Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Group accounts definition

What does Group accounts mean? Group accounts (also called consolidated accounts) are the financial statements that show a parent and its subsidiary undertakings as a single economic entity. In practice they are used for shareholder reporting, audit, covenants, financing and transactions. The obligation to prepare them is set by statute, while the expression itself is used descriptively across corporate practice. In the UK, Companies Act 2006, section 399 requires the directors of a parent undertaking at the end of a financial year to prepare group accounts as well as individual accounts, unless a statutory exemption applies. Common exemptions include qualifying as a small...

UK LLP accounts: individual and group reporting requirements, content and exemptions under the Companies Act 2006 and Regulations

Published by a LexisNexis Corporate expert

Practice notes

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...

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Web page updated on 22/05/2026

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