(1) In the case of a partnership to which this Part applies, the partners shall, at some date not later than 18 months after the appropriate date and subsequently once at least in every calendar year, so however that not more than 15 months shall elapse between the preparation of the account, draw up a profit and loss account for the period, in the case of the first account, since the formation of the partnership, and in any other case, since the preceding account.
(2) The partners shall cause to be made out in every calendar year a balance sheet as at the date to which the profit and loss account is made up.
(3) In the case of such partnerships the reference in section 3 of the 1986 Act to Companies Act individual accounts shall be read as a reference to balance sheets and profit and loss accounts drawn up pursuant to this Regulation, which, in accordance with Regulation 7(4), may be Companies Act individual accounts or IFRS individual accounts.
(4) For the purposes of this Regu