16 false false false false false false false false false false false false false true false true true No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 675,000 438,750 33,750 472,500 202,500 236,250 xbrli:pure xbrli:shares iso4217:GBP OC341377 2023-01-01 2023-12-31 OC341377 2023-12-31 OC341377 2022-12-31 OC341377 2022-01-01 2022-12-31 OC341377 2022-12-31 OC341377 2021-12-31 OC341377 core:MotorVehicles 2023-01-01 2023-12-31 OC341377 core:NetGoodwill 2023-01-01 2023-12-31 OC341377 bus:Director1 2023-01-01 2023-12-31 OC341377 core:NetGoodwill 2022-12-31 OC341377 core:NetGoodwill 2023-12-31 OC341377 core:MotorVehicles 2022-12-31 OC341377 core:MotorVehicles 2023-12-31 OC341377 core:WithinOneYear 2023-12-31 OC341377 core:WithinOneYear 2022-12-31 OC341377 core:NetGoodwill 2022-12-31 OC341377 core:MotorVehicles 2022-12-31 OC341377 bus:SmallEntities 2023-01-01 2023-12-31 OC341377 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 OC341377 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 OC341377 bus:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC341377 bus:FullAccounts 2023-01-01 2023-12-31 OC341377 core:OfficeEquipment 2023-01-01 2023-12-31 OC341377 core:OfficeEquipment 2023-12-31 OC341377 core:OfficeEquipment 2022-12-31
REGISTERED NUMBER: OC341377
OPASS BILLINGS WILSON & HONEY LLP
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
OPASS BILLINGS WILSON & HONEY LLP
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
202,500
236,250
Tangible assets
6
506
674
---------
---------
203,006
236,924
Current assets
Debtors
7
783,792
685,546
Cash at bank and in hand
145,056
227,611
---------
---------
928,848
913,157
Creditors: amounts falling due within one year
8
192,537
219,329
---------
---------
Net current assets
736,311
693,828
---------
---------
Total assets less current liabilities
939,317
930,752
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
9
839,317
830,752
Members' other interests
Members' capital classified as equity
100,000
100,000
Other reserves
---------
---------
939,317
930,752
---------
---------
Total members' interests
Loans and other debts due to members
9
839,317
830,752
Members' other interests
100,000
100,000
---------
---------
939,317
930,752
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 December 2023 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 2023
These financial statements were approved by the members and authorised for issue on 31 July 2024 , 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 2023
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 income and retained earnings 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 income and retained earnings 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 income and retained earnings 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 (2022: 16 ).
5.
Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
675,000
---------
Amortisation
At 1 January 2023
438,750
Charge for the year
33,750
---------
At 31 December 2023
472,500
---------
Carrying amount
At 31 December 2023
202,500
---------
At 31 December 2022
236,250
---------
6.
Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
37,314
23,960
61,274
--------
--------
--------
Depreciation
At 1 January 2023
36,645
23,955
60,600
Charge for the year
167
1
168
--------
--------
--------
At 31 December 2023
36,812
23,956
60,768
--------
--------
--------
Carrying amount
At 31 December 2023
502
4
506
--------
--------
--------
At 31 December 2022
669
5
674
--------
--------
--------
7.
Debtors
2023
2022
£
£
Trade debtors
778,054
681,317
Other debtors
5,738
4,229
---------
---------
783,792
685,546
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
48,960
23,921
Client Account balances
30,307
30,777
Other creditors
113,270
164,631
---------
---------
192,537
219,329
---------
---------
9.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
839,317
830,752
---------
---------