Company No:
Contents
DIRECTORS | Sara Andrews |
Donna Bulmer | |
Craig Horsfall | |
Andrew Needham | |
Nicola Scarr | |
Jonathan Scott |
REGISTERED OFFICE | 17 Queens Lane |
Newcastle Upon Tyne | |
NE1 1RN | |
England | |
United Kingdom |
COMPANY NUMBER | 13073746 (England and Wales) |
Note | 31.03.2023 | 31.03.2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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1,677,363 | 2,204,218 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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2,946,374 | 2,849,284 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 888,589 | 773,273 | ||
Total assets less current liabilities | 2,565,952 | 2,977,491 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Provision for liabilities | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Haines Watts Newcastle Limited (registered number:
Donna Bulmer
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Haines Watts Newcastle Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 17 Queens Lane, Newcastle Upon Tyne, NE1 1RN, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of turnover can be measured reliably;
• it is probable that the company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.
Turnover is recognised when a right to consideration has been obtained in exchange for performance of contractual obligations. Income is recorded at the fair value of the right to consideration, including partner time, and after deducting allowances for discounts, credit risk and other uncertainties relating to clients’ willingness to pay.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Goodwill |
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Other intangible assets |
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All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Plant and machinery etc. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Year ended 31.03.2023 |
Period from 09.12.2020 to 31.03.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Goodwill | Other intangible assets | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 April 2022 |
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At 31 March 2023 |
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Accumulated amortisation | |||||
At 01 April 2022 |
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Charge for the financial year |
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At 31 March 2023 |
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Net book value | |||||
At 31 March 2023 |
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At 31 March 2022 |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2022 |
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Additions |
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Disposals | (
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At 31 March 2023 |
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Accumulated depreciation | |||
At 01 April 2022 |
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Charge for the financial year |
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Disposals | (
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At 31 March 2023 |
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Net book value | |||
At 31 March 2023 |
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At 31 March 2022 |
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Leased assets included above: | |||
Net book value | |||
At 31 March 2023 | 0 | 0 | |
At 31 March 2022 | 165,266 | 165,266 |
31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Trade debtors |
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Amounts recoverable on contracts |
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Prepayments |
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Other debtors |
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31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Bank loans (secured) |
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Trade creditors |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Bank loans (secured) |
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Other creditors |
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31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Deferred tax |
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Other provisions |
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31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Commitments
Capital commitments are as follows:
31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Contracted for but not provided for: | |||
finance leases entered into |
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Total future minimum lease payments under non-cancellable operating leases are as follows:
31.03.2023 | 31.03.2022 | ||
£ | £ | ||
within one year |
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between one and five years |
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after five years |
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) |
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Transactions with owners holding a participating interest in the entity
31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Interest free amounts owed to the company | 73,595 | 58,537 | |
Interest free amounts owed from the company | 337,107 | 171,869 |
Transactions with the entity's directors
31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Amounts owed to directors | 966,636 | 1,594,409 |