| Opus Restructuring LLP |
| Registered number: |
OC381479 |
| Balance Sheet |
| as at 30 April 2018 |
| Notes |
|
2018 |
|
2017 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
3 |
|
168,000 |
|
- |
| Tangible assets |
4 |
|
8,801 |
|
8,236 |
| Investments |
5 |
|
- |
|
20,000 |
|
|
|
176,801 |
|
28,236 |
| Current assets |
|
|
|
|
|
| Debtors |
6 |
|
1,227,356 |
|
991,005 |
| Cash at bank and in hand |
|
|
316 |
|
233 |
|
|
|
1,227,672 |
|
991,238 |
|
| Creditors: amounts falling due within one year |
7 |
|
(1,520,797) |
|
(1,232,752) |
|
| Net current liabilities |
|
|
(293,125) |
|
(241,514) |
|
|
|
|
|
|
| Total assets less current liabilities |
|
|
(116,324) |
|
(213,278) |
|
|
|
| Net liabilities attributable to members |
(116,324) |
|
(213,278) |
|
|
|
|
|
|
| Represented by: |
| Loans and other debts due to members |
9 |
|
(944,652) |
|
(563,278) |
|
|
|
|
|
|
| Members' other interests |
| Members' capital classified as equity |
|
|
350,000 |
|
350,000 |
| Other reserves |
|
|
478,328 |
|
- |
|
|
|
828,328 |
|
350,000 |
|
|
|
|
|
|
|
|
|
(116,324) |
|
(213,278) |
|
|
|
|
|
|
| Total members' interests |
| Loans and other debts due to members |
9 |
|
(944,652) |
|
(563,278) |
| Members' other interests |
|
|
828,328 |
|
350,000 |
|
|
|
|
(116,324) |
|
(213,278) |
|
|
|
|
|
|
| For the year ended 30 April 2018 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs). |
| The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
| These accounts were approved by the members on 2 April 2019 and signed on their behalf by: |
|
|
| T Binyon |
| Designated member |
|
| Opus Restructuring LLP |
| Notes to the Accounts |
| for the year ended 30 April 2018 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Division of profits |
|
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
25% reducing balance |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Members' capital |
|
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2018 |
|
2017 |
| Number |
Number |
|
|
Average number of persons employed by the LLP |
22 |
|
22 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
Additions |
180,000 |
|
At 30 April 2018 |
180,000 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
Provided during the year |
12,000 |
|
At 30 April 2018 |
12,000 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 April 2018 |
168,000 |
|
|
|
|
|
|
|
|
|
|
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. |
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 May 2017 |
17,302 |
|
Additions |
3,497 |
|
At 30 April 2018 |
20,799 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 May 2017 |
9,066 |
|
Charge for the year |
2,932 |
|
At 30 April 2018 |
11,998 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 April 2018 |
8,801 |
|
At 30 April 2017 |
8,236 |
|
|
| 5 |
Fixed asset investments |
|
| Other |
| investments |
| £ |
|
Cost |
|
At 1 May 2017 |
20,000 |
|
Amounts written off |
(20,000) |
|
|
At 30 April 2018 |
- |
|
|
| 6 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade debtors |
882,377 |
|
736,150 |
|
Other debtors |
344,979 |
|
254,855 |
|
|
|
|
|
|
1,227,356 |
|
991,005 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank overdrafts |
437,365 |
|
479,597 |
|
Trade creditors |
149,925 |
|
137,533 |
|
Other taxes and social security costs |
129,856 |
|
138,003 |
|
Other creditors |
803,651 |
|
477,619 |
|
|
|
|
|
|
1,520,797 |
|
1,232,752 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Loans |
2018 |
|
2017 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank overdraft |
479,597 |
|
512,752 |
|
|
|
|
|
|
|
|
|
|
Bank overdraft is secured by a charge over the assets and undertakings of the LLP. |
|
|
| 9 |
Loans and other debts due to members |
2018 |
|
2017 |
| £ |
£ |
|
|
Amounts due to members in respect of profits |
(944,652) |
|
(563,278) |
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year |
(944,652) |
|
(563,278) |
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up. |
|
|
| 10 |
Controlling party |
|
|
For the period under review, the LLP was under the control of its members. |
|
|
| 11 |
Other information |
|
|
Opus Restructuring LLP is a limited liability partnership incorporated in England. |
|
Its registered office is: |
|
109 Gloucester Place |
|
London |
|
W1U 6JW |
|
|
Its place of business is: |
|
Evergreen House North |
|
Grafton Place |
|
Euston |
|
London |
|
NW1 2DX |
