RELATE ACCOUNTS PRODUCTION. Limited Liability Partnership (UK) Format

Transcription

1 RELATE ACCOUNTS PRODUCTION Limited Liability Partnership (UK) Frmat The Limited Liability Partnership (LLP) frmat fllws the applicable regulatins: Limited Liability Partnership Act 2000 Limited Liability Partnerships Regulatins 2001 Limited Liability Partnerships Regulatins (Nrthern Ireland) 2004 Limited Liability Partnerships (Amendment) Regulatins 2005 Statement f Recmmended Practice (SORP) Accunting by Limited Liability Partnerships UK GAAP (Accunting Standards and Cmpanies Act 1985) in s far as they are applicable t Limited Liability Partnerships Fr perids cmmencing n r after 1 st Octber 2008 the frmat will be updated accrding t the fllwing regulatins: Limited Liability Partnerships (Accunts and Audit) (Applicatin f Cmpanies Act 2006) Regulatins 2008 Small Limited Liability Partnerships (Accunts) Regulatins 2008 Large and Medium-sized Limited Liability Partnerships (Accunts) Regulatins 2008 The frmat fllws clsely the Cmpany frmat. The main exceptins being in the fllwing areas. At least tw Designated Members must be entered in the Cmpliance Database (under Client Details/Member Details). The ther Members need nt be Designated Members. The Accunt Signatry rder f the first tw Designated Members must be entered. The Members and Other Infrmatin includes details n Members names and addresses. These details must be entered in the Cmpliance Database under Client Details/Members Details. There is an ptin in the Cmpliance Database (under Reprting Parameters/Accunts Disclsure Parameters) fr ptinally disclsing the Average Members Remuneratin in the nte t the accunts Infrmatin in Relatin t Members. The average number f Members in the year is als disclsed in this nte, the infrmatin being entered in the Cmpliance Database under Other Nte Infrmatin/Further Infrmatin n Members. Details n the highest paid Member are disclsed in anther nte, the infrmatin als being entered in the Cmpliance Database under Other Nte Infrmatin/Further Infrmatin n Members. There is a questin in the Cmpliance Database (under Reprting Parameters/Accunts Disclsure Parameters) asking if there are tw Designated Members signing the Balance Sheet. This questin must be answered. The Members Reprt infrmatin needs cmpletin in the Cmpliance Database (under Members Reprt/Reprt Infrmatin) including the fllwing items: Names and cuntries f any branches utside the UK

2 Plicy n Members Drawings and Subscriptins (incl. Repayments) and ther Members Cntributins A questin n whether there are Pst-Balance Sheet Events including Discretinary Divisin f Prfits after the Year-End Title and text fr Other Discretinary Disclsures The Accunting Plicies includes a sectin n Members remuneratin. The plicy relates the basis f treatment f each element f Members remuneratin. Yu may enter text (r use the default text) in the Cmpliance Database under Accunting Plicies/Members Remuneratin. The Accunting Plicies include a sectin n pst-retirement payments. The plicy relates t pst-retirement payments t Members. Yu may enter text (r use the default text) in the Cmpliance Database under Accunting Plicies/Pst-Retirement Payments. The Debtrs nte includes text n the recverability f amunts wed t Members. The text is entered in the Cmpliance Database under Current Assets/Debtrs. There is a Prvisin fr Pst-Retirement Payments t Frmer Members nte. The text relates t whether the payments are pre-determined (fixed) r are prfit-dependent annuities. The text maybe entered Cmpliance Database under Liabilities, Prvisins and Deferred Incme/Prvisin fr Pst-Retirement Payments t Frmer Members. The Relate Party Transactins nte includes a sectin n Members cntrlling related parties. The text n the relatinships, balances and transactins may be entered in the Cmpliance Database under Other Nte Infrmatin/Members Cntrlling Related Parties. Infrmatin n ranking in the event f winding up in shwn in a nte, the infrmatin being entered in the Cmpliance Database under Other Nte Infrmatin/Ranking n Winding Up. There is a sectin n ranking f lans and debts due t Members in relatin t ther unsecured creditrs and anther sectin n details f prtectin affrded t creditrs which is legally enfrceable and irrevcable. The default text may be used r substituted. If there are parent entities, the details fr the Cntrlling Parties nte are entered in the Cmpliance Database under Client Details/Additinal Details. If there is a discretinary divisin f prfit after the year end, that text in relatin t it must appear in the Pst-Balance Sheet Events nte. The infrmatin is entered in the Cmpliance Database under Other Nte Infrmatin/Pst-Balance Sheet Events. The Wrking Papers cntain audit tests relating t capital intrduced, capital repaid and any discretinary apprpriatin in the current financial perid. Related questins in the Cmpliance Database need answering. These can be fund under Audit Questins/Members Reserves. The frmat deals with each f the fllwing partnership arrangements: LLPs withut equity (where there are n Members ther interests) all amunts g thrugh the Current Accunts: Members capital classified as a liability under FRS25: Cdes 951 t fr amunts brught frward Cdes 952 t fr capital intrduced Cdes 953 t fr capital repayment Cdes 954 t fr ther mvements Other Amunts: Cdes 955 t fr ther amunts brught frward

3 Cdes 956 t fr remuneratin including nndiscretinary prfit share charged as expense (with the debits ging t cdes 502 t Members remuneratin nn-discretinary prfit share charged as an expense) Cdes 957 t fr repayment f debt (nt capital) Cdes 958 t fr drawings Cdes 959 t fr ther mvements Amunts due frm Members Cdes 758 t fr Member debtrs amunts LLPs with sme equity (where there are Members ther interests) amunts g thrugh bth the Current Accunts and the Equity Capital Accunts: Members capital classified as a liability under FRS25: Cdes 951 t fr amunts brught frward Cdes 952 t fr capital intrduced Cdes 953 t fr capital repayment Cdes 954 t fr ther mvements Other Amunts: Cdes 955 t fr ther amunts brught frward Cdes 956 t fr remuneratin including nndiscretinary prfit share charged as expense (with the debits ging t cdes 502 t Members remuneratin nn-discretinary prfit share charged as an expense) Cdes 957 t fr repayment f debt (nt capital) Cdes 958 t fr drawings Cdes 959 t fr ther mvements Amunts due frm Members Cdes 758 t fr Member debtrs amunts Members ther interests ther reserves classified as equity under FRS25: Cdes 960 t 960:09 fr capital brught frward Cdes 961 t fr capital intrduced Cdes 962 t fr capital repayment Cdes 963 t fr ther mvements Autmatic divisin f prfit equivalent t salaried remuneratin: Applicable where the Members agreement r ther prfit sharing arrangement gives Members the equivalent f salary: Pst by jurnal t cdes 956 t fr remuneratin including nn-discretinary prfit share charged as expense with the debits ging t cdes 502 t Members remuneratin nn-discretinary prfit share charged as an expense Any discretinary amunt that apprpriates sme r all f the remaining prfit and/r ther reserves must be entered in the Cmpliance Database under Clients Details/Additinal Details. (First tick the bx labelled Is there a Discretinary Apprpriatin f Prfits/Other Reserves?) The entries are fr the current year and the cmparative year. Enter a psitive amunt fr a prfit apprpriatin. The frmat will autmatically split the entered amunt acrss the Members Current Accunts accrding t their prfit shares as entered in the Cmpliance Database under Client Details/Member Details. If it is decided t carry frward pening balance jurnals running the year-end prcedure, the discretinary amunt s split will be included in the Current Accunt B/Fwd cdes 955 t accrding t the defaults shwn beneath the percentage shares. If pening balance jurnals

4 are nt carried frward, these amunts must be included in thse cdes in the fllwing year s accunts. Autmatic divisin f all prfits: Applicable where the Members agreement r ther prfit sharing arrangement which has arrangements which autmatically divide the full amunt f earned prfit amng Members: Pst the full amunt f the prfit by jurnal t cdes 956 t fr remuneratin including nn-discretinary prfit share charged as expense with the debits ging t cdes 502 t Members remuneratin nn-discretinary prfit share charged as an expense If in additin t the full amunt f prfit being distributed, there is a discretinary amunt that apprpriates the ther reserves, then this apprpriatin must be entered in the Cmpliance Database under Clients Details/Additinal Details. (First tick the bx labelled Is there a Discretinary Apprpriatin f Prfits/Other Reserves?) The entries are fr the current year and the cmparative year. Enter a psitive amunt fr a prfit apprpriatin. The frmat will autmatically split the entered amunt acrss the Members Current Accunts accrding t their prfit shares as entered in the Cmpliance Database under Client Details/Member Details. If it is decided t carry frward pening balance jurnals running the year-end prcedure, the discretinary amunt s split will be included in the Current Accunt B/Fwd cdes 955 t accrding t the defaults shwn beneath the percentage shares. If pening balance jurnals are nt carried frward, these amunts must be included in thse cdes in the fllwing year s accunts. N autmatic divisin f any prfit: Applicable where the Members agreement r ther prfit sharing arrangement has n element f autmatic divisin f prfit and des nt give Members any rights t a share in the prfit until it is divided: The discretinary amunt f the prfit and/r the ther reserves t be apprpriated must be entered in the Cmpliance Database under Clients Details/Additinal Details. (First tick the bx labelled Is there a Discretinary Apprpriatin f Prfits/Other Reserves?) The entries are fr the current year and the cmparative year. Enter a psitive amunt fr a prfit apprpriatin. The frmat will autmatically split the entered amunt acrss the Members Current Accunts accrding t their prfit shares as entered in the Cmpliance Database under Client Details/Member Details. If it is decided t carry frward pening balance jurnals running the year-end prcedure, the discretinary amunt s split will be included in the Current Accunt B/Fwd cdes 955 t accrding t the defaults shwn beneath the percentage shares. If pening balance jurnals are nt carried frward, these amunts must be included in thse cdes in the fllwing year s accunts. Liability and equity elements f Members interests: Any f the fllwing cmbinatins may be dealt with: Equity fr capital (equity capital accunts) and equity fr prfits (discretinary apprpriatin) Liability fr capital (capital classified as a liability) and liability fr prfits (pst autmatic divisin f prfits thrugh Members remuneratin accunts)

5 Liability fr capital and equity fr prfits (discretinary apprpriatin) Equity fr capital (equity capital accunts) and liability fr prfits (pst autmatic divisin f prfits thrugh Members remuneratin accunts) Liability fr capital (capital classified as a liability) and bth equity and liability fr prfits (pst a percentage f prfits by autmatic divisin thrugh Members remuneratin accunts and enter a discretinary apprpriatin) If interest is payable n capital, it must be psted thrugh Members remuneratin accunts. Where interest is payable n capital that is subject t discretinary repayment, the present value f minimum nn-discretinary utflws (ften the same as the relevant amunt f Members capital) must be set up as a liability. If there is discretinary repayment f capital (n retirement), then that capital must be set up in the equity capital accunts. If there is a requirement fr a minimum level f capital in aggregate, then any capital abve that minimum must be set up in the capital accunts classified as a liability. Pst-retirement payments t frmer Members The charge fr pst-retirement amunts t frmer Members shuld be psted t cde 510. The shrt-term creditr cde is 875. The lng-term creditr cde is fr the charge, fr utilisatin and the balance is brught frward frm the previus year is n cde 930. The Cash Flw Statement includes: A sectin n transactins with Members and frmer Members: Payments t Members (equity capital repayments, debt repayments and drawings) Cntributins by Members (equity capital intrduced, lan capital intrduced and any increase in the lng-term Members lan accunt ) Pst-retirement payments t frmer Members (pst-retirement payments and the change in pst-retirement benefits). Mvements in lans and ther debts due t Members: Remuneratin Discretinary apprpriatin Other mvements Lng-term Members lan accunt mvement In the nte Cash Flw - Analysis f Changes in Net Debt/Funds there is a split between debt due t Members within and after ne year and external debt due within and after ne year. The Cash Flw Statement fr the FRSSE als cntains the transactins with Members and frmer Members split between Cash frm ther surces and Applicatin f cash as apprpriate. Grup LLP Accunts may be prduced in the same way as fr grup cmpany accunts. There are Balance Sheet ntes fr bth the Grup and the hlding LLP. The Cnslidatin Schedules prvide the analyses f the Grup amunts acrss the hlding LLP and the subsidiary LLPs. The relevant Cmpliance Database entries (as well as thse in the nminal ledger) will be aggregated including the amunt f discretinary apprpriatin frm prfits/ther reserves. The Frmatted Trial Balance includes all nminal ledger balances at nminal cde level structured accrding t the headings in the Prfit and Lss Accunt and the Balance Sheet as usual. It des nt, hwever, include the amunts f discretinary

6 apprpriate frm prfits/ther reserves, as these amunts are derived frm the Cmpliance Database. The year-end prcedure incrprates these amunts, s the brught frward amunts are crrect. The Members Interests nte is laid ut per the SORP: Members Other Interests split by: Members Capital (Classified as equity) Revaluatin Reserve (nt distributable) Other Reserves (the Prfit and Lss Reserve including the mvement ut f any discretinary apprpriatin, the Investment Prperty Revaluatin Reserve and the Special Reserve) Lans and ther debts due t Members less any amunts due frm Members in debtrs: The pening and clsing balances split by amunts due t Members and amunts due frm Members Includes the mvement in f any discretinary apprpriatin The Supplementary Infrmatin includes in additin t the Detailed Prfit and Lss Accunt and its three schedules and the cmbined versin withut schedules the fllwing: Prfit Split: Shws the discretinary divisin f prfit r lss bth fr the current and cmparative years Member 1 takes any runding difference after the divisin Members Equity Capital Accunt: Opening Balance Capital Intrduced Repayments f Capital Other Mvements Clsing Balance Members Current Accunt f Lans and Other Debts Due Opening Balance Remuneratin Discretinary Allcatin f Prfits r Lsses (with Member 1 taking any runding difference after the divisin) Capital Intrduced Repayments f Debt Drawings Other Mvements Clsing Balance