Paragraph 26 Assets included at a fixed amount

F1(1)

Subject to sub-paragraph (2), the following may be included at a fixed quantity and value in the balance sheet formats set out in Section B of Part 1 of this Schedule—

(a)

assets which fall to be included amongst the fixed assets of an LLP under the item “intangible assets”, and

(b)

raw materials and consumables within the item “stocks”.

(2)

Sub-paragraph (1) applies to assets of a kind which are constantly being replaced where—

(a)

their overall value is not material to assessing the LLP's state of affairs, and

(b)

their quantity, value and composition are not subject to material variation.

Annotations

Textual amendments

F1: Sch. 1 Pt. 2 Section B para. 26(1) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 38(d)