The Partnerships and Unlimited Companies (Accounts) Regulations 1993

UK Statutory Instrument 1993 No. 1820 — creates 3 criminal offences.

3offences created

0recorded in force

3revoked

Made: 20 July 1993
In force from: 21 July 1993
Extent: Not stated
Subject: Corporate, financial services, company law, employment, charity, electoral and tax
Made under: Companies Act 1985, European Communities Act 1972, Schedule 2 to, the European Communities Act 1972

Explanatory note

(This note is not part of the Regulations) — published with the instrument by the department that made it. © Crown copyright, reused under the Open Government Licence v3.0.

These Regulations implement Council Directive 90/605/EEC (Official Journal No. L317 of 16.11.1990, pages 60 to 62) which amends Directive 78/660/EEC on annual accounts (O.J. No. L222 of 14.8.1978, pages 11 to 31) (the Fourth EC Company Law Directive) and Directive 83/349/EEC on consolidated accounts (O.J. No. L193 of 18.7.1983, pages 1 to 17) (the Seventh EC Company Law Directive) as regards the scope of those Directives. The scope of application of the Regulations is set out in regulations 3 (qualifying partnerships) and 9 (qualifying companies). They apply, in effect, to partnerships, limited partnerships and unlimited companies all of whose members having unlimited liability are limited companies. Members of a qualifying partnership (general partners in the case of limited partnerships) are required by regulation 4 to prepare accounts and a directors' report, and to obtain an auditors' report on such accounts, in accordance with the provisions of Part VII of the Companies Act 1985 (the 1985 Act), subject to certain modifications set out in the Schedule to the Regulations. The Schedule disapplies requirements of Part VII which do not derive from the European Community Directives on accounts. Regulations 5 and 6 contain requirements about the publication of accounts prepared under the Regulations by members of qualifying partnerships. Regulation 7 provides an exemption from the Regulations where the partnership has been dealt with in consolidated group accounts prepared by a member of the partnership established under the law of a member State of the EEC (or a parent of such a member), by the method of full or proportional consolidation or by the equity method of accounting. Regulation 8 imposes criminal penalties for failure to comply with the Regulations. Regulation 10 requires that unlimited companies which are qualifying companies deliver their accounts to the registrar of companies (they are already required to prepare accounts under Part VII of the 1985 Act). Regulation 11 imposes additional disclosure requirements in the notes to the accounts of companies which are members of qualifying partnerships or qualifying companies. Regulation 12 permits the members of a qualifying partnership not to prepare accounts and a directors' report (and obtain an auditors' report on the accounts) under the Regulations for financial years commencing on a date prior to 23rd December 1994.

Offences created by this instrument

Penalties for non-compliance with regulations 4 to 6 regulation 8(1) · Revoked · Strict liability
Penalties for non-compliance with regulations 4 to 6 regulation 8(2) · Revoked · Strict liability
Penalties for non-compliance with regulations 4 to 6 regulation 8(3) · Revoked · Strict liability

What Parliament said about it

Contributions, debates and written statements mentioning this instrument by name. Parliamentary material is reused under the Open Parliament Licence v3.0.

Company Accounts Commons · Commons Chamber · 13 July 1993 · The Parliamentary Under-Secretary of State for Corporate Affairs (Mr. Neil Hamilton)
I beg to move, That the draft Partnerships and Unlimited Companies (Accounts) Regulations 1993, which were laid before this House on 21st June, be approved. Accounting requirements for companies in the European Community have been harmonised, principally through the fourth and seventh company law directives, but there was concern that companies in some member states were avoiding the disclosure requirements of those directives by conducting business through the equivalent of partnerships. The Council therefore adopted the partnerships directive to bring partnerships between limited companies…
Company Accounts Commons · Commons Chamber · 13 July 1993
Resolved, That the draft Partnerships and Unlimited Companies (Accounts) Regulations 1993, which were laid before this House on 21st June, be approved.
Business Lords · Lords Chamber · 19 July 1993 · Lord Hesketh
My Lords, it may be for the convenience of the House to know that the Committee stage of the Railways Bill will be adjourned at about 7 p.m. for about one hour and that during that adjournment the Disclosure of Interests in Shares (Amendment) Regulations 1993, the Partnerships and Unlimited Companies (Accounts) Regulations 1993, the Meat and Livestock Commission Levy (Variation) Scheme (Confirmation) Order 1993 and the Committee stage (on Re-commitment) of the Statute Law Repeals Bill will be taken.
Partnerships And Unlimited Companies (Accounts) Regulations 1993 Lords · Lords Chamber · 19 July 1993

How Parliament handled it

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