Haines Watts Bristol Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05948878 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

HAINES WATTS BRISTOL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M J Bracher

G C Fairclough

M W Lloyd

G P Speirs

SECRETARY:

M W Lloyd

REGISTERED OFFICE:

Bath House

6-8 Bath Street

Redcliffe

Bristol

BS1 6HL

REGISTERED NUMBER:

05948878 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

Bath House

6-8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Intangible assets

4

270,554

392,723

Tangible assets

5

50,051

35,832

Investments

6

3,242

3,242

323,847

431,797

CURRENT ASSETS

Debtors

7

1,274,751

1,199,063

Cash in hand

291

169

1,275,042

1,199,232

CREDITORS

Amounts falling due within one year

8

(1,246,697

)

(1,231,242

)

NET CURRENT ASSETS/(LIABILITIES)

28,345

(32,010

)

TOTAL ASSETS LESS CURRENT LIABILITIES

352,192

399,787

CREDITORS

Amounts falling due after more than one year

9

(250,665

)

(302,826

)

PROVISIONS FOR LIABILITIES

13

(9,510

)

(6,091

)

NET ASSETS

92,017

90,870

CAPITAL AND RESERVES

Called up share capital

1,498

1,498

Retained earnings

90,519

89,372

92,017

90,870

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 29 December 2020 and were signed on its behalf by:

M J Bracher - Director

G C Fairclough - Director

1.	COMPANY INFORMATION

Haines Watts Bristol Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Significant judgements and estimates

Estimates and judgements are inherent in the preparation of financial statements. The directors consider that in respect of these financial statements, judgements relating to the recoverability of accrued income and debtors, and the useful economic life of intangible assets are the most significant.

Turnover

Turnover represents amounts invoiced, net of value added tax, in respect of the provision of services to clients, commissions and other trading income, plus the value, recognised by reference to the stage of completion, of other work undertaken in the period but not invoiced at the period end. Revenue not billed to clients is included in debtors as accrued income.

Goodwill

Purchased goodwill arising on the acquisition of integrated businesses is capitalised, classified as an asset on the Balance Sheet and amortised over its estimated useful economic life of 7 years. 7 years has been chosen as a reasonable period reflective of the income streams arising from the asset.

Goodwill is reviewed for impairment at the end of the first financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate the carrying value may not be recoverable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Equipment

-

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Cash and cash equivalents

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are

recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are

initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the

debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments

Investments are held at initial cost, less any impairment in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 59 (2019 - 58 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

1,436,429

AMORTISATION

At 1 April 2019

1,043,706

Charge for year

122,169

At 31 March 2020

1,165,875

NET BOOK VALUE

At 31 March 2020

270,554

At 31 March 2019

392,723

5.	TANGIBLE FIXED ASSETS

Equipment

£

COST

At 1 April 2019

83,275

Additions

28,095

Disposals

(3,862

)

At 31 March 2020

107,508

DEPRECIATION

At 1 April 2019

47,443

Charge for year

13,876

Eliminated on disposal

(3,862

)

At 31 March 2020

57,457

NET BOOK VALUE

At 31 March 2020

50,051

At 31 March 2019

35,832

6.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 April 2019

and 31 March 2020

1

3,241

3,242

NET BOOK VALUE

At 31 March 2020

1

3,241

3,242

At 31 March 2019

1

3,241

3,242

The fixed asset investment in group undertakings represents the entire share capital of Haines Watts Bristol Executor and Trustee Company Limited.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

376,700

694,979

Amounts owed by group undertakings

465,299

10,818

Other debtors

-

334

Directors' current accounts

-

58,555

Prepayments and accrued income

432,752

434,377

1,274,751

1,199,063

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts (see note 10)

232,433

202,689

Other loans (see note 10)

207,040

315,383

Trade creditors

240,969

297,012

Amounts owed to group undertakings

10,952

94,437

Tax

39,195

32,730

Social security and other taxes

142,600

45,240

VAT

163,068

184,781

Other creditors

166,667

-

Directors' current accounts

27,486

30,541

Accruals and deferred income

16,287

28,429

1,246,697

1,231,242

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans (see note 10)

7,427

21,628

Other loans (see note 10)

47,767

97,826

Other creditors

180,500

155,001

Directors' loan accounts

14,971

28,371

250,665

302,826

10.

LOANS

An analysis of the maturity of loans is given below:

2020

2019

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

218,232

189,333

Bank loans

14,201

13,356

Other loans

207,040

315,383

439,473

518,072

Amounts falling due between one and two years:

Bank loans - 1-2 years

7,427

14,200

Other loans - 1-2 years

44,721

65,294

52,148

79,494

2020

2019

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

7,428

Other loans - 2-5 years

3,046

32,532

3,046

39,960

11.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

142,510

142,510

Between one and five years

14,360

156,870

156,870

299,380

12.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdraft

218,232

189,333

Bank loans

21,628

34,984

239,860

224,317

The bank overdraft and loan are secured by a debenture over the company's assets.

13.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

Accelerated capital allowances

9,510

6,091

Deferred

tax

£

Balance at 1 April 2019

6,091

Provided during year

3,419

Balance at 31 March 2020

9,510

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2020 and 31 March 2019:

2020

2019

£

£

M J Bracher

Balance outstanding at start of year

58,555

62,180

Amounts advanced

135,600

139,375

Amounts repaid

(194,155

)

(143,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

58,555

15.	RELATED PARTY DISCLOSURES

The company invoiced service charges of £1,207,828 (2019 - £1,210,792) to Haines Watts Partnership (Bristol) Limited, a company under the control of Mr M Bracher and Mr G Fairclough. The service charges payable are calculated in line with a management services agreement between the companies.

The company invoiced service charges of £643,660 (2019 - £273,731) to Haines Watts Accountants (Bristol) Limited, a company under the control of Mr M Bracher and Mr G Fairclough. The service charges payable are calculated in line with a management services agreement between the companies.

16.	ULTIMATE CONTROLLING PARTY

The company's immediate parent is Haines Watts Bristol (Holdings) Limited, of Bath House, Bath Street, Bristol BS1 6HL.

The company has no ultimate controlling party.