Haines Watts Bristol (Holdings) Limited - Limited company accounts 23.2
Haines Watts Bristol (Holdings) Limited - Limited company accounts 23.2
| REGISTERED NUMBER: 10857160 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 31 March 2023 |
| for |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Contents of the Consolidated Financial Statements |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditor | 6 |
| Consolidated Income Statement | 10 |
| Consolidated Other Comprehensive Income | 11 |
| Consolidated Balance Sheet | 12 |
| Company Balance Sheet | 13 |
| Consolidated Statement of Changes in Equity | 14 |
| Company Statement of Changes in Equity | 15 |
| Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Cash Flow Statement | 17 |
| Notes to the Consolidated Financial Statements | 19 |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED |
| Company Information |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITOR: |
| 120 - 124 Towngate |
| Leyland |
| Lancashire |
| PR25 2LQ |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Group Strategic Report |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| The directors present their strategic report of the company and the group for the year ended 31 March 2023. |
| REVIEW OF BUSINESS |
| The year ended 31 March 2023 incorporated a full year of trading of Haines Watts Accountants (Exeter) Limited meaning that reported turnover grew from £5.0m to £5.7m. On a like for like basis, turnover remained relatively constant, reflecting the hardening of the recruitment market in the year. The cost of living crisis, the ongoing economic uncertainty and the political environment all made recruiting additional resource to support growth difficult. |
| The Group supported its employees during this period by accelerating pay reviews, providing financial support where necessary and focussing on the mental health and well-being of staff in a difficult time. |
| The business continues to operate the flexible working arrangements from previous years, whilst ensuring that appropriate mentoring and training support procedures are in place. |
| This resulted in an increased operating profit of £521,000 (2022 - £467,000), after accounting for directors' salaries of group companies of £611,000 (2022 - £370,000) meaning that operating profit before directors remuneration stood at £1,132,000 (2022 - £837,000), a ratio of 20% of turnover (2022 - 17%). |
| In 2022, the Group had other income of £163,000 from the incorporation of Haines Watts Exeter LLP, something that had no equivalent in 2023. Interest payments increased in the year from £379,000 to £449,000, resulting from a mix of increasing interest rates and short-term funding to offset a slow down in the realisation of work-in-progress and debt. |
| This all resulted in a decrease in profit before tax from £250,000 in 2022 to £72,000 in 2023. |
| The Group continues to pay off its external debt in respect of past acquisitions over a relatively short time period and this is set to continue until 2025 at which point the Group is expected to significantly improve its cash reserves. |
| The Directors foresee the year ended 31 March 2024 showing significantly improved trading results both in terms of revenue and profit before tax, a trend that is expected to continue into 2025 and beyond. |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Group Strategic Report |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The directors recognise that the performance of the group is dependent upon key risks. Some of these risks are outside the group's control. The main risks are set out below. The directors review and agree policies and procedures for managing each of these and they are summarised below. |
| Business performance risk |
| This is the risk that the group may not perform as expected due to either internal and external factors. This risk is |
| managed through ensuring an appropriate management team is in place, business planning, monthly financial |
| reporting and cash management. |
| Social, ethical and environmental risk |
| This is the risk that the group does not meet the standards expected of it and suffers reputational damage. The group has strict quality control operational procedures in place and these are regularly monitored by management. |
| Liquidity risk |
| The group uses bank loan and short term funding facilities. The group does not enter into any speculative financial |
| transactions nor does it use financial instruments for risk management purposes. Management have a tightly |
| controlled cash management policy and consistently review expected future cash inflows and outflows to ensure |
| adequate liquidity exists in the business. |
| Credit risk |
| The group's principal financial assets are work in progress and trade debtors.Group policy is aimed at minimising credit risk and has credit control procedures to ensure appropriate credit limits on customers are adhered to. |
| Interest rate risk |
| The group reduces exposure to interest rates through a mixture of agreed fixed and variable interest rates for its funding arrangements. |
| ENGAGEMENT WITH EMPLOYEES |
| The group recognises that its staff are vitally important to the success of the business in terms of delivering value and excellent client service. The business continues to have a commitment to, and invest in, staff development and involvement. This commitment is met through training, information sharing and selective recruitment processes. |
| The group fully considers, and encourages, applications for employment by disabled persons. In the event of any members of staff becoming disabled, every effort is made to ensure their employment in the group continues. |
| The group is highly mindful that the health and well-being of staff is paramount and offers support through flexible working, a working environment conducive to work-life balance and access to third party assistance should any member of staff feel the need for additional help and guidance in relation to their mental health. |
| ON BEHALF OF THE BOARD: |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Report of the Directors |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of providing accountancy, audit and tax services. |
| DIVIDENDS |
| An interim dividend of £700 per share on the 'A' Ordinary £1 shares was paid on 30 June 2022. The directors recommend that no final dividend be paid on these shares. |
| No interim dividend was paid on the 'B' Ordinary £1 shares. The directors recommend that no final dividend be paid on these shares. |
| The total distribution of dividends for the year ended 31 March 2023 will be £ 70,000 . |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
| Other changes in directors holding office are as follows: |
| 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. Based on these assessments, given the measures that could be undertaken to mitigate any 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. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Report of the Directors |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditor is unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditor is aware of that information. |
| AUDITOR |
| The auditors, RfM Audit Services LLP, Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditor to the Members of |
| Haines Watts Bristol (Holdings) Limited |
| Opinion |
| We have audited the financial statements of Haines Watts Bristol (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditor thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Report of the Independent Auditor to the Members of |
| Haines Watts Bristol (Holdings) Limited |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditor to the Members of |
| Haines Watts Bristol (Holdings) Limited |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditor that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, is detailed below. |
| - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| - we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the accountancy, audit & tax services sector; |
| - we focused on specific laws and regulations which we considered may have a direct material effect |
| on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation and data protection, employment, environmental and health and safety legislation; |
| - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
| - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
| - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
| - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
| To address the risk of fraud through management bias and override of controls, we: |
| - performed analytical procedures to identify any unusual or unexpected relationships; |
| - tested journal entries to identify unusual transactions; |
| - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and investigated the rationale behind significant or unusual transactions. |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
| - agreeing financial statement disclosures to underlying supporting documentation; |
| - reading the minutes of meetings of those charged with governance; |
| - enquiring of management as to actual and potential litigation and claims; and |
| - reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director and other management and the inspection of regulatory and legal correspondence, if any. |
| Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
| Report of the Independent Auditor to the Members of |
| Haines Watts Bristol (Holdings) Limited |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditor. |
| Other matters which we are required to address |
| The comparative financial statements are unaudited. |
| Work has been undertaken to test and verify the accuracy of opening balances and we are not aware of any material misstatements within the comparative figures. |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditor and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| 120 - 124 Towngate |
| Leyland |
| Lancashire |
| PR25 2LQ |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Consolidated Income Statement |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 2023 | 2022 |
| (Unaudited) |
| Notes | £ | £ |
| TURNOVER | 3 | 5,739,380 | 5,003,003 |
| Administrative expenses | (5,378,559 | ) | (4,670,837 | ) |
| 360,821 | 332,166 |
| Other operating income | 160,000 | 135,000 |
| OPERATING PROFIT | 6 | 520,821 | 467,166 |
| Income from other participating interests | - | 162,479 |
| Interest receivable and similar income | - | 2 |
| 520,821 | 629,647 |
| Interest payable and similar expenses | 7 | (449,273 | ) | (379,586 | ) |
| PROFIT BEFORE TAXATION | 71,548 | 250,061 |
| Tax on profit | 8 | (68,507 | ) | (95,344 | ) |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | (6,367 | ) | 41,550 |
| Non-controlling interests | 9,408 | 113,167 |
| 3,041 | 154,717 |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Consolidated Other Comprehensive Income |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 2023 | 2022 |
| (Unaudited) |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 3,041 | 154,717 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
3,041 |
154,717 |
| Total comprehensive income attributable to: |
| Owners of the parent | (6,367 | ) | 55,849 |
| Non-controlling interests | 9,408 | 98,868 |
| 3,041 | 154,717 |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Consolidated Balance Sheet |
| 31 MARCH 2023 |
| 2023 | 2022 |
| (Unaudited) |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 | 4,164,142 | 4,404,146 |
| Tangible assets | 12 | 56,818 | 78,528 |
| Investments | 13 | 4,361 | 4,361 |
| 4,225,321 | 4,487,035 |
| CURRENT ASSETS |
| Debtors | 14 | 2,742,021 | 2,910,335 |
| Cash at bank and in hand | 33,482 | 27,880 |
| 2,775,503 | 2,938,215 |
| CREDITORS |
| Amounts falling due within one year | 15 | (3,608,038 | ) | (3,299,349 | ) |
| NET CURRENT LIABILITIES | (832,535 | ) | (361,134 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
3,392,786 |
4,125,901 |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
(3,142,086 |
) |
(3,781,984 |
) |
| PROVISIONS FOR LIABILITIES | 20 | (6,248 | ) | (7,506 | ) |
| NET ASSETS | 244,452 | 336,411 |
| CAPITAL AND RESERVES |
| Called up share capital | 21 | 200 | 200 |
| Retained earnings | 22 | 151,644 | 228,011 |
| SHAREHOLDERS' FUNDS | 151,844 | 228,211 |
| NON-CONTROLLING INTERESTS | 92,608 | 108,200 |
| TOTAL EQUITY | 244,452 | 336,411 |
| The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 30 May 2024 and were signed on its behalf by: |
| M J Bracher - Director |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Company Balance Sheet |
| 31 MARCH 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 |
| Tangible assets | 12 |
| Investments | 13 |
| CURRENT ASSETS |
| Debtors | 14 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 15 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 23,950 | 246,713 |
| The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Consolidated Statement of Changes in Equity |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| Called up |
| share | Retained | Non-controlling | Total |
| capital | earnings | Total | interests | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 April 2021 | 200 | 326,461 | 326,661 | 23,792 | 350,453 |
| Changes in equity |
| Total comprehensive income | - | 41,550 | 41,550 | 98,868 | 140,418 |
| Dividends | - | (140,000 | ) | (140,000 | ) | (14,500 | ) | (154,500 | ) |
| 200 | 228,011 | 228,211 | 108,160 | 336,371 |
| Non-controlling interest arising on business combination |
- |
- |
- |
40 |
40 |
| Balance at 31 March 2022 | 200 | 228,011 | 228,211 | 108,200 | 336,411 |
| Changes in equity |
| Total comprehensive income | - | (6,367 | ) | (6,367 | ) | 9,408 | 3,041 |
| Dividends | - | (70,000 | ) | (70,000 | ) | (25,000 | ) | (95,000 | ) |
| Balance at 31 March 2023 | 200 | 151,644 | 151,844 | 92,608 | 244,452 |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Company Statement of Changes in Equity |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 April 2021 |
| Changes in equity |
| Profit for the year | - | 246,713 | 246,713 |
| Total comprehensive income | - |
| Dividends | - | ( |
) | ( |
) |
| Balance at 31 March 2022 |
| Changes in equity |
| Profit for the year | - | 23,950 | 23,950 |
| Total comprehensive income | - |
| Dividends | - | ( |
) | ( |
) |
| Balance at 31 March 2023 |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Consolidated Cash Flow Statement |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 2023 | 2022 |
| (Unaudited) |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 552,476 | 234,489 |
| Interest paid | (449,273 | ) | (379,586 | ) |
| Tax paid | (38,117 | ) | (77,435 | ) |
| Net cash from operating activities | 65,086 | (222,532 | ) |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (11,202 | ) | - |
| Purchase of tangible fixed assets | (3,585 | ) | (10,883 | ) |
| Sale of fixed asset investments | (627 | ) | - |
| Cash acquired on acquisition | - | (57,367 | ) |
| Interest received | - | 2 |
| Dividends received | - | 162,479 |
| Net cash from investing activities | (15,414 | ) | 94,231 |
| Cash flows from financing activities |
| New loans in year | 1,469,218 | 1,342,368 |
| Loan repayments in year | (1,535,824 | ) | (1,383,086 | ) |
| Amount withdrawn by directors | (19,996 | ) | (38,391 | ) |
| Equity dividends paid | (70,000 | ) | (140,000 | ) |
| Dividends paid to minority interests | (25,000 | ) | - |
| Net cash from financing activities | (181,602 | ) | (219,109 | ) |
| Decrease in cash and cash equivalents | (131,930 | ) | (347,410 | ) |
| Cash and cash equivalents at beginning of year |
2 |
(399,715 |
) |
(52,305 |
) |
| Cash and cash equivalents at end of year | 2 | (531,645 | ) | (399,715 | ) |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Notes to the Consolidated Cash Flow Statement |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2023 | 2022 |
| (Unaudited) |
| £ | £ |
| Profit before taxation | 71,548 | 250,061 |
| Depreciation charges | 276,501 | 278,560 |
| Loss on disposal of fixed assets | 627 | 1,620 |
| Finance costs | 449,273 | 379,586 |
| Finance income | - | (162,481 | ) |
| 797,949 | 747,346 |
| Decrease in trade and other debtors | 188,310 | 32,067 |
| Decrease in trade and other creditors | (433,783 | ) | (544,924 | ) |
| Cash generated from operations | 552,476 | 234,489 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 March 2023 |
| 31.3.23 | 1.4.22 |
| £ | £ |
| Cash and cash equivalents | 33,482 | 27,880 |
| Bank overdrafts | (565,127 | ) | (427,595 | ) |
| (531,645 | ) | (399,715 | ) |
| Year ended 31 March 2022 |
| 31.3.22 | 1.4.21 |
| (Unaudited) |
| £ | £ |
| Cash and cash equivalents | 27,880 | 141,230 |
| Bank overdrafts | (427,595 | ) | (193,535 | ) |
| (399,715 | ) | (52,305 | ) |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Notes to the Consolidated Cash Flow Statement |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.4.22 | Cash flow | At 31.3.23 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 27,880 | 5,602 | 33,482 |
| Bank overdrafts | (427,595 | ) | (137,532 | ) | (565,127 | ) |
| (399,715 | ) | (131,930 | ) | (531,645 | ) |
| Debt |
| Debts falling due within 1 year | (1,120,625 | ) | (144,584 | ) | (1,265,209 | ) |
| Debts falling due after 1 year | (1,762,884 | ) | 165,161 | (1,597,723 | ) |
| (2,883,509 | ) | 20,577 | (2,862,932 | ) |
| Total | (3,283,224 | ) | (111,353 | ) | (3,394,577 | ) |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Notes to the Consolidated Financial Statements |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 1. | COMPANY INFORMATION |
| Haines Watts Bristol (Holdings) Limited is a |
| 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 |
| The financial statements have been prepared on a going concern basis. At 31 March 2023 the group had net current liabilities of £832,535. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, the Directors have tested their cash flow analysis alongside any measures that they can take to mitigate the impact of any unforeseen event. Based on these assessments, given the measures that could be undertaken to mitigate any 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. |
| Basis of consolidation |
| The consolidated financial statements incorporate the financial statements of the company and its subsidiary undertakings. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006. |
| Significant judgements and estimates |
| Estimates and judgements are inherent in the preparation of the 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. Consolidated goodwill arising is amortised over a period of 20 years as this reflects the period over which the underlying benefit of acquiring group companies will accrue to the group. |
| 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. Goodwill in respect of the acquisition of separately identifiable business units is not amortised on the basis that there are no indicators of fall in value and hence any amortisation would be rendered immaterial. |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Cash and cash equivalents |
| Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| Financial instruments |
| 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 Consolidated Income Statement, 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. |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | TURNOVER |
| Turnover arises from the principal activity of the group, which is carried out entirely within the United Kingdom. |
| 4. | EMPLOYEES AND DIRECTORS |
| 2023 | 2022 |
| (Unaudited) |
| £ | £ |
| Wages and salaries | 3,053,607 | 2,697,803 |
| Social security costs | 415,783 | 365,545 |
| Other pension costs | 130,141 | 84,504 |
| 3,599,531 | 3,147,852 |
| The average number of employees during the year was as follows: |
| 2023 | 2022 |
| (Unaudited) |
| Directors | 4 | 4 |
| Professional and support staff | 72 | 74 |
| The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2022 - NIL). |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 5. | DIRECTORS' EMOLUMENTS |
| Total directors remuneration for the year was £201,798 (2022 - £167,909). Employer pension contributions made on behalf of the directors amounted to £3,600 (2022 - £5,038). |
| The highest paid director was remunerated £115,597 (2022 - £163,709). Pension contributions of £37,605 were paid on behalf of the director via a salary sacrifice scheme (2022 - £nil) and employer contributions of £3,600 (2022 - £nil) were also paid. There was 1 (2022 - 1) director accruing pension contributions under a company scheme. |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2023 | 2022 |
| (Unaudited) |
| £ | £ |
| Hire of plant and machinery | 4,783 | 4,247 |
| Other operating leases | 256,692 | 199,318 |
| Depreciation - owned assets | 25,295 | 38,201 |
| Loss on disposal of fixed assets | 627 | 1,620 |
| Goodwill amortisation | 251,206 | 240,359 |
| Auditors remuneration for the audit of the group accounts | 15,000 | - |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2023 | 2022 |
| (Unaudited) |
| £ | £ |
| Bank interest | 57,556 | 35,323 |
| Interest on other loans | 260,960 | 272,753 |
| Other finance costs | 31,980 | 18,497 |
| Investment loan | 98,777 | 52,920 |
| Interest on overdue tax | - | 93 |
| 449,273 | 379,586 |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2023 | 2022 |
| (Unaudited) |
| £ | £ |
| Current tax: |
| UK corporation tax | 65,965 | 95,978 |
| Under provision in prior year | 3,800 | - |
| Total current tax | 69,765 | 95,978 |
| Deferred tax | (1,258 | ) | (634 | ) |
| Tax on profit | 68,507 | 95,344 |
| UK corporation tax has been charged at 19 % . |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2023 | 2022 |
| (Unaudited) |
| £ | £ |
| Profit before tax | 71,548 | 250,061 |
| Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
13,594 |
47,512 |
| Effects of: |
| Expenses not deductible for tax purposes | 52,159 | 37,716 |
| Depreciation in excess of capital allowances | 212 | 10,750 |
| Adjustments to tax charge in respect of previous periods | 3,800 | - |
| Deferred tax | (1,258 | ) | (634 | ) |
| Total tax charge | 68,507 | 95,344 |
| 9. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
| 10. | DIVIDENDS |
| 2023 | 2022 |
| (Unaudited) |
| £ | £ |
| 'A' Ordinary shares of £1 each |
| Interim | 70,000 | 140,000 |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 11. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 April 2022 | 5,917,480 |
| Additions | 11,202 |
| At 31 March 2023 | 5,928,682 |
| AMORTISATION |
| At 1 April 2022 | 1,513,334 |
| Amortisation for year | 251,206 |
| At 31 March 2023 | 1,764,540 |
| NET BOOK VALUE |
| At 31 March 2023 | 4,164,142 |
| At 31 March 2022 | 4,404,146 |
| 12. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| and |
| fittings |
| £ |
| COST |
| At 1 April 2022 | 186,107 |
| Additions | 3,585 |
| Disposals | (2,550 | ) |
| At 31 March 2023 | 187,142 |
| DEPRECIATION |
| At 1 April 2022 | 107,579 |
| Charge for year | 25,295 |
| Eliminated on disposal | (2,550 | ) |
| At 31 March 2023 | 130,324 |
| NET BOOK VALUE |
| At 31 March 2023 | 56,818 |
| At 31 March 2022 | 78,528 |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 13. | FIXED ASSET INVESTMENTS |
| Group |
| Unlisted |
| investments |
| £ |
| COST |
| At 1 April 2022 |
| and 31 March 2023 | 4,361 |
| NET BOOK VALUE |
| At 31 March 2023 | 4,361 |
| At 31 March 2022 | 4,361 |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 April 2022 |
| and 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Bath House, 6-8 Bath Street, Bristol BS1 6HL |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 13. | FIXED ASSET INVESTMENTS - continued |
| Registered office: Bath House, 6-8 Bath Street, Bristol BS1 6HL |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: Bath House, 6-8 Bath Street, Bristol BS1 6HL |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: 3 Southernhay West, Exeter EX1 1JG |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 14. | DEBTORS |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| (Unaudited) |
| £ | £ | £ | £ |
| Amounts falling due within one year: |
| Trade debtors | 1,584,741 | 1,603,807 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 329,523 | 270,010 |
| Directors' current accounts | 122,302 | 102,306 | 122,302 | 56,155 |
| Prepayments and accrued income | 705,455 | 934,212 |
| 2,742,021 | 2,910,335 |
| Amounts falling due after more than one | year: |
| Amounts owed by group undertakings | - | - |
| Aggregate amounts | 2,742,021 | 2,910,335 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| (Unaudited) |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 17) | 631,477 | 493,945 |
| Other loans (see note 17) | 1,198,859 | 1,054,275 |
| Trade creditors | 306,197 | 470,458 |
| Amounts owed to group undertakings | - | - |
| Tax | 127,627 | 95,979 |
| Social security and other taxes | 510,996 | 541,803 |
| VAT | 529,938 | 420,893 | - | - |
| Other creditors | 266,064 | 173,600 |
| Directors' current accounts | - | - | - | 399 |
| Accruals and deferred income | 36,880 | 48,396 |
| 3,608,038 | 3,299,349 |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| (Unaudited) |
| £ | £ | £ | £ |
| Bank loans (see note 17) | 207,197 | 271,478 |
| Other loans (see note 17) | 1,390,526 | 1,491,406 |
| Other creditors 1 - 5 years | 1,196,423 | 1,518,457 |
| Other creditors > 5 years | 347,940 | 500,643 | - | 56,000 |
| 3,142,086 | 3,781,984 |
| Interest charged on other creditors due in more than five years is charged at rates between 0% and 3.5% over Bank of England base rate. |
| 17. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| (Unaudited) |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank overdrafts | 565,127 | 427,595 |
| Bank loans | 66,350 | 66,350 |
| Other loans | 1,198,859 | 1,054,275 |
| 1,830,336 | 1,548,220 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 66,350 | 66,350 |
| Other loans - 1-2 years | 997,246 | 691,071 | 350,827 |
| 1,063,596 | 757,421 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 140,847 | 205,128 |
| Other loans - 2-5 years | 359,678 | 800,335 |
| 500,525 | 1,005,463 |
| Amounts falling due in more than five | years: |
| Repayable by instalments |
| Other loans more 5yrs instal | 33,602 | - | - | - |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 17. | LOANS - continued |
| Interest on loans due in more than five years is charged at a commercial rate applicable to external lenders. |
| 18. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Non-cancellable operating | leases |
| 2023 | 2022 |
| (Unaudited) |
| £ | £ |
| Within one year | 187,420 | 209,665 |
| Between one and five years | 579,800 | 409,922 |
| In more than five years | - | 88,324 |
| 767,220 | 707,911 |
| 19. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| (Unaudited) |
| £ | £ | £ | £ |
| Bank overdrafts | 565,127 | 427,595 |
| Bank loans | 273,547 | 337,828 |
| Other loans | 1,781,582 | 1,968,993 | 855,174 | 1,000,000 |
| 2,620,256 | 2,734,416 |
| The secured debts are secured by legal charges over the property and assets of the group. |
| 20. | PROVISIONS FOR LIABILITIES |
| Group |
| 2023 | 2022 |
| (Unaudited |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances | 6,248 | 7,506 |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 20. | PROVISIONS FOR LIABILITIES - continued |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2022 | 7,506 |
| Credit to Income Statement during year | (1,258 | ) |
| Balance at 31 March 2023 | 6,248 |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| 'A' Ordinary | £1 | 100 | 100 |
| 'B' Ordinary | £1 | 100 | 100 |
| 200 | 200 |
| The Ordinary 'A' shares and Ordinary 'B' shares rank parri passu in all respects. |
| After the year-end, 130 'A' shares and 130 'B' shares were issued. The subsequent 230 'B' Ordinary shares were redesignated into 115 'B' Ordinary shares and 115 'C' Ordinary shares. The 'B' Ordinary and 'C' Ordinary shares rank equally with the 'A' Ordinary shares. |
| A further 20 'D' Ordinary shares and 20 'E' Ordinary shares were issued as consideration for the minority interest of 40% held in Haines Watts Accountants (Exeter) Limited, which became a wholly owned subsidiary on 1 April 2024. |
| 22. | RESERVES |
| Group |
| Retained |
| earnings |
| £ |
| At 1 April 2022 | 228,011 |
| Deficit for the year | (6,367 | ) |
| Dividends | (70,000 | ) |
| At 31 March 2023 | 151,644 |
| HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022: |
| 2023 | 2022 |
| (Unaudited) |
| £ | £ |
| M J Bracher |
| Balance outstanding at start of year | 56,155 | 79,955 |
| Amounts advanced | 90,056 | 116,200 |
| Amounts repaid | (70,030 | ) | (140,000 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 76,181 | 56,155 |
| G C Fairclough |
| Balance outstanding at start of year | 46,151 | 46,151 |
| Amounts repaid | (30 | ) | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 46,121 | 46,151 |
| The loans to the directors were repaid after the year end. No interest was charged on the loans. |
| 24. | RELATED PARTY DISCLOSURES |
| During the year the group leased premises owned by pension schemes of a group director and a director of a subsidiary company. Rent paid during the year amounted to £17,667 (2022 - £17,667). A further property was leased from a pension scheme of a director of a subsidiary company with the rent paid in the year amounting to £10,800 (2022 - £10,800). |
| The Group invoiced Haines Watts South West Investments Limited, a company controlled by a group director and directors of subsidiary companies. The amount invoiced was £160,000 (2022 - £135,000). At the year end £329,523 (2022 - £270,010) was due to the group from Haines Watts South West Investments Limited. |
| The group paid £12,480 (2022 - £12,480) to Geoffrey Fairclough Limited, a company under the control of Mr G C Fairclough, a director of the group. |
| The key management of the group consists only of the directors. |
| 25. | ULTIMATE CONTROLLING PARTY |
| The company is under the control of Mr M Bracher and Mr G Fairclough. |
| 26. | ACQUISITIONS |
| During the year ended 31 March 2022, the group acquired the trade, assets and liabilities of Haines Watts Exeter LLP. No consideration was paid in respect of the acquisition, with the excess of assets over liabilities being credited to other creditors due in more than one year. |