Haines Watts Manchester Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07227232 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

HAINES WATTS MANCHESTER LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

F J Cresswell

D M Fort

J E Pomfret

A P Sassen

Registered office:

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

Registered number:

07227232 (England and Wales)

Accountants:

Haines Watts Manchester Limited

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

Fixed assets

Intangible assets

5

963,036

830,504

Tangible assets

6

40,223

21,191

Investments

7

196,646

196,646

1,199,905

1,048,341

Current assets

Debtors

8

790,917

693,897

Cash at bank

318,480

410,166

1,109,397

1,104,063

Creditors

Amounts falling due within one year

9

1,026,326

1,307,126

Net current assets/(liabilities)

83,071

(203,063

)

Total assets less current liabilities

1,282,976

845,278

Creditors

Amounts falling due after more than one year

10

446,899

331,886

Net assets

836,077

513,392

Capital and reserves

Called up share capital

12

113

113

Retained earnings

835,964

513,279

Shareholders' funds

836,077

513,392

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 by the Board of Directors and authorised for issue on 15 December 2023 and were signed on its behalf by:

D M Fort - Director

1.	Statutory information

Haines Watts Manchester 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.

2.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents amounts chargeable for professional services provided during the period inclusive of direct expenses incurred but excluding value added tax. Turnover is recognised when a right to consideration has been obtained through performance under each contract. Unbilled revenue is included in debtors as 'Amounts recoverable on services'. Amounts billed in excess of amounts recognised as revenue are included in 'Payments on Account'.

Goodwill

Goodwill, is recognised at cost less amortisation less impairment losses..

Amortisation is charged to the profit and loss account on a basis that matches the benefit gained from goodwill over the estimated useful life.The estimated useful life of goodwill acquired in 2015 is 5 years to March 2020. The estimated useful life of the balance of goodwill is 15 years to March 2030.

Tangible fixed assets

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

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, loans to fellow group companies and bank balances,are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors that are classified as debt, 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

4.	Employees and directors

The average number of employees during the year was 4 (2022 - 4 ) .

5.	Intangible fixed assets

Goodwill

£

Cost

At 1 April 2022

1,748,939

Additions

236,345

At 31 March 2023

1,985,284

Amortisation

At 1 April 2022

918,435

Charge for year

103,813

At 31 March 2023

1,022,248

Net book value

At 31 March 2023

963,036

At 31 March 2022

830,504

6.	Tangible fixed assets

Plant and

machinery

£

Cost

At 1 April 2022

60,000

Additions

26,352

At 31 March 2023

86,352

Depreciation

At 1 April 2022

38,809

Charge for year

7,320

At 31 March 2023

46,129

Net book value

At 31 March 2023

40,223

At 31 March 2022

21,191

7.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 April 2022

and 31 March 2023

196,646

Net book value

At 31 March 2023

196,646

At 31 March 2022

196,646

8.

Debtors: amounts falling due within one year

2023

2022

£

£

Trade debtors

724,686

616,101

Other debtors

66,231

77,796

790,917

693,897

9.

Creditors: amounts falling due within one year

2023

2022

£

£

Bank loans and overdrafts

85,000

56,000

Trade creditors

131,263

152,266

Amounts owed to group undertakings

141,082

387,550

Corporation tax

194,153

185,436

Social security and other taxes

764

-

VAT

187,650

157,557

Other creditors

243,880

327,522

Directors' current accounts

8,019

6,279

Accruals and deferred income

34,515

34,516

1,026,326

1,307,126

10.

Creditors: amounts falling due after more than one year

2023

2022

£

£

Bank loan 2 - 1-2yrs

85,000

45,000

Bank loans - 2-5 years

165,263

90,250

Amounts owed to group undertakings

196,636

196,636

446,899

331,886

11.	Secured debts

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

335,263

191,250

The bank loan is secured.

12.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

500

Ordinary Class A

£0.10

50

50

630

Ordinary Class B

£0.10

63

63

113

113

13.	Related party disclosures

The company is controlled by the four directors.