Opass Billings Wilson & Honey LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC341377

OPASS BILLINGS WILSON & HONEY LLP

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2024

OPASS BILLINGS WILSON & HONEY LLP

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Intangible assets	5	168,750	202,500
Tangible assets	6	3	506
		---------	---------
		168,753	203,006

Current assets

Debtors	7	917,558	783,792
Cash at bank and in hand		51,342	145,056
		---------	---------
		968,900	928,848

Creditors: amounts falling due within one year	8	283,795		192,537
		---------		---------
Net current assets			685,105	736,311
			---------	---------
Total assets less current liabilities			853,858	939,317
			---------	---------

Represented by:

Loans and other debts due to members

Other amounts	9		753,858	839,317

Members' other interests

Members' capital classified as equity	100,000	100,000
Other reserves	–	–
	---------	---------
	853,858	939,317
	---------	---------

Total members' interests

Loans and other debts due to members	9	753,858	839,317
Members' other interests		100,000	100,000
		---------	---------
		853,858	939,317
		---------	---------

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 2024 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 2024

These financial statements were approved by the members and authorised for issue on 22 May 2025 , and are signed on their behalf by:

Mr P Woodman

Designated Member

Registered number: OC341377

OPASS BILLINGS WILSON & HONEY LLP

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

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 2021 (SORP 2021).

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 arc 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 arises on business acquisitions and represents the excess of the cost of the acquisition over the LLP's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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.

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 (2023: 16 ).

5.	Intangible assets

	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	675,000
	---------
Amortisation
At 1 January 2024	472,500
Charge for the year	33,750
	---------
At 31 December 2024	506,250
	---------
Carrying amount
At 31 December 2024	168,750
	---------
At 31 December 2023	202,500
	---------

6.	Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 January 2024	37,314	23,960	61,274
Disposals	( 37,314)	–	( 37,314)
	--------	--------	--------
At 31 December 2024	–	23,960	23,960
	--------	--------	--------
Depreciation
At 1 January 2024	36,812	23,956	60,768
Charge for the year	–	1	1
Disposals	( 36,812)	–	( 36,812)
	--------	--------	--------
At 31 December 2024	–	23,957	23,957
	--------	--------	--------
Carrying amount
At 31 December 2024	–	3	3
	--------	--------	--------
At 31 December 2023	502	4	506
	--------	--------	--------

7.	Debtors

	2024	2023
	£	£
Trade debtors	912,924	778,054
Other debtors	4,634	5,738
	---------	---------
	917,558	783,792
	---------	---------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	24,264	48,960
Other creditors	259,531	143,577
	---------	---------
	283,795	192,537
	---------	---------

9.	Loans and other debts due to members

	2024	2023
	£	£
Amounts owed to members in respect of profits	753,858	839,317
	---------	---------