Haines Watts Bristol Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 05948878 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 26 March 2016

for

HAINES WATTS BRISTOL LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

M J Bracher

G C Fairclough

M W Lloyd

G P Speirs

SECRETARY:

M W Lloyd

REGISTERED OFFICE:

Hyland Mews

21 High Street

Clifton

Bristol

BS8 2YF

REGISTERED NUMBER:

05948878 (England and Wales)

FIXED ASSETS

Intangible assets

2

435,824

425,075

Tangible assets

3

15,879

19,452

Investments

4

3,241

3,241

454,944

447,768

CURRENT ASSETS

Debtors

522,395

503,322

Cash in hand

77

142

522,472

503,464

CREDITORS

Amounts falling due within one year

5

558,137

598,024

NET CURRENT LIABILITIES

(35,665

)

(94,560

)

TOTAL ASSETS LESS CURRENT LIABILITIES

419,279

353,208

CREDITORS

Amounts falling due after more than one year

5

(405,828

)

(487,171

)

PROVISIONS FOR LIABILITIES

(3,176

)

(3,969

)

NET ASSETS/(LIABILITIES)

10,275

(137,932

)

CAPITAL AND RESERVES

Called up share capital

6

1,498

1,498

Profit and loss account

8,777

(139,430

)

SHAREHOLDERS' FUNDS

10,275

(137,932

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 26 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 26 March 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved and authorised for issue by the Board of Directors on 18 April 2016 and were signed on its behalf by:

M J Bracher - Director

G C Fairclough - Director

M W Lloyd - Director

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 January 2015).

As at 26 March 2016, the company had net current liabilities of £35,665 (2015 - £94,560). This is due to

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. As a result, the financial statements

have been prepared on the going concern basis and contain no adjustments that would be necessary if this was

not the case.

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.

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

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.

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 2015

897,699

Additions

111,000

At 26 March 2016

1,008,699

AMORTISATION

At 27 March 2015

472,624

Amortisation for year

100,251

At 26 March 2016

572,875

NET BOOK VALUE

At 26 March 2016

435,824

At 26 March 2015

425,075

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 27 March 2015

48,518

Additions

6,289

At 26 March 2016

54,807

DEPRECIATION

At 27 March 2015

29,066

Charge for year

9,862

At 26 March 2016

38,928

NET BOOK VALUE

At 26 March 2016

15,879

At 26 March 2015

19,452

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 27 March 2015

and 26 March 2016

3,241

NET BOOK VALUE

At 26 March 2016

3,241

At 26 March 2015

3,241

The investment represents a minority interest in HW Corporate Finance LLP.

5.

CREDITORS

Creditors include an amount of £ 89,952 (2015 - £ 150,401 ) for which security has been given.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

499

Ordinary 'A'

£1

499

499

998

Ordinary 'B'

£1

998

998

1

Ordinary 'C'

£1

1

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 2016 and

26 March 2015:

2016

2015

£

£

M J Bracher

Balance outstanding at start of year

37,796

(14,513

)

Amounts advanced

110,378

82,309

Amounts repaid

(117,306

)

(30,000

)

Balance outstanding at end of year

30,868

37,796

G C Fairclough

Balance outstanding at start of year

(61,426

)

(51,470

)

Amounts advanced

100,436

5,044

Amounts repaid

(104,925

)

(15,000

)

Balance outstanding at end of year

(65,915

)

(61,426

)

M W Lloyd

Balance outstanding at start of year

(56,256

)

(51,300

)

Amounts advanced

33,435

5,044

Amounts repaid

(64,926

)

(10,000

)

Balance outstanding at end of year

(87,747

)

(56,256

)

G P Speirs

Balance outstanding at start of year

-

-

Amounts repaid

(48,000

)

-

Balance outstanding at end of year

(48,000

)

-

Certain of 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 £243,108

(2015 - £394,226). Of this amount £89,952 (2015 - £150,401) 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 £100,000 (2015 - £203,000).

Guarantees given above are in respect of £236,780 (2015 - £300,055) due in less than one year from the

balance sheet date and £106,328 (2015 - £297,171) due in more than one year.

No interest is charged in respect of the directors loans.