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The LLP (FRS 102 1A) Accounts Production package works much like the standard Silverfin workflow, with minor tweaks to meet the requirements of the LLP Statement of Recommended Practice (SORP) and the Companies law that applies to LLPs. This article walks through the LLP-specific templates and requirements. It is relevant for anyone preparing LLP statutory accounts in Silverfin.
Table of contents
What's different for LLPs
The Accounts Production templates are the same as in the FRS 102 1A LTD workflow, with minor changes to refer to LLPs and members. This guide covers the LLP-specific requirements, including:
- 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? Your firm will 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 and advise on any of the changes above.
Usage guidance
Members details template
LLP accounts use the Members template instead of the Statutory information template, where you input the key details of the LLP's members. You can add this data manually or sync it from Companies House. If any members have a preferred name, you can enter it in the "Display name" field.
Members report
The Members' report is the LLP equivalent of the Directors' report.
The Members' report has fixed headings for required disclosures, with the option to add further sections as needed. The signing date and signing designated members are fed from the general settings.
Members' responsibility statement
This is the LLP version of the Directors' responsibility statement.
It helps the members understand their role in preparing the annual report and financial statements, and in communicating these responsibilities to stakeholders. The default text is editable if required.
Members' remuneration
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 and 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 the year-end "debt - other amounts" balance to be split between amounts due to members and amounts due from members. The layout follows that set out in the LLP SORP. You can add further categories using the checkboxes at the top of the template.
Helpful accounts
Members' capital classified as equity
- Opening balance: 310900
- Introduced by members: 320000
- Repayment of capital: 320400
- Transfers: 320500
Equity - other reserves
- Opening balance: 310300
- Profits available for discretionary division: total of P&L codes (4 to 9). This is equivalent to any remaining profits after members' remuneration charged as an expense.
- Division of profit or loss: 310350. This row must net to zero, so the other side must be posted to 320200.
Members' capital classified as debt
- Opening balance: 321900
- Introduced by members: 320050
- Repayment of capital: 320450
- Transfers: 320550
Members' debt - other amounts
- Opening balance: 310950
- Members' remuneration charged as an expense: 70015X to 70018X
- Division of profit or loss: 320200. This row must net to zero, so the other side must be posted to 310350.
- Drawings: 320300
Helpful journals
Journal for members' salaries
- Dr P&L:
- Wages and salaries - Directors/Members: 700150
- Social security costs - Directors/Members: 700151
- Pension costs - Directors/Members: 700152
- Cr Members' interests:
- LLP/Partnership Current Account: 310950
Journal for discretionary distribution of profits
- Dr Division of profits from other reserves: 310350
- Cr Share of profit/loss: 320200