OTUS CORPORATE FINANCE LLP

 

Registered number: OC308754

 

 

 

UNAUDITED MEMBERS' REPORT AND FINANCIAL STATEMENTS

 

INFORMATION FOR FILING WITH THE REGISTRAR

 

FOR THE YEAR ENDED 31 DECEMBER 2023

 

OTUS CORPORATE FINANCE LLP

Registered number: OC308754

 

INFORMATION

 

Designated Members

 

S J Read

 

P V O Slattery

 

LLP registered number

 

OC308754

 

Registered office

 

45 Gresham Street, London EC2V 7BG

 

Bankers

 

HSBC, 1 South Place, London, EC2M 2UP

 

OTUS CORPORATE FINANCE LLP

Registered number: OC308754

 

CONTENTS

 

 

 

BALANCE SHEET

4

 

 

NOTES TO THE FINANCIAL STATEMENTS

6

 

 

OTUS CORPORATE FINANCE LLP

Registered number: OC308754

 

BALANCE SHEET

AS AT 31 DECEMBER 2023

 

 

 

2023

2023

2022

2022

 

Note

£

£

£

£

Current assets

 

 

 

 

 

Debtors: amounts falling due within one year

5

98,028

 

175,352

 

Cash at bank and in hand

6

7,266

 

10,252

 

 

 

105,294

 

185,604

 

Creditors: amounts falling due within one year

7

0

 

0

 

Total assets less current liabilities

 

 

105,294

 

185,604

 

 

 

 

 

 

Net assets

 

 

105,294

 

185,604

 

 

 

 

 

 

Represented by:

 

 

 

 

 

Members' other interests

 

 

 

 

 

Members' capital

 

25,000

 

25,000

 

Other reserves

 

80,294

 

160,604

 

 

 

 

105,294

 

185,604

 

 

 

105,294

 

185,604

Total members' interests

 

 

 

 

 

Amounts due from members (included in debtors)

5

 

(98,028)

 

(175,352)

Members' other interests

 

 

105,294

 

185,604

 

 

 

7,266

 

10,252

 

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

 

The entity 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.

 

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

 

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to small LLPs regime.

 

OTUS CORPORATE FINANCE LLP

Registered number: OC308754

 

BALANCE SHEET

AS AT 31 DECEMBER 2023 (CONTINUED)

 

 

The entity has opted not to file the profit and loss account in accordance with the provisions applicable to the small LLPs regime.

true

 

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 24/04/2024.

 

 

 

 

S J Read

 

Designated member

 

The notes below form part of these financial statements.

 

OTUS CORPORATE FINANCE LLP

Registered number: OC308754

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 

1. General information

 

Otus Corporate Finance LLP is a limited liability partnership, limited by members capital and registered in England and Wales under the Companies Act 2006. The company's registered number is OC308754 and the registered office address is at 45 Gresham Street, London EC2V 7BG.

 

2. Accounting policies

 

2.1 Basis of preparation of financial statements

 

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

 

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).

 

The following principal accounting policies have been applied:

 

2.2 Going concern

 

The financial statements have been prepared on the going concern basis which assumes that the LLP will continue as a going concern for the foreseeable future. However, a pandemic has emerged during the year and the LLP is not able to quantify the financial impact at this stage. The LLP continues to have the financial support of its members and accordingly the members believe it appropriate to prepare the financial statements on the going concern basis.

true

 

OTUS CORPORATE FINANCE LLP

Registered number: OC308754

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 

2.     Accounting policies (continued)

 

2.3 Revenue

 

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 

Rendering of services

 

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

the amount of revenue can be measured reliably;

 

 

it is probable that the LLP will receive the consideration due under the contract;

 

 

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

 

 

the costs incurred and the costs to complete the contract can be measured reliably.

 

2.4 Debtors

 

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 

2.5 Cash and cash equivalents

 

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 

OTUS CORPORATE FINANCE LLP

Registered number: OC308754

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 

2.     Accounting policies (continued)

 

2.6 Financial instruments

 

The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the LLP would receive for the asset if it were to be sold at the balance sheet date.

 

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

OTUS CORPORATE FINANCE LLP

Registered number: OC308754

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 

2.     Accounting policies (continued)

 

2.7 Creditors

 

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 

2.8 Foreign currency translation

 

Functional and presentation currency

 

The LLP's functional and presentational currency is GBP.

 

Transactions and balances

 

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

 

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and nonmonetary items measured at fair value are measured using the exchange rate when fair value was determined.

 

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account except when deferred in other comprehensive income as qualifying cash flow hedges.

 

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Profit and Loss Account within 'other operating income'.

 

3. Judgments in applying accounting policies and key sources of estimation uncertainty

 

No significant judgements have had to be made by the designated members in preparing these financial statements.

 

4. Employees

 

In the previous and current years, the entity has no employees.

 

 

OTUS CORPORATE FINANCE LLP

Registered number: OC308754

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 

5. Debtors

 

 

2023

2022

 

£

£

Trade debtors

0

0

Amounts due from members

98,028

175,352

 

98,028

175,352

 

6. Cash and cash equivalents

 

 

2023

2022

 

£

£

Cash at bank and in hand

7,266

10,252

 

7. Creditors: Amounts falling due within one year

 

 

2023

2022

 

£

£

Trade creditors

0

0

Accruals and deferred income

0

0

 

0

0

 

8. Related party transactions

 

During the year, amounts of -£75,352 (2022: £47,600) were paid or credited by the LLP to the designated members and £1,972 (2022: £10,007) was introduced by the designated members. The total outstanding due to the LLP by the designated members at the year-end was £98,028 (2022: £175,352).