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Either something awkward has turned up in the numbers, or the accountant has fallen down a well.

Plexus, which acts for personal injury defendants, is now over a year late filing accounts for its holding company, Plexus Law Limited. It sailed past the deadline for submission to Companies House on 19 February 2021, over 13 months ago. 

At the beginning of February a spokesperson for Plexus told RollOnFriday that the accounts "are being finalised and will be filed shortly". However, there is still no sign of them.

Asked what went wrong, a spokesperson for Plexus said the accounts "are still with the firm’s accountants and are waiting to be filed". Plexus declined to say why.

There have been issues. The firm filed its 2019/20 accounts for the LLP in January, 11 months late, after it transpired that the previous accounts for the LLP were hot garbage which misstated turnover, profits, and headcount, and omitted multimillion pound transactions.

It was slightly embarrassing for the partners, who agreed in the introductory boilerplate that "the members are responsible for keeping adequate accounting records to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP".

A source claimed that the first time some fixed share partners learned they'd signed off on the accounts was when the document appeared on the Companies House website, resulting in some robust internal discussions. However, a spokesperson for Plexus said "this is incorrect”.

She explained that all FSMs “were provided with a number of updates in advance of the Companies House filing by Plexus Legal’s CEO, Olivia Roberts. Plexus operates as an ABS and designated members are authorised to sign off on the LLP accounts, and the process for the FY20 accounts was followed in line with previous years".
 
The firm's old auditor, RSM UK Audit, was replaced by PWC in 2020 when private equity company Origin Equity injected £15 million into the business. Roberts, Origin's co-founder, took over as Plexus CEO within six months.

Maybe next year she can use some of Origin's funds to spring for recorded delivery. As well as failing to file its 2020 accounts, Plexus Law Limited's 2021 accounts are also now overdue, and the LLP's 2021 accounts are already three months late.

Tip Off ROF

Comments

Red flags 01 April 22 08:01

I feel sorry for the coal face workers who have had a torrid time in the past.  
Thee always seems to be a frying pan and a fire around when it comes to this firm.

Trawl required 01 April 22 10:07

Are ROF going to publish all firms who are late with any filings, or simply keep singling out Plexus?

There’s late and there’s late 01 April 22 10:33

Maybe just publish stories about those firms who are over a year late.  Oh, there’s only one, it’s Plexus.  

Bird from the CO-OP 01 April 22 10:59

I cant see any positive spin about their financial position - it looks dire and delayed accounts are usually a precursor to uncomfortable reading. HR advice to Plexus staff  - get out now before the BLM guys beat you to greener pastures. When things get bad at this outfit there will be no HR help or support from colleagues and people will simply look the other way. Just ask the CO-OP staff how they were treated by colleagues during the employment/job crisis that arose recently

Anon 01 April 22 11:19

The directors of Plexus Law Ltd should be seriously concerned. Companies House seems to be on a bit of a mission in relation to late filings, and I have seen directors prosecuted when the overdue period on the accounts was considerably less than 13 months. 

Former Plexus Peon 01 April 22 12:54

How in the name of all that is holy did Plexus get an equity injection in 2020? After Duke Street's investment in Parabis what made anyone thing this was a good idea?

Anonymous 03 April 22 18:43

@12:54 - lol. I remember that 2014 venture.  Can't believe it led to the demise of Greenwoods Solicitors which was a shame.

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