OTUS CORPORATE FINANCE LLP | Registered number: OC308754 |
Registered number:
UNAUDITED MEMBERS' REPORT AND FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED
OTUS CORPORATE FINANCE LLP | Registered number: OC308754 |
INFORMATION
Designated Members
LLP registered number
OC308754
Registered office
London
Bankers
1 South Place,
London,
EC2M 2UP
OTUS CORPORATE FINANCE LLP | Registered number: OC308754 |
CONTENTS |
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BALANCE SHEET | 4 |
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NOTES TO THE FINANCIAL STATEMENTS | 5 |
OTUS CORPORATE FINANCE LLP | Registered number: OC308754 |
BALANCE SHEET
AS AT
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| 2022 | 2022 | 2021 | 2021 |
| Note | £ | £ | £ | £ |
Current assets |
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Debtors: amounts falling due within one year | 5 |
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Cash at bank and in hand | 6 |
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Creditors: amounts falling due within one year | 7 |
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Total assets less current liabilities |
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Net assets |
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Represented by: |
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Members' other interests |
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Members' capital |
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Other reserves |
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| 185,604 |
| 138,497 |
Total members' interests |
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Amounts due from members (included in debtors) | 5 |
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Members' other interests |
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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 2022
The entity has opted not to file the profit and loss account in accordance with the provisions applicable to the small LLPs regime.
The financial statements were approved and authorised for issue by the
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 2022
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 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
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:
OTUS CORPORATE FINANCE LLP | Registered number: OC308754 |
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2. Accounting policies (continued)
2.3 Revenue (continued)
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; |
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• | it is probable that the LLP will receive the consideration due under the contract; |
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• | the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
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• | the costs incurred and the costs to complete the contract can be measured reliably. |
2.4 Debtors
2.5 Cash and cash equivalents
OTUS CORPORATE FINANCE LLP | Registered number: OC308754 |
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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 2022
2. Accounting policies (continued)
2.7 Creditors
2.8 Foreign currency translation
Functional and presentation currency
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
4. Employees
OTUS CORPORATE FINANCE LLP | Registered number: OC308754 |
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
5. Debtors
| 2022 | 2021 |
| £ | £ |
Trade debtors | ||
Amounts due from members | ||
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6. Cash and cash equivalents
| 2022 | 2021 |
| £ | £ |
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Cash at bank and in hand |
7. Creditors: Amounts falling due within one year
| 2022 | 2021 |
| £ | £ |
Trade creditors | ||
Accruals and deferred income | ||
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8. Related party transactions
During the year, amounts of £