This section explains the basic rules on preparing and filing accounts. It applies to all limited liability partnership accounts irrespective of whether any filing exemptions apply to the content of the accounts.

1. Do all limited liability partnerships have to keep accounting records?

Yes. All limited liability partnerships, whether or not they are trading, must keep accounting records.

2. What does a set of accounts include?

Generally, accounts must include:

• a profit and loss account;
• a balance sheet signed by a designated member;
• an auditors’ report signed by the auditor (if appropriate);
• notes to the accounts; and
• group accounts (if appropriate).

This information cannot go into the detailed information that these documents must contain - for this, see the Act. Certain information may be omitted from the accounts of medium-sized and small (including dormant) limited liability partnerships prepared under the special provisions of Part VII of the Companies Act 1985 (as applied to limited liability partnerships by regulation 3 of the Limited Liability Partnerships Regulations 2001). These limited liability partnerships may further abbreviate the accounts they file at Companies House. Certain small limited liability partnerships and dormant limited liability partnerships may also be exempt from audit.

3. Do all limited liability partnerships have to deliver their accounts to the Registrar?

Yes.

4. What period must the accounts cover?

A limited liability partnership’s first accounts cover the period starting on the date of incorporation, not the first day of trading. They end on the accounting reference date (ARD) or up to 7 days either side of that date.

Subsequent accounts start on the day after the period covered by the previous accounts ended. They finish on the ARD or up to 7 days either side of it.

5. How long do I have to file my limited liability partnership’s first accounts?

If you are filing your first accounts and they cover a period of more than 12 months, they must be delivered to the Registrar within 22 months of the date of incorporation or 3 months from the ARD, whichever is longer. The definition in the box below of a period of months in connection with filing the accounts also applies to the first accounts. For example, a limited liability partnership incorporated on 1 January 2005 with an Accounting Reference Date (ARD) of 31 January has until midnight on 1 November 2006 (22 months from incorporation) to deliver its accounts, not 30 November.

6. How long do I normally have to file my accounts?

Unless you are filing your limited liability partnership’s first accounts (see question 5) the time normally allowed for delivering accounts is 10 months from the ARD.

However, if the accounting reference period has been shortened, the time allowed for filing the accounts is the longer of:

• 10 months from the ARD; or
• 3 months from the date of the notice (LLP225).

7. Can the time allowed for delivering accounts be extended?

If a limited liability partnership carries on business or has interests overseas, and the financial year begins before 1 January 2005, a 3-month extension to the normal filing period can be claimed by delivering Form LLP244 to Companies House. This form must be delivered before the normal filing deadline and this must be done for every year that the limited liability partnership wishes to claim the extension. It does not automatically apply from one year to the next. (Form LLP244 cannot be used for financial years, which begin on or after 1 January 2005 but an extension to the filing period may still be granted in exceptional circumstances - see below.)

An application may be made to the Secretary of State for Trade and Industry to extend the time for laying and delivering accounts if there is a special reason for doing so; for example, if there has been an unforeseen event which was outside the control of the limited liability partnership and its auditors. The application must be made in writing, be delivered before the filing deadline, and must contain a full explanation of the reasons for the extension and the length of the extension needed.

8. What if the accounts are delivered late?

There is an automatic civil penalty for late filing. The amount depends on how late the accounts arrive. The fixed penalties are as follows:

Failing to deliver accounts on time is also a criminal offence for which designated members may be prosecuted.

9. Who can approve and sign accounts?

The accounts must be approved by the limited liability partnership’s members and signed before they are sent to Companies House.

• The balance sheet must be signed by a designated member, with any statements about accounting or filing exemptions appearing above the designated member’s signature.
• If an auditors’ report or special auditors’ report is attached to the accounts, then it must state the names of the auditors and be signed and dated* by them.

* Applies to accounts covering a period beginning on or after 1 January 2005.

10. Does Companies House give technical advice on accounts?

No. Companies House can give general guidance, but not advice on specific accounting issues. Firstly, giving technical advice is not a role that the Government has given us. Secondly, it is not practicable: your accounts are subject to complex legal requirements, and Companies House do not know enough about your limited liability partnership to be confident that Companies House are giving you proper advice.

Consult an accountant if you need this sort of advice.

Tags: accounting records