Never hire a skeleton to do your accounts, they can't.
Plexus Law, the personal injury firm, has insisted that it is in "robust financial health" after it emerged that its accounts are almost a year overdue.
The firm, which is registered at Companies House as Plexus Legal LLP, employs over 180 solicitors across 11 offices in northern England. The deadline for filing its accounts for the period ending 31 March 2020 expired on 31 March 2021.
Plexus has been even more relaxed with the accounts for Plexus Law LLP, the firm's holding company. They should have been filed by 19 February last year, and are now almost 11 months overdue.
Companies House levies fines on businesses which fail to file their accounts on time. Last year Plexus sailed past the threshold for the maximum £1,500 penalty imposed on companies which are more then six months overdue.
More seriously, as any corporate lawyer will advise their client, failing to submit accounts is a criminal offence, which means Plexus's equity partners could be personally fined in the criminal courts.
However, in a statement the firm told RollOnFriday that “We can confirm that our FY20 accounts are signed and will be filed shortly with Companies House".
Plexus declined to explain why its accounts were quite so tardy, but said there was nothing to worry about. Its results for 2020 "are due to show that the business is in robust financial health, with a strong balance sheet and cash reserves, and continues to grow for FY21", the firm said.
The optimism is slightly at odds with the spate of redundancies at the firm, as revealed by RollOnFriday, but Plexus's financial success will set it apart from fellow PI slugger Slater and Gordon. Slaters recorded a pre-tax loss of £19.5m for the year ending 31 December 2020, which it blamed on everybody being unable to rear end each other's cars because they were in lockdown.
Plexus emerged from the wreckage of 2014's Golden Turd, Parabis, when the larger business was broken up and sold off in a firesale in 2015. Could 2022 be the year Plexus secures the stinky title in its own right? It's all down to how its workforce votes.