• 24. 24. Supplementary Provisions

    Sections 442 and 444 to 446 apply to LLPs, modified so that they read as follows —

    • 442. Preparation and filing of accounts in other relevant currencies

      (1) The amounts set out in the annual accounts of an LLP shall be shown in United States Dollars and may also be shown in the same accounts translated into any other relevant currency.
      (2) When complying with section 415 (duty to file accounts and reports with the Registrar), the members of an LLP may deliver to the Registrar an additional copy of the LLP's annual accounts in which the amounts have been translated into any other relevant currency.
      (3) In both cases —
      (a) the amounts must have been translated at the exchange rate prevailing on the date to which the balance sheet is made up, and
      (b) that rate must be disclosed in the notes to the accounts.
      (4) Subsection (3)(b) does not apply to the individual accounts of an LLP for a financial year in which the LLP qualifies as a micro-entity (see sections 373 (LLPs qualifying as micro-entities) and 374 (LLPs excluded from being treated as micro-entities)).
      (5) For the purposes of sections 410 and 411 (requirements in connection with published accounts) any additional copy of the LLP's annual accounts delivered to the Registrar under subsection (2) above shall be treated as registrable accounts of the LLP.

      In the case of such a copy, references in those sections to the auditor's report on the LLP's annual accounts shall be read as references to the auditor's report on the annual accounts of which it is a copy."

    • 444. Meaning of "annual accounts" and related expressions

      (1) In this Part an LLP's "annual accounts", in relation to a financial year, means —
      (a) any individual accounts prepared by the LLP for that year (see section 383 (duty to prepare individual accounts)), and
      (b) any group accounts prepared by the LLP for that year (see sections 388 (option to prepare group accounts) and 389 (duty to prepare group accounts)).
      This is subject to section 392 (option to omit individual profit and loss account from annual accounts where information given in notes to the individual balance sheet).
      (2) An LLP's "annual accounts" for a financial year are —
      (a) its annual accounts, and
      (b) the auditor's report on those accounts (unless the LLP is exempt from audit).

    • 445. Notes to the accounts

      (1) Information required by this Part to be given in notes to an LLP's annual accounts may be contained in the accounts or in a separate document annexed to the accounts.
      (2) References in this Part to an LLP's annual accounts, or to a balance sheet or profit and loss account, include notes to the accounts giving information which is required by any provision of the Companies Regulations or international accounting standards, and required or allowed by any such provision to be given in a note to LLP accounts.

    • 446. Minor definitions

      (1) In this Part —

      "group" means a parent undertaking and its subsidiary undertakings,

      "included in the consolidation", in relation to group accounts, or "included in consolidated group accounts", means that the undertaking is included in the accounts by the method of full (and not proportional) consolidation, and references to an undertaking excluded from consolidation shall be construed accordingly,

      "international accounting standards" means the international accounting standards specified as such in rules made by the Board,

      "micro-entity minimum accounting item" means an item of information required by this Part or by rules made by the Board under this Part to be contained in the individual accounts of an LLP for a financial year in relation to which it qualifies as a micro-entity (see sections 373 (LLPs qualifying as micro-entities) and 374 (LLPs excluded from being treated as micro-entities)),

      "micro-entity provisions" means any provisions of this Part, Part 15 or rules made by the Board under this Part relating specifically to the individual accounts of an LLP which qualifies as a micro-entity,

      "profit and loss account", includes an income statement or other equivalent financial statement required to be prepared by international accounting standards,

      "turnover", in relation to an LLP, means the amounts derived from the provision of goods and services falling within the LLP's ordinary activities, after deduction of —
      (a) trade discounts,
      (b) value added tax, and
      (c) any other taxes based on the amounts so derived.
      (2) In the case of an undertaking not trading for profit, any reference in this Part to a profit and loss account is to an income and expenditure account.

      References to profit and loss and, in relation to group accounts, to a consolidated profit and loss account shall be construed accordingly."