16 false false false false false false false false false false false false true false true true No description of principal activity 2021-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 675,000 371,250 33,750 405,000 270,000 303,750 xbrli:pure xbrli:shares iso4217:GBP OC341377 2021-01-01 2021-12-31 OC341377 2021-12-31 OC341377 2020-12-31 OC341377 2020-01-01 2020-12-31 OC341377 2020-12-31 OC341377 core:MotorVehicles 2021-01-01 2021-12-31 OC341377 core:NetGoodwill 2021-01-01 2021-12-31 OC341377 bus:Director1 2021-01-01 2021-12-31 OC341377 core:NetGoodwill 2020-12-31 OC341377 core:NetGoodwill 2021-12-31 OC341377 core:MotorVehicles 2020-12-31 OC341377 core:MotorVehicles 2021-12-31 OC341377 core:WithinOneYear 2021-12-31 OC341377 core:WithinOneYear 2020-12-31 OC341377 core:NetGoodwill 2020-12-31 OC341377 core:MotorVehicles 2020-12-31 OC341377 bus:SmallEntities 2021-01-01 2021-12-31 OC341377 bus:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 OC341377 bus:FullAccounts 2021-01-01 2021-12-31 OC341377 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 OC341377 bus:LimitedLiabilityPartnershipLLP 2021-01-01 2021-12-31 OC341377 core:CommercialMotorVehicles 2021-01-01 2021-12-31 OC341377 core:ComputerEquipment 2021-01-01 2021-12-31 OC341377 core:ComputerEquipment 2021-12-31 OC341377 core:ComputerEquipment 2020-12-31
REGISTERED NUMBER: OC341377
OPASS BILLINGS WILSON & HONEY LLP
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2021
OPASS BILLINGS WILSON & HONEY LLP
STATEMENT OF FINANCIAL POSITION
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Intangible assets
5
270,000
303,750
Tangible assets
6
899
1,199
---------
---------
270,899
304,949
Current assets
Debtors
7
580,185
689,522
Cash at bank and in hand
222,058
186,083
---------
---------
802,243
875,605
Creditors: amounts falling due within one year
8
140,469
244,712
---------
---------
Net current assets
661,774
630,893
---------
---------
Total assets less current liabilities
932,673
935,842
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
9
832,673
835,842
Members' other interests
Members' capital classified as equity
100,000
100,000
Other reserves
---------
---------
932,673
935,842
---------
---------
Total members' interests
Loans and other debts due to members
9
832,673
835,842
Members' other interests
100,000
100,000
---------
---------
932,673
935,842
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 December 2021 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
OPASS BILLINGS WILSON & HONEY LLP
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2021
These financial statements were approved by the members and authorised for issue on 17 August 2022 , and are signed on their behalf by:
P B Woodman
Designated Member
Registered number: OC341377
OPASS BILLINGS WILSON & HONEY LLP
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 98 Station Road, Sidcup, Kent, DA15 7BY.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.
Revenue recognition
Revenue refers to the revenue earned from the principal activity being that of accountants and business advisors, and is measured at the fair value of the consideration received or receivable on services rendered, net of discounts and of Value Added Tax.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Goodwill
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life of;
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of 20 years.
Goodwill
-
20 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 16 (2020: 17 ).
5.
Intangible assets
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021
675,000
---------
Amortisation
At 1 January 2021
371,250
Charge for the year
33,750
---------
At 31 December 2021
405,000
---------
Carrying amount
At 31 December 2021
270,000
---------
At 31 December 2020
303,750
---------
6.
Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 January 2021 and 31 December 2021
37,314
23,960
61,274
--------
--------
--------
Depreciation
At 1 January 2021
36,124
23,951
60,075
Charge for the year
298
2
300
--------
--------
--------
At 31 December 2021
36,422
23,953
60,375
--------
--------
--------
Carrying amount
At 31 December 2021
892
7
899
--------
--------
--------
At 31 December 2020
1,190
9
1,199
--------
--------
--------
7.
Debtors
2021
2020
£
£
Trade debtors
575,447
686,902
Other debtors
4,738
2,620
---------
---------
580,185
689,522
---------
---------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
33,222
26,935
Client Account balances
28,360
60,067
Other creditors
78,887
157,710
---------
---------
140,469
244,712
---------
---------
9.
Loans and other debts due to members
2021
2020
£
£
Amounts owed to members in respect of profits
832,673
835,842
---------
---------