In Part 3 of Schedule 1 (notes to the accounts: non-IAS individual accounts) -

(a) for paragraph 42 (preliminary) substitute -

"42. Preliminary

(1) Any information required in the case of an LLP by the following provisions of this Part of this Schedule must be given by way of a note to the accounts.

(2) These notes must be presented in the order in which, where relevant, the items to which they relate are presented in the balance sheet and in the profit and loss account.";

(b) for paragraph 53 (information about fair value of assets and liabilities) substitute -

"53. Information about fair value of assets and liabilities

(1) This paragraph applies where financial instruments or other assets have been valued in accordance with, as appropriate, paragraph 36, 38, or 39.

(2) There must be stated -

(a) the significant assumptions underlying the valuation models and techniques used to determine the fair value of the instruments or other assets,

(b) for each category of financial instrument or other asset, the fair value of the assets in that category and the changes in value -

(i) included directly in the profit and loss account, or