Group accounts meaning

This Checklist outlines which companies and limited liability partnerships (LLPs) fall within the main UK and EU compulsory environmental reporting regimes. It offers a high-level overview and points to the sources for the applicable reporting rules. For fuller coverage of the binding reporting obligations, see Practice Notes: CSR, ESG and human rights reporting and initiatives and EU mandatory corporate sustainability reporting. For an overview of the voluntary disclosures many companies and LLPs follow, see Practice Notes: TCFD recommendations and other ESG reporting frameworks, standards and benchmarks [Archived] and Investor group guidance on environmental, social and governance (ESG) issues. UK requirements Strategic report to contain description of principal risks and uncertainties. Scope: All companies (other than micro and small companies). Traded LLPs and banking LLPs. Source: Companies Act 2006 (CA 2006), CA 2006, s 414C(2)(b). Applied to traded LLPs and banking LLPs by Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, SI 2008/1911, Reg 12A. ...

Validity of Wills Appeal allowed: a revocation clause in an India‑focused will cancelled an earlier English will; s9(d) needs no re‑acknowledgement by witnesses. Disclosure The court endorsed a private hearing to seal HRH Prince Philip’s will, dismissing the Guardian’s transparency challenge. Removal and replacement of personal representatives Courts clarified English law governs foreign executors’ standing, prioritised grants amid polygamy, and appointed, replaced or removed PRs where administration was imperilled. Interpretation, construction and rectification Rulings highlight the need for clear residuary clauses, uphold plain wording, apply intended domiciliary law, and adopt pragmatic, swift construction and rectification. Burial disputes Decisions resolved intestacy burial forums, granted special guardians control, safeguarded Article 8 interests, and directed remains’ disposal in exceptional cases. Personal representatives’ duties Authorities addressed mortgage burdens on survivorship, circumscribed trustee remuneration, compelled accounts, and encouraged seeking directions when uncertain. Estate accounts and solicitor fees Courts withheld indemnities for disproportionate or self‑interested litigation, denied fees absent charging clauses or consent,...

In this issue: Brexit highlights Brexit SIs Post-Brexit transition guidance Judicial review Constitutional and administrative law Equality and human rights Information law Subsidy control and state aid Public procurement Management and strategic planning Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Brexit highlights The Cabinet Office has released an explanatory memorandum concerning the UK/EU TCA Partnership Council decision (COM(2024)297). The proposal sets out the EU’s stance in the Partnership Council on amending Annex 3 to the Trade and Cooperation Agreement between the EU and UK, which covers product-specific rules of origin. See: LNB News 15/11/2024 16. The House of Commons Library has issued a briefing on assimilated law reform, outlining the Labour government’s approach following the 2024 general election. The second statutory report, published in July 2024, notes that of the 6,735 items of retained EU law (REUL)...

Muller UK and Ireland Group LLP and others v HMRC [2026] EWCA Civ 248 The second, third and fourth appellants (the Corporate Members) were part of the Muller multinational corporate group trading in dairy products. In 2013, those appellants moved their respective trades and assets, including intellectual property and goodwill, to the fourth appellant, Muller UK and Ireland Group LLP (LLP), receiving membership units in the LLP in exchange. The LLP recorded amortisation of the assets and goodwill (the Material Assets) in its accounts on a straight-line basis over five years. When calculating their taxable profits from the LLP for the 2013–18 accounting periods, the Corporate Members claimed deductions for that amortisation under Part 8 of the Corporation Tax Act 2009 (CTA 2009). HMRC rejected the claims on the footing that the Material Assets did not satisfy the Part 8 ‘gateway’ in CTA 2009, s 882(1)(b) (as then in force). That provision removed from Part 8’s scope assets obtained from a related party. While Part 8 does not expressly...

In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Conduct requirements Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Sustainable finance and ESG Consumer credit, mortgage and home finance Regulation of insurance FSMA regulated pensions activity Payment services and systems Fintech and cryptoassets LexTalk®Financial Services: a Lexis®Nexis community Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary UK, EU and international regulators and bodies HMT consults on proposed integration of PSR functions into FCA framework HM Treasury (HMT) has launched a consultation proposing to fold the Payment Systems Regulator’s (PSR) remit into the Financial Conduct Authority (FCA) under the government’s Regulatory Action Plan. The intention is to streamline the payments regulatory landscape by reducing the number...

The Companies Act 2006 (CA 2006) provides comprehensive rules governing how a company prepares its annual accounts. Through the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, SI 2008/1911 (the 2008 Regulations), selected elements are extended to limited liability partnerships (LLPs), with suitable adaptations. The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016, SI 2016/575 (the 2016 Regulations) introduced a range of amendments to the accounting framework for LLPs and qualifying partnerships. Further alterations affecting LLPs and other bodies were made by the Statutory Auditors Regulations 2017, SI 2017/1164. In most cases, the changes take effect for LLPs with financial years commencing on or after 17 June 2016; however, the stricter conditions on the small LLPs’ exemption from preparing group accounts apply to periods starting on or after 1 January 2017. This Practice Note, read alongside Practice Note: LLP Accounts—an outline of the statutory framework, distils the key obligations contained within these statutory provisions...

FORTHCOMING CHANGE relating to the future withdrawal of DST : Following OECD-led talks that produced a political accord on a two‑pillar solution in October 2021, the UK reached an understanding with the US, Austria, France, Spain and Italy to move away from DST towards the new global tax regime, using a transitional DST credit system. Under the arrangement, the UK would retain DST receipts until Pillar One became operational and, once in force, companies could credit against future UK corporation tax the difference between DST paid from January 2022 and the amount that would have arisen had Pillar One applied instead. In exchange, the US, which regards digital services taxes as discriminatory towards US companies, agreed to withdraw proposed retaliatory tariffs on certain US imports from the other five countries, and undertook not to pursue additional trade measures against those states because of their digital services taxes until the interim period concluded. This understanding was subsequently extended by all six countries to 30 June 2024, from an original end...

The corporate interest restriction (CIR) framework is extensive and intricate. This Practice Note concentrates on the elections a group can choose to make within its interest restriction return. Readers are also directed to: Practice Note: Corporate interest restriction—quick guide for a brief, high-level overview of the CIR and the background to its introduction Practice Note: Corporate interest restriction—glossary of key terms for the meanings of key terms and concepts used throughout the CIR legislation Practice Note: Corporate interest restriction—the main rules for a closer look at the principal operative provisions of the CIR Practice Note: Corporate interest restriction—administration for the more administrative aspects of the CIR, including the interest restriction return The CIR rules permit groups to make specific elections that change the computation of group-interest and other amounts that feed into the group ratio method. Group-interest (rather than tax-interest) is an accounts-based measure of interest and the central component in the calculations of NGIE, ANGIE and QNGIE. Each of the...

Dated [ insert date ] Introduction This legal due diligence questionnaire concerns the intended acquisition by [ insert buyer name ] ( Newco ) of the whole issued share capital of [ insert name of target company ] Limited (the Target ) from [ insert seller name ] (the Seller ) (the Proposed Acquisition ). The questionnaire exists to enable Newco, Newco’s solicitors and its professional advisers involved in the Proposed Acquisition to obtain the information they require to aid the valuation of the Target and the subsidiaries of the Target (the Group and each a Group Company ). We reserve the right to raise further enquiries in relation to both your replies to this questionnaire and generally...

Part 1, interpretation and limitation of liability Unless the context requires otherwise, these articles use terms defined in the Companies Act 2006 (and any amending or subordinate legislation) and within these articles. Defined terms include: address; articles; bankruptcy (including similar overseas procedures); chair and chair of the meeting (articles 13 and 30); Companies Acts; director (including anyone acting as such); document (including electronic); electronic form/means and hard copy form; instrument; member; ordinary and special resolutions; eligible director; participate; proxy notice; relevant officer (non‑auditor officers of the company or any group undertaking, present or former); subsidiary; and writing (any visible representation, including electronic) The model articles are excluded. Unless otherwise stated, statutory expressions bear the meaning they had when these articles became binding. References to legislation include any modification, re‑enactment or replacement. Singular includes plural and vice versa; masculine includes feminine and neuter; persons include corporations Each member’s liability is limited to £1, payable on a winding up while a member or within one year of ceasing, towards:...

Legal due diligence questionnaire—private M&A—share purchase Dated [ insert date ] Introduction This legal due diligence questionnaire concerns the intended purchase by [ insert buyer name ] (the Buyer) of the whole of the issued share capital of [ insert name of target company ] Limited, incorporated in England and Wales under number [ insert company number ] (the Company), from [ insert seller name ] (the Seller) (the Proposed Acquisition). This questionnaire is intended to assist the Buyer, the Buyer's solicitors and other professional advisers acting on the Proposed Acquisition to secure the information the Buyer needs to inform its valuation of the Company. Please respond to each question comprehensively. Please set out your responses in italics immediately beneath each question and kindly supply copies of all relevant documentation, ensuring that all responses and documents are plainly identified by reference to the appropriate paragraph of this questionnaire. We reserve the right to raise further enquiries regarding both your responses to this questionnaire and, more generally, matters arising...

Dormant company—exemption from audit A dormant company can be either a public or a private company. It is also set up and operated in the same general manner as any other company. That said, the obligations concerning accounts and audit that generally apply to companies are relaxed for a dormant entity. The annual accounts of a dormant company for a financial year require an audit unless the company benefits from an exemption from audit...