Limited Partnerships Act 2008

Financial reporting

Heading: inserted, on 1 April 2014, by section 107 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).

75 Financial statements must be prepared

(1)

The general partners of a large limited partnership, or of a limited partnership that has opted into compliance with this section under section 75F, must ensure that, within 5 months after the balance date of the limited partnership, financial statements that comply with generally accepted accounting practice are—

(a)

completed in relation to the limited partnership and that balance date; and

(b)

dated and signed on behalf of the general partners by 2 general partners of the limited partnership, or, if the limited partnership has only 1 general partner, by that general partner.

(2)

In sections 75A to 75G, accounting period, applicable auditing and assurance standard, and applicable financial reporting standard have the same meanings as in section 5 of the Financial Reporting Act 2013.

(3)

In this section and sections 75A to 75G,—

balance date has the same meaning as in section 41 of the Financial Reporting Act 2013

financial statements has the same meaning as in section 6 of the Financial Reporting Act 2013

generally accepted accounting practice has the same meaning as in section 8 of the Financial Reporting Act 2013

large limited partnership

(a)

means a limited partnership that is large under section 45 of the Financial Reporting Act 2013; and

(b)

includes a limited partnership that is a public entity

public entity has the same meaning as in section 5 of the Public Audit Act 2001

qualified auditor has the same meaning as in section 35 of the Financial Reporting Act 2013.

Section 75: replaced, on 1 April 2014, by section 107 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).