Haines Watts Bristol Limited - Limited company - abbreviated - 11.9
Haines Watts Bristol Limited - Limited company - abbreviated - 11.9
REGISTERED NUMBER: |
Abbreviated Unaudited Accounts |
for the Year Ended 26 March 2015 |
for |
HAINES WATTS BRISTOL LIMITED |
HAINES WATTS BRISTOL LIMITED (REGISTERED NUMBER: 05948878) |
Contents of the Abbreviated Accounts |
FOR THE YEAR ENDED 26 MARCH 2015 |
Page |
Company Information | 1 |
Abbreviated Balance Sheet | 2 |
Notes to the Abbreviated Accounts | 4 |
HAINES WATTS BRISTOL LIMITED |
Company Information |
FOR THE YEAR ENDED 26 MARCH 2015 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
HAINES WATTS BRISTOL LIMITED (REGISTERED NUMBER: 05948878) |
Abbreviated Balance Sheet |
26 MARCH 2015 |
2015 | 2014 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
Tangible assets | 3 |
Investments | 4 |
CURRENT ASSETS |
Debtors |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Profit and loss account | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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. |
HAINES WATTS BRISTOL LIMITED (REGISTERED NUMBER: 05948878) |
Abbreviated Balance Sheet - continued |
26 MARCH 2015 |
The financial statements were approved and authorised for issue by the Board of Directors on signed on its behalf by: |
HAINES WATTS BRISTOL LIMITED (REGISTERED NUMBER: 05948878) |
Notes to the Abbreviated Accounts |
FOR THE YEAR ENDED 26 MARCH 2015 |
1. | ACCOUNTING POLICIES |
Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective April 2008). |
As at 26 March 2015, the company had net current liabilities of £94,560 (2014 - £103,300) and net liabilities |
of £137,932 (2014 - net assets of £33,612). This is as a result of an impairment of goodwill amounting to |
£111,961 and instalments of loan and goodwill repayments falling over the 12 month period following the |
balance sheet date. The directors are satisfied that future revenues will be more than adequate to cover these |
liabilities and that the company will continue to meet all of its liabilities as they fall due. In addition, the |
directors have considered the likely results of the business over the next two years, which indicate a return to |
significant profitability and continued positive cashflow. On this basis, the financial statements have been |
prepared on the going concern basis. |
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 initial acquisition of the core business has been capitalised, classified as an |
asset on the Balance Sheet and amortised over its estimated useful economic life of 20 years. The directors |
have reviewed the carrying value of this goodwill and the period over which it is amortised and decided to |
firstly bring the amortisation period into line with the standard policy of 7 years, resulting in an additional |
amortisation charge of £21,397, and secondly to fully impair the carrying value to £nil as the acquisition was |
over 7 years ago. This has resulted in a charge to the profit and loss account of £111,961. |
All goodwill is now amortised on a straight line basis over 7 years from the date of acquisition. |
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 |
Equipment | - |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date where transactions or events have occurred at that date that will result in an obligation to |
pay more, or a right to pay less or to receive more, tax. |
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not |
that there will be suitable taxable profits from which the future reversal of the underlying timing differences |
can be deducted. |
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in |
which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance |
sheet date. |
HAINES WATTS BRISTOL LIMITED (REGISTERED NUMBER: 05948878) |
Notes to the Abbreviated Accounts - continued |
FOR THE YEAR ENDED 26 MARCH 2015 |
1. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
Investments |
Investments are held at initial cost, less any impairment in value. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual |
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any |
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
2. | INTANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 27 March 2014 |
and 26 March 2015 |
AMORTISATION |
At 27 March 2014 |
Amortisation for year |
Impairments |
At 26 March 2015 |
NET BOOK VALUE |
At 26 March 2015 |
At 26 March 2014 |
HAINES WATTS BRISTOL LIMITED (REGISTERED NUMBER: 05948878) |
Notes to the Abbreviated Accounts - continued |
FOR THE YEAR ENDED 26 MARCH 2015 |
3. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 27 March 2014 |
Additions |
Disposals | ( |
) |
At 26 March 2015 |
DEPRECIATION |
At 27 March 2014 |
Charge for year |
Eliminated on disposal | ( |
) |
At 26 March 2015 |
NET BOOK VALUE |
At 26 March 2015 |
At 26 March 2014 |
4. | FIXED ASSET INVESTMENTS |
Investments |
other |
than |
loans |
£ |
COST |
At 27 March 2014 |
and 26 March 2015 | 3,241 |
NET BOOK VALUE |
At 26 March 2015 |
At 26 March 2014 |
The investment represents a minority interest in HW Corporate Finance LLP. |
5. | CREDITORS |
Creditors include an amount of £ |
HAINES WATTS BRISTOL LIMITED (REGISTERED NUMBER: 05948878) |
Notes to the Abbreviated Accounts - continued |
FOR THE YEAR ENDED 26 MARCH 2015 |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2015 | 2014 |
value: | £ | £ |
Ordinary 'A' | £1 |
Ordinary 'B' | £1 |
Ordinary 'C' | £1 |
1,498 | 1,498 |
7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 26 March 2015 and |
26 March 2014: |
2015 | 2014 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Balance outstanding at end of year | ( |
) |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Balance outstanding at end of year | ( |
) | ( |
) |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Balance outstanding at end of year | ( |
) | ( |
) |
The directors have provided personal guarantees to certain finance providers in respect of the borrowings of |
the company. The exposure at the year end in respect of those guarantees amounted to £394,226 (2014 - |
£327,541). Of this amount £150,401 (2014 - £137,948) is secured by a debenture. |
In addition in connection with the acquisition of a business, guarantees have been provided in respect of the |
future consideration payable. At the year end this amounted to £203,000 (2014 - £288,000). |
Guarantees given above are in respect of £300,055 (2014 - £236,864) due in less than one year from the |
balance sheet date and £297,171 (2014 - £378,677) due in more than one year. |
The company has no ultimate controlling party. |