Sections 399 to 408 [Section 408 was amended by regulation 10 of S.I. 2008/393.] apply to LLPs, modified so that they read as follows -

399. Duty to prepare group accounts

(1) [deleted]

(2) If at the end of a financial year an LLP is a parent LLP the members, as well as preparing individual accounts for the year, must prepare group accounts for the year unless the LLP is exempt from that requirement.

(2A) An LLP is exempt from the requirement to prepare group accounts if -

(a) at the end of the financial year, the LLP is subject to the small LLPs regime, and

(b) is not a member of a group which, at any time during the financial year, has an undertaking falling within subsection (2B) as a member.

(2B) An undertaking falls within this subsection if -

(a) it is established under the law of any part of the United Kingdom,