LLP accounts requirements

LLP size limits from April 2025

	Micro LLP	Small LLP
Turnover	Not more than £1 million	Not more than £15 million
Balance sheet total	Not more than £500,000	Not more than £7.5 million
Employees	Not more than 10	Not more than 50

Questions

When do the new limits apply?

For financial years beginning on or after 6 April 2025, under SI 2024/1303. Before that the small LLP limits were £10.2 million turnover and £5.1 million balance sheet.

What does a small LLP file?

It does not have to deliver its profit and loss account. Abridged accounts are allowed if all the members agree. Audit exemption needs the required statements on the balance sheet.

When are LLP accounts due?

9 months after the year end, and first accounts 21 months from incorporation, with the same penalties as a private company.

Which SORP applies?

CCAB published a new edition of the LLP SORP on 3 November 2025.

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