Rules and guidance

The statutory rules governing the Annual accounts of medium-sized LLPs are set out in:

1. •

   Part 15 of the Companies Act 2006 (CA 2006)

2. •

   the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, SI 2008/1911 (2008 Regulations), which apply parts of the CA 2006 to LLPs

3. •

   the Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008, SI 2008/1913 (Large LLPs Regulations)

4. •

   the Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016, SI 2016/575 (2016 Regulations)

5. •

   the Statutory Auditors Regulations 2017

6. •

   the Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024, SI 2024/1303 (2024 Regulations)

This Practice Note deals with the accounting regime as applied to LLPs and qualifying partnerships under the 2016 Regulations (with amendments made by the 2024 Regulations).

For a general overview of the statutory framework for LLP annual accounts, see Practice Note: LLP Accounts—an outline of the statutory framework.

When the medium-sized LLPs regime applies

The medium-sized LLPs regime applies to an LLP for a financial year in which the LLP:

1. •

   qualifies