Our LLP (FRS102 /1A) Accounts Production package operates similar to the easy-to-use and intuitive Silverfin navigation you're used to with some minor tweaks to tailor the workflow and templates to meet the requirements of the LLP Statement of recommended practice (SORP) and Companies law applicable to LLPs.
The account production templates are the same as in the FRS102 1A LTD workflow with minor changes to refer to LLPs and members. This guide will take you through any LLP specific requirements and includes:
- Specific working on the members report and balance sheet
- A Members details template
- LLP specific codes
- Reconciliation of Members' interest
Not set up for Accounts Production or the LLP package?
If you haven't already, your firm will also need to activate the LLP Accounts production package from the marketplace, set up the workflow and client type, and add the LLP codes to your Chart of Accounts. Your Customer Success Manager (CSM) can also set up the Export file for LLP accounts, as well as advise on any of the required changes mentioned above.
Members details template
LLP accounts will have the Members template instead of the Statutory information template for the purposes of inputting key details of the members of the LLP. This data can be manually added or synced from Companies House. There is also the ability to provide a preferred name in the “Display name” field if any members have a preferred name.
The Members’ report is the LLP equivalent of the Directors’ report
The Members' report has some fixed headings for required disclosures and has the option of adding additional sections as required. The signing date and signing designated members are fed from the general settings.
This is the LLP version of the Directors’ responsibility statement.
This statement helps the Members understand their role in preparing the annual report and financial statements and communicating these responsibilities to stakeholders. The default text is editable if required.
This note to the accounts provides the required disclosures of the average number of members and the profit attributable to the member with the largest entitlement (medium/large LLPs only)
Reconciliation of members’ interest
The Reconciliation of members' interest is a primary statement required for LLPs
It details the movement of the equity accounts from the start of the prior period to the start of the current year and then to the end of the financial year. The SORP also requires that the year-end debt other amount balance is split between amounts due to members and amounts due from members. The layout copies that set out in the LLP SORP. Additional categories can be added using the checkboxes at the top of the template.
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