Enter your text here...

LP Accounts

There’s no requirement for a Limited Partnership (LP) to send accounts to Companies House 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 of the Limited Partnerships (LP) to prepare and file accounts, most of the Limited Partnership (LP) choose to do so as the accounts needs to be prepared for limited partners and general partners.

This equally applies to Private Fund Limited Partnerships (PFLP) established under The Legislative Reform (Private Fund Limited Partnerships) Order 2017.

What does the LP Accounts Include?

The LP's accounts usually include the following statements:

  • Statement of financial position (or Balance Sheet) which shows the value of assets, liabilities, and equity of the company.
  • Statement of comprehensive income (or Profit and Loss Account) which shows the company's income and expenses for the financial period.
  • Notes to the accounts which provides further details on the accounts.
  • Member's report

However, as there is no legal requirement to file partnership accounts, partners may choose to only produce some statements, and many choose to produce Profit and Loss Account only.

How will We Help You in Your LP Accounts?

As a firm of chartered certified accountants, we provide expert service of preparing and filing statutory accounts for your limited partnership (LP). Unlike ordinary accountants, we understand the specific accounting issues faced by property funds and property sector in general, and whole process would be hassle-free.

We believe that the accountant’s role is beyond regular compliance while preparing accounts. We understand how each accounting options will affect your tax liability and strategic decision. We ensure that your accounts reflect true & fair view while selection of appropriate options available under 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.

Trust UK Property Accountants to Optimise Returns and Minimise Hassles!

Reach Out to Us Today and Let's Shape
Your Success Together!

Success message!
Warning message!
Error message!