Paragraph 54 Details of indebtedness

United Kingdom

(1)

For the aggregate of all items shown under “creditors” in the LLP's balance sheet there must be stated the aggregate of the following amounts—

(a)

the amount of any debts included under “creditors” which are payable or repayable otherwise than by instalments and fall due for payment or repayment after the end of the period of five years beginning with the day next following the end of the financial year, and

(b)

in the case of any debts so included which are payable or repayable by instalments, the amount of any instalments which fall due for payment after the end of that period.

(2)

In respect of each item shown under “creditors” in the LLP's balance sheet there must be stated the aggregate amount of any debts included under that item in respect of which any security has been given by the LLP F1with an indication of the nature and form of any such security.

(3)

References above in this paragraph to an item shown under “creditors” in the LLP's balance sheet include references, where amounts falling due to creditors within one year and after more than one year are distinguished in the balance sheet—

(a)

in a case within sub-paragraph (1), to an item shown under the latter of those categories,

(b)

in a case within sub-paragraph (2), to an item shown under either of those categories.

References to items shown under “creditors” include references to items which would but for paragraph 4(2)(b) be shown under that heading.

Annotations

Textual amendments

F1: Words in Sch. 1 para. 54(2) inserted (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), 41(i)