This is a thumbnail sketch of current requirements and should be only read in conjunction with professional advise or current legislation

This note covers the rules governing the requirements for public disclosure of accounts by all limited companies.
Our notes cover two topics that are important:

• Accounting reference dates – in brief this is the financial end of the year for any company. It is also the relevant date by which Companies House decide when accounts are due to be lodged with them. If this reference date is to be changed Companies House must be notified in advance. If Companies House is not notified accounts may need to be re-prepared, registration of the originals will be refused and costs and penalties could be involved.
• Preparing and filing accounts – Companies House has deadlines by which any limited companies accounts must be prepared and delivered to it. An automatic penalty is levied if accounts are produced late. Any professional advisers must be made fully aware of the deadline in order that they can act accordingly. As was specified in the section dealing with directors and company secretaries, if a professional does not act properly this does not take responsibility away from the person listed as director.

The relevant law is covered by the Companies Act 1985 as amended thereafter.

Part One Accounting Reference Dates

• it may not be extended for a period lasting longer than eighteen months from the commencement of the financial year.
• It can not be extended more then once in five years unless:
• The company is under administration, or
• It has been directed by the secretary of state, or
• The company is matching its financial year to that of a subsidiary or parent formed and operating within the EEC.

Companies incorporated overseas

• a place of business in Great Britain;

is subject to the same ARD rules except that it is not restricted as to how often it may extend accounting periods.

More information see in our page Oversea Companies

Preparation and filing of accounts

• A profit and loss account (this shows income and expenditure/receipts and payments)
• A balance sheet which must be signed by a director
• An auditor's report signed by the accountant/auditor (if required)
• A director's report signed by an officer (i.e. director or secretary of the company)
• Notes to the accounts
• Group accounts (if appropriate)

Please note: For financial years beginning on or after 1 January 2005, the accounts may be prepared in accordance with international accounting standards.

All limited and public limited companies must send their accounts into the registrar at Companies House. Certain categories of company dealt with later may be allowed to file "abbreviated accounts". Unlimited companies only need to prepare and submit accounts during an accounting period if the company is or becomes:

• The subsidiary or a parent of a limited undertaking ,or
• A banking or insurance company (or the parent of the same),or
• A qualifying company within the meaning of the partnerships and unlimited companies (Accounts Regulations 1993), or
• operating a trading stamp scheme

What period must the accounts cover?

A company's first accounts cover the period starting on the date of incorporation, not the first day of trading. They end on the accounting reference date (ARD) or up to 7 days either side of that date.

Subsequent accounts start on the day after the previous accounts ended. They finish on the ARD or up to 7 days either side of it.

Time Scales for submissions of accounts to Companies House

In usual cases the following time periods are allowed:

• For a private limited company – ten months from the financial year-end of accounting reference date.
• For a public limited company – seven months from the financial year-end.

If however during the course of a financial year the accounting reference period has been shortened, the time allowed is the longer of the ten/seven months (depending on the company) from the year-end or three months from the date of the notice.

If the first financial year is longer then twelve months then the time allowed to submit accounts is:

• For a private company twenty two months from date of incorporation or three months from the financial year-end whichever is the longer.
• For a public company nineteen months from the date of incorporation or three months from the financial year-end, whichever is the longer.

It is worth noting that the period of months corresponds to the date in the appropriate month, and therefore a private company with a financial year-end of the 30th September has until midnight on the 30th July to submit it's accounts to Companies House, and not the 31st July being the end of the month. If however the year- end is the 30th April then they have until midnight on the 28th February on the following year to submit their accounts as if there is no corresponding date in the relevant months. The last day of the month counts.

Can one get more time?

If a company has a business or business interests overseas by submitting a specific form 244 to Companies House, one may apply for a three month extension to the normal period for submission of accounts. This form must be filed before the normal filing deadline and must be done for every year in which a company requires the extra time. It does not automatically follow from year to year.
In special circumstances one may also apply to the Secretary of State for Trade and Industry to request an extension of time for submitting accounts but there must be some special reason. This must be something unpredicted, which was outside the control or expectation of either the company or its professionals. The application must be in writing and submitted before the usual submission deadline and contain a full explanation the reasons for the request and must specify the length of time required.

Late Accounts

If the accounts are delivered late there is an automatic "penalty for late filing". The amount depends on how late the accounts are when they arrive and the rate varies between private and public companies.

Failing to deliver accounts on time is also a criminal offence for which company directors may be prosecuted.

Please note: if a filing deadline expires on a Sunday or Bank Holiday the law still requires accounts to be filed by that date. So you should ensure that they are posted in time to arrive before such a deadline.

Approval/Signature of Accounts

Accounts must be approved by a company's board of directors and signed before they are sent to Companies House:

• The balance sheet must be signed by a director and any statements about accounting or filing exemptions must appear above the director's signature.

The director's report must be signed by a director or the company secretary. If any accountants, auditors or special auditor's report is attached, it must state the name and address of the person or firm and be signed.

On Receipt by Companies House

Any documents or forms sent to Companies House are electronically scanned and stored as an electronic image, which is used as a working document. The original paper is filed. When business contacts look at a company's record they see the image reproduced on line or on microfilm. It is important the original should be legible so that a clear copy is produced.

When you prepare a document:

• use black ink or black type;
• use bold lettering (some elegant thin typefaces and pens give poor quality copies);
• don't send a carbon copy;
• don't use a dot matrix printer;
• remember - photocopies can result in a grey shade that will not scan well;
• use A4 size paper with a good margin; and
• include the company number in the top right-hand corner of the first page.

Additional requirements for Community Interest Companies (CICs)

Yes. The CIC must prepare a community interest company report which must be sent to Companies House with the annual accounts

Small and medium-sized company exemptions

• annual turnover must be £5.6 million or less;
• the balance sheet total must be £2.8 million or less;
• the average number of employees must be 50 or fewer.

To be a medium-sized company, at least two of the following conditions must be met:

• annual turnover must be £22.8 million or less;
• the balance sheet total must be £11.4 or less;

the average number of employees must be 250 or fewer.

Small and medium sized companies – available exemptions

Small companies with a turn over of less then one million pounds (or two hundred and fifty thousand pounds if they are charities) and with assets of less then 1.4 million do not need to audit their accounts.

Public companies and some companies in specially regulated sectors can not qualify for these exemptions. With other companies it is the size of the company in turnover and/or balance sheet total, which determines its size. The average number of employees is also used to class companies.

Small Company

For a company to be defined as a small company it must meet at least two of the following criteria:

• An annual turnover of two million eight hundred thousand pounds of less
• A balance sheet total of one million four hundred thousand pounds or less.
• The average number of employees must be fifty or less

Medium Sized Company

A medium sized company must meet at least two of the following criteria:

• Annual turnover equal to or less then eleven million two hundred thousand pounds
• Balance sheet equal to or less then five million six hundred thousand pounds
• The average number of employees must be equal to or less then two hundred and fifty

A company may qualify as "small" or "medium size". If the company meets the conditions in either its first financial year or any subsequent financial year. The company ceases to be small or medium sized the exemption continues for one year after the conditions are not fulfilled. It will continue uninterrupted if during a second year it again complies with the relevant conditions.

Amended requirements for small and medium sized companies for submission to Companies House

A company may be able to lodge accounts with Companies House under the special provisions of Part Seven of Companies Act 1985 or it may deliver the abbreviated versions of the accounts.

For a small company abbreviated accounts must include an abbreviated balance sheet and notes and a special auditor's report.

For a medium sized company abbreviated accounts must include an abbreviated profit and loss account; a full balance sheet; a special auditor's report and notes to the accounts and the directors' report.

A special auditor's report needs to state that in the opinion of the auditor the company is entitled to rely on the provision in accordance with s.246(5)or( 6) or s.246 A(3) of the 1985 Act as may be appropriate. If the special provisions apply then the accounts must state this within them.

The balance sheet (and if appropriate, the directors' report) must contain a statement that the accounts are prepared in accordance with the special provisions in Part VII of the Companies Act 1985 relating to small or medium-sized companies, as the case may be

. What if the company would qualify as small or medium-sized, except that it is part of a group which has members who are public companies or companies in the regulated sectors?

For financial years beginning on or after 1 April 2005*, certain exemptions are available for small and medium-sized companies which fall into this category.

Small Companies may omit certain information from the directors' report prepared for its shareholders (that is, amount to be paid as dividend, business review, statement of market valise of fixed assets where substantially different from the balance sheet amount, miscellaneous disclosures and employee involvement) and the company need not deliver the directors' report to Companies House.

• Medium-sized companies may omit certain information from the business review in its directors' report (that is, analysis using key performance indicators so far as they relate to non-financial information).

(*After implementation, these provisions were subsequently back-dated to also apply to accounts covering a period beginning between 1 January 2005 and 1 April 2005 and ending on or after 1 October 2005).

Are there special rules for small and medium-sized groups?

Yes, a parent company need not prepare group accounts or send them to the Registrar if the group is small or medium-sized and none of its member companies is: a public company, a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity, or a person who carries on insurance market activity.

To qualify as small, a group of companies must meet at least two of the following conditions:

• aggregate turnover must be £5.6 million net (£6.72 million gross) or less;
• the aggregate balance sheet total must be £2.8 million net (£3.36 million gross) or less;
• the aggregate average number of employees must be 50 or fewer.

Please note: The above accounting exemption thresholds apply to financial years ending on or after 30 January 2004.For earlier financial years, to qualify as small, a group must meet at least two of the following conditions:

• aggregate turnover must be £2.8 million net (£3.36 million gross) or less;
• the aggregate balance sheet total must be £1.4 million net (or £1.68 million gross);

the aggregate average number of employees must be 50 or fewer.

To qualify as medium-sized, a group must satisfy at least two of the following conditions:

• its aggregate turnover must be £22.8 million net (£27.36 million gross) or less;
• the aggregate balance sheet total must be £11.4 million net (£13.68 million gross) or less;
• the aggregate average number of employees must be 250 or fewer.

Please note: The above accounting exemption thresholds apply to financial years ending on or after 30 January 2004. For earlier financial years, to qualify as medium-sized, a group must meet at least two of the following conditions:

• aggregate turnover must be £11.2 million net (or £13.44 million gross);
• the aggregate balance sheet total must be £5.6 million net (or £6.72 million gross);

the aggregate average number of employees must be 250 or fewer.

6. What if a small or medium-sized company is required to prepare group accounts?

A small parent company which has prepared individual accounts for its members using the special provisions of section 246(2) or (3) of the Companies Act 1985, may choose to prepare group accounts under the special provisions of section 248A. However, a small group cannot file abbreviated accounts at Companies House. Group accounts prepared under section 248A must contain a statement above the signature on the balance sheet, confirming that they are prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small companies.

If a medium-sized company decides to prepare group accounts, they must be full group accounts.

Very small company audit exemptions

• qualify as small
• have a turnover of not more than £5.6 million; and

have a balance sheet total of not more than £2.8 million.

Please note: The above audit exemption thresholds apply to financial years ending after 30 March 2004. For earlier financial years, to qualify for total audit exemption, a company must:

• qualify as small;
• have a turnover of not more than £1 million; and

have a balance sheet total of not more than £1.4 million.

For a charitable company to qualify for total audit exemption it must qualify as small its gross income must not be more than £90,000 and its balance sheet total must not be more than £2.8 million (£1.4 million for financial years ended on or before 30 March 2004).

Charitable companies which qualify as small and have a gross income between £90,000 and £250,000 and a balance sheet total of no more than £1.4 million qualify for partial exemption.

Are all types of small companies eligible for the exemption?

No. Audited accounts must be delivered to Companies House if the company falls into any of the following categories:

(a) A parent company or subsidiary undertaking (unless dormant for the period during which it was a subsidiary) except where:

• the group qualifies as a small group or would qualify if all the bodies corporate in the group were companies; and
• the turnover for the whole group is not more than £5.6 million net or £6.72 million gross; and
• the group's combined balance sheet total is not more than £2.8 million net (£3.36 million gross).

Please note: The above audit exemption thresholds apply to financial years ending after 30 March 2004. For earlier financial years, a parent company or subsidiary undertaking (unless dormant for the period during which it was a subsidiary) cannot qualify except where the group:

• qualifies as a small group or would qualify if all the bodies corporate in the group were companies ; and
• the turnover for the whole group is not more than £1 million net (or £1.2 million gross); and

the group’s combined balance sheet total is not more than £1.4 million net (or £1.68 million gross).
(b) A member of a group of companies in which any member is:

• a public company or body corporate which (not being a company) has power under its constitution to offer shares or debentures to the public;
• a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity;
• a person who carries on insurance market activity.

(c) A person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity (other than an appointed representative whose scope of appointment is limited to activities that are not regulated activities – see below).

“Regulated activity” does not include:

• arranging regulated mortgage contracts;
• assisting administration and performance of a contract of insurance;
• advising on regulated mortgage contracts; or
• dealing as agent, arranging deals in investments or advising on investments- where the activity concerns relevant investments that are not contractually based investment

(d) A person who carries on insurance market activity.

(e) An appointed representative within the meaning of s.39 of the Financial Services and Markets Act 2000.

(f) A public limited company unless the company is dormant.

(g) A special register body or employers association under the Trade Union and Labour Relations (Consolidation) Act 1992.

(h) A company where an audit is required by a member or members holding at least 10% of the nominal value of issued share capital or holding 10% of any class of shares; or - in the case of a company limited by guarantee - 10% of its members in number. The demand for the accounts to be audited should be in the form of written notice to the company, deposited at the registered office at least one month before the end of the financial year in question.

Some flat management companies may have to prepare audited accounts to comply with the terms of their lease. If in doubt, you should seek professional advice.

What does an audit-exempt company need to send to Companies House?

If the company qualifies, unaudited accounts may be delivered to the Registrar in the form of an abbreviated balance sheet and notes. The balance sheet must contain the following statements above the director's signature:

(a) For the year ended . . . (date) the company was entitled to exemption under section 249A(1) of the Companies Act 1985. (In the case of charitable companies which are claiming partial exemption, the reference will be to section 249A(2)).

(b) Members have not required the company to obtain an audit in accordance with section 249B(2) of the Companies Act 1985;

(c) The directors acknowledge their responsibility for:

i. ensuring the company keeps accounting records which comply with section 221; and

ii. preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year, and of its profit or loss for the financial year, in accordance with the requirements of section 226, and which otherwise comply with the requirements of the Companies Act relating to accounts, so far as applicable to the company.

(d) The accounts have been prepared in accordance with the special provisions in Part VII of the Companies Act 1985 relating to small companies.

If the company chooses, it may deliver the unabbreviated accounts prepared for its members. The same statements must appear on the unabbreviated balance sheet.

Community Interest Companies (CICs)
Please remember: CICs which are taking advantage of these exemptions must still prepare and deliver to Companies House a ‘community interest company report’ and a fee of £15.

My company is a charity claiming partial exemption, what must the accountant's report say?

The accountant's report must state that:

(a) the accounts of the company for the financial year in question are in agreement with the accounting records kept by the company under section 221 of the Companies Act 1985; and

(b) having regard only to, and on the basis of, the information in those accounting records, those accounts have been drawn up in a manner consistent with the provisions of the Act as specified in subsection (6) of section 249C, so far as applicable to the company;

(c) having regard only to, and on the basis of, the information in the accounting records, the company satisfied the requirements of section 249A(4), for the financial year in question, and did not fall within section 249B(1)(a) to (f) at any time within that financial year.

The report must show the name and signature of the reporting accountant.

Who can be a reporting accountant?

A reporting accountant is either:

• any member of a body listed below who, under the rules of that body, is entitled to engage in public practice, and who is eligible for appointment as a reporting accountant; or
• any person, (whether or not a member of any such body), who is eligible for appointment as a company auditor under the rules of that body.

The bodies referred to above are the:

(a) Institute of Chartered Accountants in England and Wales;
(b) Institute of Chartered Accountants of Scotland;
(c) Institute of Chartered Accountants in Ireland;
(d) Association of Chartered Certified Accountants;
(e) Association of Authorised Public Accountants;
(f) Association of Accounting Technicians;
(g) Association of International Accountants;
(h) Chartered Institute of Management Accountants;
(i) Institute of Chartered Secretaries and Administrators. (This new addition applies to financial years ending on or after 30 January 2004.)

An individual, body corporate or firm may be appointed as a reporting accountant. A partnership that is not a legal person may be appointed under section 26 of the Companies Act 1989.

The reporting accountant must be independent and meet the conditions set out in section 27 of the Companies Act 1989. This means, for example, that he or she cannot be an officer or employee of the company.

How long do I have to deliver accounts to Companies House?

The same time applies as for all other accounts. The same penalties are imposed for late filing.

Does an audit exempt company still have to send accounts to its members?

Yes. In accordance with the Companies Act 1985, members have a right to receive or demand copies of accounts and the related reports.

Possible drawbacks of unaudited accounts
Banks and credit managers rely on information available from Companies House to assess a company's creditworthiness and currently look for the reassurance of an independent audit. If it qualifies for audit exemption, a company will need to decide whether unaudited accounts are appropriate to its own circumstances.

Are annual accounts required if a company is not trading?

All limited companies, whether they trade or not, must deliver accounts to Companies House. However, a limited company may claim exemption from audit as a 'dormant company' if it has not traded during a financial year, and provided it meets certain other criteria.

Dormant companies do not need to appoint auditors and can deliver even simpler annual accounts to Companies House.

My company's articles of association state that the company must have an auditor but otherwise we would be exempt. What can we do?

Companies may decide to revise their articles of association to ensure that these do not stop them taking advantage of the audit exemptions. Companies with articles based on the model articles at Table A of the Companies Act 1985 are unlikely to have such problems. However, the 1948 version of Table A (and other similar earlier provisions) imposes an obligation to appoint auditors. Companies with such articles may wish to take legal advice about possible changes.

Dormant Companies

• payment for shares taken by subscribers to the memorandum of association;
• fees paid to the Registrar of Companies for a change of company name, the re-registration of a company and filing annual returns; and
• payment made in respect of civil penalties imposed by the Registrar of Companies for delivering accounts to the Registrar after the statutory time allowed for filing.

A company may not take advantage of the dormant company audit exemption if it is:

• a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity;
• a person who carries on insurance market activity.

If the company has not been dormant since incorporation, but has become dormant, it may take advantage of the exemptions provided that:

• it has been dormant since the end of the previous financial year; and
• it does not have to prepare group accounts for that year; and
• it qualifies as a 'small company' in relation to that year or would have qualified as small but for the fact that it is:
• a public company; or
• a member of a group of companies which included: a public company, a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity, or a person who carries on insurance market activity.

What information must dormant accounts contain?

Dormant accounts filed at Companies House need not include a profit-and-loss account or directors' report.

Unaudited dormant accounts are much simpler than those of a trading company but must show:

• an abbreviated balance sheet containing statements above the director's signature to the effect that the company was dormant throughout the accounting period.
• any previous year's figures for comparison - even though there are no items of income or expenditure for the current year;
• certain notes to the balance sheet

Community Interest Companies (CICs)
Please remember: CICs which are taking advantage of these exemptions must still prepare and deliver to Companies House a ‘community interest company report’ and a fee of £15.

What statements are needed on the balance sheet?
The following statements must appear above the director's signature:

(a) For the year ended . . . (date) the company was entitled to exemption under section 249AA(1) of the Companies Act 1985.

(b) Members have not required the company to obtain an audit in accordance with section 249B(2) of the Companies Act 1985.

(c) The directors acknowledge their responsibility for:

• ensuring the company keeps accounting records which comply with section 221; and
• preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year, and of its profit or loss for the financial year, in accordance with the requirements of section 226, and which otherwise comply with the requirements of the Companies Act relating to accounts, so far as applicable to the company.

If the company chooses, it may deliver the un-abbreviated accounts prepared for its members. The same statements must appear on the un-abbreviated balance sheet.

Can I obtain a standard form for dormant accounts from Companies House?

Yes, although you do not have to use it. Form DCA, available from Companies House, is for dormant companies that have not traded since incorporation. This form is unsuitable for companies that became dormant after trading. However, model balance sheets and notes for all types of dormant companies.

How long do I have to deliver dormant accounts to Companies House?

The same time applies as for all other accounts. The same penalties are imposed for late filing.

What happens if my company starts trading again?

Any company will cease to be exempt from audit as a dormant company if it:

• begins commercial or trading activities during the financial period; or
• would no longer qualify for some other reason.

If either of these happened, full accounts would be required for the financial year in which the company ceased to be exempt, and the directors might need to appoint auditors for the company. It may be that the company would qualify for exemptions as a medium-sized or small company.

Model balance sheets to be delivered to the Registrar of Companies by dormant companies

The formats on the following pages provide a guide to the information you need to include (unless the company has opted to prepare accounts in accordance with international accounting standards for financial years beginning on or after 1 January 2005). These formats are designed to reflect all possible assets and liabilities that a company may have but you only need to include a particular heading if there is an amount other than nil to be shown.

These model balance sheets are for illustration only, they should not be reproduced and used for submission to Companies House

If the company has traded in a previous financial year, bear in mind that your previous year's balance sheet will show the company's financial position as it was then. If there have been no accounting transactions since, you could just be carrying forward the figures from last year.

There are two formats - marked A and B - either of which may be followed. The content of the two formats is identical; they simply present the balance sheet headings in a different order.

The balance sheet must balance:

• In format A, net assets must equate to the aggregate of capital and reserves.
• In format B, assets must equate to liabilities (including capital and reserves as balancing items).

Each entry must be an amount in figures (not words) or '0.00'. Companies House will not accept any document which shows 'Nil' where a figure should appear.

Each column of figures must be headed with the date on which the current and previous financial year ended.

For both formats, the matters to be included in the notes to the balance sheet, if applicable, can be found at the end of each example below.

Notes to the dormant company balance sheet

The following must be given as notes to the balance sheet:

• accounting policies, including those relating to depreciation and diminution in value of assets;
• authorised share capital;
• if shares of more than one class have been allotted, the number and aggregate nominal value of shares of each class allotted;
• information relating to any redeemable shares allotted;
• information relating to any shares which have been allotted during the financial year;
• information about fixed assets;
• details of indebtedness;
• basis on which sums originally in a foreign currency have been translated into sterling;
• in respect to every item above (other than fixed assets) the corresponding amounts for the previous year;
• details of any subsidiary undertakings and of shares held in them, and why group accounts are not required;
• where the company has acted as an agent for any person, the fact that it has so acted;
• information about financial fixed assets that could have been included at fair value but which have been included in the accounts in excess of their fair value, and where no provision has been made for their diminution in value (applies to financial years beginning on or after 1 January 2005).

In addition, the following information may have to be given about the subsidiary undertakings:

• details of any undertakings in which the company has a 'significant holding', for example, the name and address of the business;
• the name of the company's ultimate parent company, and (if known) its country of incorporation;
• the names of certain intermediate parent companies, and their countries of incorporation or (if not incorporated) the addresses of their principal places of business;
• details of certain loans, guarantees and other such dealings made by the company in favour of directors and others.

Partnership accounts

What accounts must the partnership prepare?

The partnership must prepare and have audited accounts as if it were a company formed under the Companies Act 1985 so as to conform to Part VII of that Act. The Act has been amended to take account of the circumstances of qualifying partnerships. However, the partnership may take advantage of regulation 7, which permits the accounts to be dealt with on a consolidated basis as group accounts prepared by either:

• a member of the partnership which is established under the law of a member state of the European Economic Area (EEA); or
• a parent undertaking of such a member.

In these cases, the accounts must be prepared on a consolidated basis under the law of the member state in accordance with the Seventh Company Law Directive. A note must be included to say that the accounts have been prepared to take advantage of this regulation.

For what period must the partnership accounts be prepared?

The accounts may cover any period up to 18 months which may be specified in the partnership agreement. If a period is not specified in the agreement, the partnership accounts must be drawn up for each 12-month period ending on 31 March in each year.

When must the accounts be prepared?

The partnership accounts must be prepared within a period of 10 months after the end of the financial year.

When must the accounts be delivered or published? When partnership accounts are prepared, they must be attached to the next accounts of each partner that is a limited company and delivered to Companies House. A limited company that is a member of a qualifying partnership must supply to any person on request:

• the name of each partner required to deliver copies of the partnership accounts to the Registrar; and
• the name of each partner incorporated in another EEA member state who is required to publish the partnership accounts in that state.

When a qualifying partnership has its head office in Great Britain and each of the partners is:

• an undertaking comparable to a limited company incorporated outside the United Kingdom or other EEA state; or
• an undertaking comparable to an unlimited company or partnership formed under the law of such a country with each of its members a limited or comparable undertaking; then

the partnership must:

(a) make the latest accounts of the partnership available for inspection by any person, without charge, during business hours at the head office of the partnership, together with a certified translation, if the original is not in English; and

each member of the partnership must:

(b) supply to any person on request a copy of the latest accounts of the partnership (together with a translation if the original is not in English). A fee may be charged to cover the administrative cost of supplying the copy, but no more.

Are there any exemptions from the publication rules?

The members of a qualifying partnership may be exempted from the above publication rules if the partnership accounts are consolidated as group accounts prepared by:

• a member of the partnership formed under the law of a member state; or
• a parent undertaking of such a member so established.

In this case the consolidated accounts must be prepared and audited under the law of the member state, and the notes to the accounts must show