “general meeting or” substitute “a copy of a limited liability partnership’s annual accounts has been”.
Article 253B (application to court in respect of defective accounts)
Paragraph (3)
Omit sub-paragraph (b).
Article 254 (special provisions for small companies)
Paragraph (3)
Omit sub-paragraph (a), and sub-paragraph (b) (ii), (iii) and (iv).
Paragraph (4)
Omit paragraph (4).
Paragraph (5)
(a) For the words “the directors of the company” substitute “the designated members of the limited liability partnership”, and
(b) omit sub-paragraph (b).
Paragraph (6)
Omit sub-paragraphs (b) and (c).
Paragraph (8)
Omit sub-paragraph (b) and the words “, in the report” and “, 242A”.
Article 254A (special provisions for medium-sized companies)
Paragraph (3)
(a) For the words “The company” substitute “The designated members”, and
(b) for sub-paragraph (a), substitute the following –
“(a) which includes a profit and loss account in which the following items listed in the profit and loss account formats set out in Part I of Schedule 4 are combined as one item under the heading “gross profit or loss”– Items 1 to 3 and 6 in Format 1; Items 1 to 5 in Format 2;”.
Article 255 (qualification of company as small or medium-sized)
Paragraph (5)
In sub-paragraph (a), for the words “items A to D” substitute “items B to D”.
Article 255A (cases in which special provisions do not apply)
Paragraph (1)
For sub-paragraph (a), substitute “(a) the limited liability partnership is, or was at any time within the financial year to which the accounts relate, a person (other than a banking limited liability partnership) who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on one or more regulated activities;”.
Article 255B (special auditors' report)
Paragraph (1)
(a) In sub-paragraph (a), for the words “the directors of a company” substitute “the designated members of a limited liability partnership”, and
(b) in sub-paragraph (b), omit the words “or (2)”.
Article 257A (exemptions from audit)
Paragraph (2)
Omit paragraph (2).
Paragraph (3A)
Omit paragraph (3A).
Paragraph (4)
Omit paragraph (4).
Paragraph (6)
Omit the words “or gross income”.
Paragraph (6A)
Omit the words “or (2)”.
Paragraph (7)
Omit the words from “, and “gross income”” to the end.
Article 257AA (dormant companies)
Paragraph (1)
For the words “Article 257B(2) to (5)” substitute “Article 257B(4) and (5)”.
Paragraph (2)
In sub-paragraph (a), for the words “Article 255A(1)(a)(i) or (b)” substitute “Article 255A(1)(b)”.
Paragraph (3)
For paragraph (3), substitute the following –
“(3) Paragraph (1) does not apply if at any time in the financial year in question the limited liability partnership was a person (other than a banking limited liability partnership) who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on one or more regulated activities.”.
Paragraph (5)
In sub-paragraph (b), omit the words “(6) or”.
Paragraph (6)
Omit paragraph (6).
Paragraph (7)
In sub-paragraph (a), for the words “Article 38 (change of name)” substitute “paragraph 5 of the Schedule to the Limited Liability Partnerships Act (Northern Ireland) 2002”.
Omit sub-paragraph (b).
Article 257B (cases where audit exemption not available)
Paragraph (1)
Omit the words “or (2)” and sub-paragraphs (a) and (bb).
In sub-paragraph (b), after “it was a person” insert “(other than a banking limited liability partnership)”.
Paragraph (1C)
For sub-paragraph (b), substitute “that the group’s aggregate turnover in that year (calculated in accordance with Article 257) is not more than £5.6 million net (or £6.72 million gross),”.
Paragraphs (2) and (3)
Omit paragraphs (2) and (3).
Paragraph (4)
(a) Omit the words “or (2)” in both places where they occur, and
(b) omit sub-paragraph (b).
Articles 257C (the report required for the purposes of Article 257A(2)) and 257D (the reporting accountant)
Omit Articles 257C and 257D.
Article 257E (effect of exemption from audit)
Paragraph (1)
(a) In sub-paragraph (b), omit the words from “or laid” to the end, and
(b) omit sub-paragraph (c).
Paragraph (2)
Omit paragraph (2).
Article 259 (provision of summary financial statement by listed public companies)
Omit Article 259.
Articles 260 and 261 (private company election to dispense with laying of accounts and reports)
Omit Articles 260 and 261.
Article 262 (exemption for unlimited companies from requirement to deliver accounts and reports)
Omit Article 262.
Article 263 (special provisions for banking and insurance companies)
Omit Article 263.
Article 263A (special provisions for banking and insurance groups)
Omit Article 263A.
Article 263B (modification of disclosure requirements in relation to banking company or group)
Omit Article 263B.
Article 263D (power to apply provisions to banking partnerships)
Omit Article 263D.
Article 265 (power of Department to alter accounting requirements)
Omit Article 265.
Article 268 (participating interests)
Paragraph (6)
For the words from “, Schedule 8A,” to “Schedule 9A” substitute the words “and Schedule 8A”.
Article 270 (minor definitions)
Paragraph (1)
(a) Omit the definitions of “annual report” and “credit institution”, and
(b) insert the following definitions at the appropriate place –
““banking limited liability partnership” means a limited liability partnership which has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits (but does not include such a partnership which has permission to accept deposits only for the purpose of carrying on another regulated activity in accordance with that permission);
“limited liability partnership” means a limited liability partnership formed and registered under the Limited Liability Partnerships Act (Northern Ireland) 2002;”.
Paragraph (2)
Omit paragraph (2).
Paragraph (3)
After paragraph (3), insert the following –
“(3A) The definition of banking limited liability partnership in paragraph (1) must be read with –
(a) section 22 of the Financial Services and Markets Act 2000,
(b) any relevant order under that section, and
(c) Schedule 2 to that Act.”.
Article 270A (index of defined expressions)
In the index of defined expressions –
(a) the entries relating to “annual report”, “credit institution” and “reporting accountant”, and all entries relating to Articles 263 and 263A and to Schedules 9 and 9A, shall be omitted, and
(b) the following entries shall be inserted at the appropriate place –
“banking limited liability partnership Article 270”;
“limited liability partnership Article 270”.
Schedule 4 (form and content of company accounts)
Paragraph 1
In sub-paragraph (1)(b), for the words “any one of” substitute “either of”.
Paragraph 3
In sub-paragraph (2)(b), omit the words “shares or”.
Omit sub-paragraph (7)(b) and (c).
Balance Sheet Format 1
Omit the following items and the notes on the balance sheet formats which relate to them –
(a) item A (called-up share capital not paid),
(b) item B.III.7 (own shares),
(c) item C.II.5 (called-up share capital not paid), and
(d) item C.III.2 (own shares).
For item K (capital and reserves) substitute –
“K. Loans and other debts due to members (12)
L. Members' other interests
I Members' capital
II Revaluation reserve
III Other reserves”.
Balance Sheet Format 2(c)
Omit the following items and the notes on the balance sheet format which relates to them –
(a) Assets item A (called-up share capital not paid),
(b) Assets item B.III.7 (own shares),
(c) Assets item C.II.5 (called-up share capital not paid), and
(d) Assets item C.III.2 (own shares).
For Liabilities item A (capital and reserves) substitute –
“A. Loans and other debts due to members (12)
AA. Members' other interests
I Members' capital
II Revaluation reserve
III Other reserves”.
Notes on the balance sheet formats
Note (12)
Substitute the following as Note (12) –
“(12) Loans and other debts due to members
(Format 1, item K and Format 2, item A)
The following amounts shall be shown separately under this item –
(a) the aggregate amount of money advanced to the limited liability partnership by the members by way of loan,
(b) the aggregate amount of money owed to members by the limited liability partnership in respect of profits,
(c) any other amounts.”.
Profit and loss account formats
In Format 1, for item 20 (profit or loss for the financial year) substitute “20. Profit or loss for the financial year before members' remuneration and profit shares”.
In Format 2, for item 22 (profit or loss for the financial year) substitute “22. Profit or loss for the financial year before members' remuneration and profit shares”.
Omit Profit and Loss Account Formats 3 and 4 and the notes on the profit and loss account formats which relate to them.
Notes on the profit and loss account formats
Note (15) (income from other fixed asset investments: other interest receivable and similar income)
At the end of Note (15), insert the words “Interest receivable from members shall not be included under this item.”.
Note (16) (interest payable and similar charges)
At the end of Note (16), insert “Interest payable to members shall not be included under this item.”.
Accounting principles and rules
Paragraph 12
In sub-paragraph (b), omit the words “on behalf of the board of directors”.
Paragraph 34
Omit sub-paragraphs (3), (3A) and (3B).
Notes to the accounts
Paragraph 37
For the words “38 to 51” substitute the words “41 to 51(1)”.
Insertion of new paragraph after paragraph 37
Insert the following new paragraph after paragraph 37 –
“Loans and other debts due to members
37A The following information shall be given –
(a) the aggregate amount of loans and other debts due to members as at the date of the beginning of the financial year,
(b) the aggregate amounts contributed by members during the financial year,
(c) the aggregate amounts transferred to or from the profit and loss account during that year,
(d) the aggregate amounts withdrawn by members or applied on behalf of members during that year,
(e) the aggregate amount of loans and other debts due to members as at the balance sheet date,
(f) the aggregate amount of loans and other debts due to members that fall due after one year.”.
Paragraphs 38 to 40
Omit paragraphs 38 to 40.
Paragraphs 49 and 51(2)
Omit paragraphs 49 and 51(2).
Paragraph 56
Insert the following paragraph after paragraph 56 –
“Particulars of members
56A (1) Particulars shall be given of the average number of members of the limited liability partnership in the financial year, which number shall be determined by dividing the relevant annual number by the number of months in the financial year.
(2) The relevant annual number shall be determined by ascertaining for each month in the financial year the number of members of the limited liability partnership for all or part of that month, and adding together all the monthly numbers.
(3) Where the amount of the profit of the limited liability partnership for the financial year before members' remuneration and profit shares exceeds £200,000, there shall be disclosed the amount of profit (including remuneration) which is attributable to the member with the largest entitlement to profit (including remuneration).
For the purpose of determining the amount to be disclosed, “remuneration” includes any emoluments specified in paragraph 1(1)(a), (c) or (d) of Schedule 6 which are paid by or receivable from –
(i) the limited liability partnership; and
(ii) the limited liability partnership’s subsidiary undertakings; and
(iii) any other person.”.
Paragraph 58
Omit sub-paragraph (3)(c).
Special provisions where the company is an investment company
Paragraphs 71 to 73
Omit paragraphs 71 to 73.
Schedule 4A (form and content of group accounts)
Paragraph 1
Omit sub-paragraph (3).
Paragraph 10
Omit sub-paragraph (1)(a) to (c).
Omit sub-paragraph (2).
Paragraph 11
For sub-paragraph (1), substitute–
“(1) Where a limited liability partnership adopts the merger method of accounting, it must comply with this paragraph, and with generally accepted accounting principles or practice.”.
Omit sub-paragraphs (5) to (7).
Paragraph 17
(a) In sub-paragraph (2)(a), for the words “item K” substitute “item L”,
(b) in sub-paragraph (2)(b), for the words “items A” substitute “items AA”, and
(c) in sub-paragraphs (3) and (4), omit heads (c) and (d).
Paragraph 21
In sub-paragraph (3), omit heads (c) and (d).
Schedule 5 (disclosure of information: related undertakings)
Paragraph 6
Omit paragraph 6.
Paragraph 9A
Omit paragraph 9A.
Paragraph 20
Omit paragraph 20.
Paragraph 28A
Omit paragraph 28A.
Schedule 8 (form and content of accounts prepared by small companies)
Paragraph 1
In sub-paragraph (1)(b), for the words “any one of” substitute “either of”.
Paragraph 3
In sub-paragraph (2)(b), omit the words “shares or”.
Omit sub-paragraph (7)(b).
Balance Sheet Format 1
Omit item A (called-up share capital not paid) and note (1) on the balance sheet format. For item K (capital and reserves) substitute –
“K. Loans and other debts due to members (9)
L. Members' other interests
I Members' capital
II Revaluation reserve
III Other reserves”.
Balance Sheet Format 2
Omit Assets item A (called-up share capital not paid) and note (1) on the balance sheet format.
For Liabilities item A (capital and reserves) substitute –
“A. Loans and other debts due to members (9)
AA. Members' other interests
I Members' capital
II Revaluation reserve
III Other reserves”.
Notes on the balance sheet formats
Note (4) (Others: Other investments)
Omit Note (4).
Note (9)
Substitute the following as Note (9) –
“(9) Loans and other debts due to members
(Format 1, item K and Format 2, item A)
The following amounts shall be shown separately under this item –
(a) the aggregate amount of money advanced to the limited liability partnership by the members by way of loan,
(b) the aggregate amount of money owed to members by the limited liability partnership in respect of profits,
(c) any other amounts.”.
Profit and loss account formats
In Format 1, for item 20 (profit or loss for the financial year) substitute “20. Profit or loss for the financial year before members' remuneration and profit shares”.
In Format 2, for item 22 (profit or loss for the financial year) substitute “22. Profit or loss for the financial year before members' remuneration and profit shares”.
Omit Profit and Loss Account Formats 3 and 4 and the notes on the profit and loss account formats which relate to them.
Notes on the profit and loss account formats
Note (12) (income from other fixed asset investments: other interest receivable and similar income)
At the end of Note (12), insert the words “Interest receivable from members shall not be included under this item.”.
Note (13) (interest payable and similar charges)
At the end of Note (13), insert “Interest payable to members shall not be included under this item.”.
Accounting principles and rules
Paragraph 12
In sub-paragraph (b), omit the words “on behalf of the board of directors”.
Paragraph 34
Omit sub-paragraphs (3), (4) and (5).
Notes to the accounts
Paragraph 37
For the words “Paragraphs 38 to 47” substitute “Paragraphs 40 to 47”.
Insertion of new paragraph after paragraph 37
Insert the following new paragraph after paragraph 37 –
“Loans and other debts due to members
37A The following information shall be given –
(a) the aggregate amount of loans and other debts due to members as at the date of the beginning of the financial year,
(b) the aggregate amounts contributed by members during the financial year,
(c) the aggregate amounts transferred to or from the profit and loss account during that year,
(d) the aggregate amounts withdrawn by members or applied on behalf of members during that year,
(e) the aggregate amount of loans and other debts due to members as at the balance sheet date, and
(f) the aggregate amount of loans and other debts due to members that fall due after one year.”.
Paragraphs 38 and 39
Omit paragraphs 38 and 39.
Paragraph 45
Omit paragraph 45.
Paragraph 51
Omit sub-paragraph (3)(c).
Schedule 8A (form and content of abbreviated accounts of small companies delivered to registrar)
Balance Sheet Format 1
Omit item A (called-up share capital not paid).
For item K (capital and reserves) substitute –
“K. Loans and other debts due to members
L. Members' other interests
I Members' capital
II Revaluation reserve
III Other reserves”.
Balance Sheet Format 2
Omit Assets item A (called-up share capital not paid).
For Liabilities item A (capital and reserves) substitute –
“A. Loans and other debts due to members
AA. Members' other interests
I Members' capital
II Revaluation reserve
III Other reserves”.
Notes to the accounts
Paragraphs 5 and 6
Omit paragraphs 5 and 6.
Paragraph 9
Omit sub-paragraph (3)(c).

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Source: https://www.legislation.gov.uk/nisr/2004/307/schedule/1 (the official version)
Page: https://openlegislation.uk/limited-liability-partnerships-regulations-northern-ireland-2004/schedule-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.