There is no requirement for a limited partnership (LP) to send accounts to us unless The Partnerships (Accounts) Regulations 2008 (SI 569/2008), as amended by the Companies and Partnerships (Accounts and Audit) Regulations 2013, apply.
Where these regulations apply, any General Partners that are UK limited companies must attach a copy of the' partnership's accounts to the copy of their own limited company accounts that they submit for filing.
Although there are no legal requirements for most Limited partnerships (LP) to prepare and file accounts, most Limited Partnerships (LP) choose to do so as the accounts need to be prepared for the limited partners and the general partners.
This equally applies to the Private Fund Limited Partnerships (PFLPs) established under The Legislative Reform (Private Fund Limited Partnerships) Order 2017.
What do the LP Accounts include?
The LP's accounts usually include the following statements:
However, as there is no legal requirement to file the partnership accounts, the partners may choose to only produce some statements. Therefore, many choose to produce only the profit and loss account.
How can we help you with your LP Accounts?
We provide an expert service in preparing and filing Statutory Accounts for your Limited Partnership (LP). Unlike ordinary accountants, we understand the specific accounting issues faced by the property funds and the property sector in general. Therefore, the whole process would be hassle-free.
We believe that the accountants' role is beyond regular compliance while preparing accounts. We understand how each accounting option will affect your tax liability and the strategic decision. Therefore, we ensure that your accounts reflect a true & fair view while selecting the appropriate options available under an accounting standard.
Our firm deals with all sizes of LPs ranging from the ones reporting under FRS 102 to those reporting under the IFRS and the US GAAP.