399. Approval and signing of accounts

Past version: effective from 21/10/2015 - 20/10/2015
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(1) An LLP's annual accounts must be approved by the board of members and signed on behalf of the board by a member of the LLP.
(2) The signature must be on the LLP's balance sheet.
(3) If the accounts are prepared in accordance with the small LLPs regime, the balance sheet must contain, in a prominent position above the signature:
(a) in the case of individual accounts prepared in accordance with the micro-entity provisions, a statement to that effect, or
(b) in the case of accounts not prepared as mentioned in subsection (3)(a), a statement to the effect that the accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
(4) If annual accounts are approved that do not comply with the requirements of the Companies Regulations, every member of the LLP who —
(a) knew that they did not comply, or was reckless as to whether they complied, and
(b) failed to take reasonable steps to secure compliance with those requirements or, as the case may be, to prevent the accounts from being approved,
(c) commits a contravention of the Companies Regulations.
(5) A person who commits the contravention referred to in subsection (4) shall be liable to a fine of up to level 5."