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 2021

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

G P Speirs

SECRETARY:

M J Bracher

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

163,453

270,554

Tangible assets

5

42,844

50,051

Investments

6

3,242

3,242

209,539

323,847

CURRENT ASSETS

Debtors

7

2,011,930

1,274,751

Cash at bank and in hand

118,738

291

2,130,668

1,275,042

CREDITORS

Amounts falling due within one year

8

(1,544,456

)

(1,246,697

)

NET CURRENT ASSETS

586,212

28,345

TOTAL ASSETS LESS CURRENT LIABILITIES

795,751

352,192

CREDITORS

Amounts falling due after more than one year

9

(682,308

)

(250,665

)

PROVISIONS FOR LIABILITIES

13

(8,140

)

(9,510

)

NET ASSETS

105,303

92,017

CAPITAL AND RESERVES

Called up share capital

1,498

1,498

Retained earnings

103,805

90,519

105,303

92,017

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 17 November 2021 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 57 (2020 - 59 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

1,436,429

AMORTISATION

At 1 April 2020

1,165,875

Charge for year

107,101

At 31 March 2021

1,272,976

NET BOOK VALUE

At 31 March 2021

163,453

At 31 March 2020

270,554

5.	TANGIBLE FIXED ASSETS

Equipment

£

COST

At 1 April 2020

107,508

Additions

10,505

Disposals

(3,211

)

At 31 March 2021

114,802

DEPRECIATION

At 1 April 2020

57,457

Charge for year

17,712

Eliminated on disposal

(3,211

)

At 31 March 2021

71,958

NET BOOK VALUE

At 31 March 2021

42,844

At 31 March 2020

50,051

6.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 April 2020

and 31 March 2021

1

3,241

3,242

NET BOOK VALUE

At 31 March 2021

1

3,241

3,242

At 31 March 2020

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

2021

2020

£

£

Trade debtors

459,389

376,700

Amounts owed by group undertakings

1,133,917

465,299

Prepayments and accrued income

418,624

432,752

2,011,930

1,274,751

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts (see note 10)

169,350

232,433

Other loans (see note 10)

427,107

207,040

Trade creditors

135,890

240,969

Amounts owed to group undertakings

5,981

10,952

Tax

1,729

39,195

Social security and other taxes

238,287

142,600

VAT

299,081

163,068

Other creditors

226,506

166,667

Directors' current accounts

14,641

27,486

Accruals and deferred income

25,884

16,287

1,544,456

1,246,697

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans (see note 10)

-

7,427

Other loans (see note 10)

552,837

47,767

Other creditors

129,471

180,500

Directors' loan accounts

-

14,971

682,308

250,665

10.

LOANS

An analysis of the maturity of loans is given below:

2021

2020

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

161,922

218,232

Bank loans

7,428

14,201

Other loans

427,107

207,040

596,457

439,473

Amounts falling due between one and two years:

Bank loans - 1-2 years

-

7,427

Other loans - 1-2 years

264,724

44,721

264,724

52,148

Amounts falling due between two and five years:

Other loans - 2-5 years

288,113

3,046

11.	LEASING AGREEMENTS

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

2021

2020

£

£

Within one year

70,783

142,510

Between one and five years

438,852

14,360

509,635

156,870

12.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank overdraft

161,922

218,232

Bank loans

7,428

21,628

169,350

239,860

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

13.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

Accelerated capital allowances

8,140

9,510

Deferred

tax

£

Balance at 1 April 2020

9,510

Provided during year

(1,370

)

Balance at 31 March 2021

8,140

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020:

2021

2020

£

£

M J Bracher

Balance outstanding at start of year

-

58,555

Amounts advanced

-

135,600

Amounts repaid

-

(194,155

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

15.	RELATED PARTY DISCLOSURES

The company invoiced service charges of £1,183,438 (2020 - £1,207,828) 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 £577,782 (2020 - £643,660) 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.