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The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008

Consolidated Text As Enacted Cited authorities 114 Cited in Amendments 152 Related
Vincent
JurisdictionUK Non-devolved
  • These Regulations may be cited as the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and come into force on 1st October 2008.
    • (1) Subject to paragraphs (2) to (11) , these Regulations apply to accounts for financial years beginning on or after 1st October 2008.for the purposes of section 382, 383, 384(3) or 467(3) of the Companies Act 2006, as applied to limited liability partnerships by regulations 5 and 26, a limited liability partnership or group qualified as small in a financial year beginning before 1st October 2008, orfor the purposes of section 465 or 466 of that Act, as applied to limited liability partnerships by regulation 26, a limited liability partnership or group qualified as medium-sized in any such financial year,(3) Sections 485 to 488 of the Companies Act 2006, as applied to limited liability partnerships by regulation 36, apply in relation to appointments of auditors for financial years beginning on or after 1st October 2008.(4) Sections 492, 494 and 499 to 501 of the Companies Act 2006, as applied to limited liability partnerships by regulations 37, 38 and 40, apply to auditors appointed for financial years beginning on or after 1st October 2008.(5) Section 502 of the Companies Act 2006, as applied to limited liability partnerships by regulation 40, applies to auditors appointed on or after 1st October 2008.(6) Sections 495, 498 and 503 to 509 of the Companies Act 2006, as applied to limited liability partnerships by regulations 39 to 42, apply to auditors' reports on accounts for financial years beginning on or after 1st October 2008.(7) Sections 510 to 513 of the Companies Act 2006, as applied to limited liability partnerships by regulations 43 and 44, apply where notice of the proposed removal is given to the auditor on or after 1st October 2008.(8) Section 515 of the Companies Act 2006, as applied to limited liability partnerships by regulation 45, applies to appointments of auditors for financial years beginning on or after 1st October 2008.(9) Sections 516 to 518 of the Companies Act 2006, as applied to limited liability partnerships by regulation 45, apply to resignations occurring on or after 1st October 2008.(10) Sections 519 to 525 of the Companies Act 2006, as applied to limited liability partnerships by regulation 46, apply where the auditor ceases to hold office on or after 1st October 2008.(11) Section 526 of the Companies Act 2006, as applied to limited liability partnerships by regulation 46, applies where the vacancy occurs on or after 1st October 2008.(1) In these Regulations—
    • “1985 Act” means the Companies Act 1985,
    • “1986 Order” means the Companies (Northern Ireland) Order 1986, and
    • “LLP” means a limited liability partnership F32registered under the Limited Liability Partnerships Act 2000.
    any reference to a numbered Part, section or Schedule is to the Part, section or Schedule so numbered in the Companies Act 2006,references in provisions applied to LLPs to other provisions of the Companies Act 2006 are to those provisions as applied to LLPs by these Regulations, andreferences in provisions applied to LLPs to provisions of the Insolvency Act 1986
  • Section 380 applies to LLPs, modified so that it reads as follows—
    • The requirements of this Part as to accountsF228, auditor’s reports and energy and carbon reports apply in relation to each financial year of an LLP.In certain respects different provisions apply to different kinds of LLP.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • Sections 381 to 384 F11 apply to LLPs, modified so that they read as follows—
      (381) LLPs subject to the small LLPs regimeThe small LLPs regime applies to an LLP for a financial year in relation to which the LLP—
    • (a) qualifies as small (see sections 382 and 383) , and
    • (b) is not excluded from the regime (see section 384) .
      • (382) LLPs qualifying as small: general
    • “(1) An LLP qualifies as small in relation to its first financial year if the qualifying conditions are met in that year.
    • F71(1A) Subject to subsection (2) , an LLP qualifies as small in relation to a subsequent financial year if the qualifying conditions are met in that year.
    • F72(2) In relation to a subsequent financial year, where on its balance sheet date an LLP meets or ceases to meet the qualifying conditions, that affects its qualification as a small LLP only if it occurs in two consecutive financial years.
    • (3) The qualifying conditions are met by an LLP in a year in which it satisfies two or more of the following requirements—
      1. Turnover F73Not more than £10.2 million
      2. Balance sheet total F74Not more than £5.1 million
      3. Number of employees Not more than 50
    • (4) For a period that is an LLP's financial year but not in fact a year the maximum figures for turnover must be proportionately adjusted.
    • (5) The balance sheet total means the aggregate of the amounts shown as assets in the LLP's balance sheet.
    • (6) The number of employees means the average number of persons employed by the LLP in the year, determined as follows—
    • (a) find for each month in the financial year the number of persons employed under contracts of service by the LLP in that month (whether throughout the month or not) ,
    • (b) add together the monthly totals, and
    • (c) divide by the number of months in the financial year.
    • qualifies as small (see sections 382 and 383) , andis not excluded from the regime (see section 384) .An LLP qualifies as small in relation to its first financial year if the qualifying conditions are met in that year.Subject to subsection (2) , an LLP qualifies as small in relation to a subsequent financial year if the qualifying conditions are met in that year. In relation to a subsequent financial year, where on its balance sheet date an LLP meets or ceases to meet the qualifying conditions, that affects its qualification as a small LLP only if it occurs in two consecutive financial years.The qualifying conditions are met by an LLP in a year in which it satisfies two or more of the following requirements—
    1. Turnover F73Not more than £10.2 million
    2. Balance sheet total F74Not more than £5.1 million
    3. Number of employees Not more than 50
    For a period that is an LLP's financial year but not in fact a year the maximum figures for turnover must be proportionately adjusted.The balance sheet total means the aggregate of the amounts shown as assets in the LLP's balance sheet.find for each month in the financial year the number of persons employed under contracts of service by the LLP in that month (whether throughout the month or not) ,add together the monthly totals, anddivide by the number of months in the financial year.This section is subject to section 383 (LLPs qualifying as small: parent LLPs) .A parent LLP qualifies as a small LLP in relation to a financial year only if the group headed by it qualifies as a small group.A group qualifies as small in relation to the parent LLP's first financial year if the qualifying conditions are met in that year.Subject to subsection (3) , a group qualifies as small in relation to a

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