Company formation Registration - HOME

Life of a Limited Liability Partnership
Registered office
LLP records
Annual return
Accounting reference dates
Accounting records
Accounts for the members
Accounts for Companies House
Small LLP accounts
Medium -sized LLP accounts
Dormant LLP accounts
Auditors
Charges and mortgages, LLPs registered in England and Wales or in Northern Ireland
Charges and mortgages, LLPs registered in Scotland
Quality of documents
Further information


Accounting records


1. Do all LLPs have to keep accounting records?

Yes, all LLPs have to keep accounting records which enable the members to prepare accounts that comply with the requirements of the legislation.

2. What must accounting records include?

Accounting records must in particular contain:

entries showing all money received and expended by the LLP; and
a record of the assets and liabilities.
Also, where the LLP’s business involves dealing in goods the records must contain:

statements of stock held by the LLP at the end of each financial year;
all statements of stock takings from which you have taken or prepared any statements of stock; and
a statement of all goods sold and purchased, other than by ordinary retail trade. This should list the goods, the buyers and sellers.
A parent LLP must take reasonable steps to ensure that any subsidiary undertaking keeps sufficient accounting records so that the members of the parent LLP are able to prepare accounts that comply with the requirements of the Companies Act, including where the accounts are prepared using International Accounting Standards (IAS).

3. Where must an LLP keep its accounting records?

An LLP must keep its accounting records at its registered office address or a place that the members think suitable. The records must be open to inspection by the LLP members at all times.

If the LLP holds the records at a place outside of the UK, it must send accounts and returns with details of the business dealt with in the accounting records at least every six months and keep them in the UK. Those accounts and returns must disclose the financial position and enable the members to prepare accounts that comply with the requirements of the Companies Act, including where accounts are prepared using International Accounting Standards (IAS).

4. How long must a LLP keep its records?

An LLP must keep its accounting records for 3 years from the date they were made.