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 2018

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

M W Lloyd

G P Speirs

SECRETARY:

M W Lloyd

REGISTERED OFFICE:

Bath House

6-8 Bath Street

Redcliffe

Bristol

BS1 6HL

REGISTERED NUMBER:

05948878 (England and Wales)

FIXED ASSETS

Intangible assets

4

544,892

761,331

Tangible assets

5

27,831

31,199

Investments

6

3,242

3,241

575,965

795,771

CURRENT ASSETS

Debtors

7

1,051,815

828,930

Cash in hand

202

78

1,052,017

829,008

CREDITORS

Amounts falling due within one year

8

1,074,356

739,997

NET CURRENT (LIABILITIES)/ASSETS

(22,339

)

89,011

TOTAL ASSETS LESS CURRENT LIABILITIES

553,626

884,782

CREDITORS

Amounts falling due after more than one year

9

(505,021

)

(836,864

)

PROVISIONS FOR LIABILITIES

12

(5,288

)

(3,176

)

NET ASSETS

43,317

44,742

CAPITAL AND RESERVES

Called up share capital

1,498

1,498

Retained earnings

41,819

43,244

43,317

44,742

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 17 December 2018 and were signed on its behalf by:

M J Bracher - Director

G C Fairclough - Director

1.	STATUTORY 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 (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At the time of approving the financial statements, the directors have a reasonable expectation that the company

has adequate resources to continue in operational existence for the foreseeable future. Thus the directors

continue to adopt the going concern basis of accounting in preparing the financial statements.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Plant and machinery etc

-

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 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.

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 35 (2017 - 27 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

1,485,699

Disposals

(49,270

)

At 31 March 2018

1,436,429

AMORTISATION

At 1 April 2017

724,368

Charge for year

167,169

At 31 March 2018

891,537

NET BOOK VALUE

At 31 March 2018

544,892

At 31 March 2017

761,331

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2017

60,751

Additions

6,368

Disposals

(2,942

)

At 31 March 2018

64,177

DEPRECIATION

At 1 April 2017

29,552

Charge for year

9,685

Eliminated on disposal

(2,891

)

At 31 March 2018

36,346

NET BOOK VALUE

At 31 March 2018

27,831

At 31 March 2017

31,199

6.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 April 2017

-

3,241

3,241

Additions

1

-

1

At 31 March 2018

1

3,241

3,242

NET BOOK VALUE

At 31 March 2018

1

3,241

3,242

At 31 March 2017

-

3,241

3,241

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

2018

2017

£

£

Trade debtors

321,338

295,986

Amounts owed by group undertakings

46,139

-

Directors' current accounts

112,180

90,624

Prepayments and accrued income

572,158

442,320

1,051,815

828,930

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts (see note 10)

583,929

256,549

Trade creditors

139,486

124,614

Amounts owed to group undertakings

9,503

-

Tax

27,354

32,597

Social security and other taxes

56,457

11,351

VAT

106,229

90,147

Other creditors

110,000

175,177

Directors' current accounts

33,112

45,312

Accruals and deferred income

8,286

4,250

1,074,356

739,997

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans (see note 10)

217,291

338,864

Other creditors

137,730

324,000

Directors' loan accounts

150,000

174,000

505,021

836,864

10.

LOANS

An analysis of the maturity of loans is given below:

2018

2017

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

128,891

73,938

Bank loans

455,038

182,611

583,929

256,549

2018

2017

£

£

Amounts falling due between one and two years:

Bank loans - 1-2 years

97,836

119,314

Amounts falling due between two and five years:

Bank loans - 2-5 years

119,455

219,550

11.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdraft

128,891

73,938

Bank loans

47,638

59,359

176,529

133,297

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

12.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

Accelerated capital allowances

5,288

3,176

Deferred

tax

£

Balance at 1 April 2017

3,176

Charge to Income Statement during year

2,112

Balance at 31 March 2018

5,288

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 March 2018 and the period

ended 31 March 2017:

2018

2017

£

£

M J Bracher

Balance outstanding at start of year

40,624

30,868

Amounts advanced

161,556

151,256

Amounts repaid

(140,000

)

(141,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

62,180

40,624

14.	ULTIMATE CONTROLLING PARTY

The company has no ultimate controlling party.