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446. Minor definitions

Past version: effective from 21/10/2015 - 20/10/2015
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(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."