In Section A of Part 1 of Schedule 1 (general rules and formats for balance sheets and profit and loss accounts: non-IAS individual accounts) -

(a) in paragraph 1 (general requirements for format of balance sheets and profit and loss accounts) -

(i) after sub-paragraph (1) insert -

"(1A) But, subject to the following provisions of this Schedule, in relation to an LLP which qualifies as a micro-entity in relation to a financial year (see sections 384A and 384B of the 2006 Act) -

(a) the only items which must be shown on the LLP's balance sheet for that year are those listed in either of the balance sheet formats in Section C of this Part, and

(b) the only items which must be shown on the LLP's profit and loss account for that year are those listed in the profit and loss account format in Section C.";

(ii) in sub-paragraph (2), after "Section B" insert "and Section C"; and

(iii) at the beginning of sub-paragraph (3) insert "Subject to paragraph 1A,";

(b) after paragraph 1 insert -

"1A.