EXCLUSIVE Plexus accounts 13 months overdue (and counting)

Either something awkward appeared in the numbers, or the accountant fell into a well.

Plexus, which is acting for the personal injury defendants, is now more than a year late in filing accounts for its holding company, Plexus Law Limited. It passed the Companies House submission deadline on February 19, 2021, more than 13 months ago.

In early February, a Plexus spokesperson told RollOnFriday that the accounts “are being finalized and will be filed shortly.” However, there is still no sign of them.

Asked what went wrong, a Plexus spokesperson said the accounts “are still with the company’s accountants awaiting filing.” Plexus declined to say why.

There were problems. The company filed its 2019/20 accounts for the LLP in January, 11 months late, after it emerged that the LLP’s previous accounts were hot garbage that misrepresented revenue, profit and headcount , and omitted multi-million pound transactions.

It was a little embarrassing for the partners, who agreed in the introductory boilerplate that “members are responsible for maintaining adequate accounting records to show and explain the transactions of the LLP and to disclose with reasonable accuracy at all times the financial condition of the LLP”.

A source claimed that the first time certain fixed-share partners learned they had signed the accounts was when the document appeared on the Companies House website, which led to strong discussions internal. However, a Plexus spokesperson said “this is incorrect”.

She explained that all FSMs “received a number of updates ahead of filing with Companies House by Plexus Legal CEO Olivia Roberts. Plexus operates as an ABS and designated members are authorized to sign LLP accounts, and the process for FY20 accounts has been followed in line with previous years.”

The company’s former auditor, RSM UK Audit, was replaced by PWC in 2020 when private equity firm Origin Equity injected £15m into the business. Roberts, co-founder of Origin, took over the management of Plexus within six months.

Maybe next year she can use some of Origin’s funds for recorded delivery. In addition to not having filed its 2020 accounts, Plexus Law Limited’s 2021 accounts are also overdue, and the LLP’s 2021 accounts are already three months overdue.

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