The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016

Duty to file accounts and reports

12.—(1) Regulation 17 (duty to file accounts and reports) is amended as follows.

(2) In section 442 (period allowed for filing accounts)—

(a)in subsection (5), for “If” substitute “Subject to subsection (5A), if”; and

(b)after subsection (5) insert—

“(5A) Any such extension must not have the effect of extending the period for filing to more than twelve months after the end of the relevant accounting reference period.”;

(3) In section 444 (filing obligations of LLPs subject to small LLPs regime)—

(a)in subsection (1)(a), for “a balance sheet” substitute “the balance sheet”;

(b)in subsection (2), for “The” substitute “Where the designated members deliver to the registrar a copy of the LLP’s profit and loss account under subsection (1)(b), the”;

(c)after subsection (2) insert—

“(2A) Where the balance sheet or profit and loss account is abridged pursuant to paragraph 1A of Schedule 1 to the Small Limited Liability Partnerships (Accounts) Regulations 2008 (S.I. 2008/1912)(1), the designated members must also deliver to the registrar a statement by the LLP that all the members of the LLP have consented to the abridgement.”;

(d)in subsection (3), omit from “, except that where” to the end of that subsection;

(e)omit subsection (4);

(f)in subsection (5), omit “deliver to the registrar IAS accounts, or non-IAS accounts that are not abbreviated accounts, and in accordance with this section”; and

(g)after subsection (5) insert—

“(5A) Subject to subsection (5C), where the designated members of an LLP subject to the small LLPs regime do not deliver to the registrar a copy of the LLP’s profit and loss account—

(a)the copy of the balance sheet delivered to the registrar must disclose that fact, and

(b)unless the LLP is exempt from audit and the members have taken advantage of that exemption, the notes to the balance sheet delivered must satisfy the requirements in subsection (5B).

(5B) Those requirements are that the notes to the balance sheet must—

(a)state whether the auditor’s report was qualified or unqualified,

(b)where that report was qualified, disclose the basis of the qualification (reproducing any statement under section 498(2)(a) or (b) or (3), if applicable),

(c)where that report was unqualified, include a reference to any matters to which the auditor drew attention by way of emphasis, and

(d)state—

(i)the name of the auditor and (where the auditor is a firm) the name of the person who signed the auditor’s report as senior statutory auditor, or

(ii)if the conditions in section 506 (circumstances in which names may be omitted) are met, that a determination has been made and notified to the Secretary of State in accordance with that section.

(5C) Subsection (5A) does not apply in relation to an LLP if—

(a)the LLP qualifies as a micro-entity (see sections 384A and 384B) in relation to a financial year, and

(b)the LLP’s accounts are prepared for that year in accordance with any of the micro-entity provisions.”.