Silverfin false 31/03/2023 01/04/2022 31/03/2023 Sara Andrews 01/04/2022 Donna Bulmer 09/12/2020 Craig Horsfall 31/03/2021 Andrew Needham 31/03/2021 Nicola Scarr 01/04/2022 Jonathan Scott 09/12/2020 Bradley Thomas 10/05/2022 31/03/2021 09 October 2023 The principal activity of the Company during the financial year was providing accounting, tax and consultancy services. 13073746 2023-03-31 13073746 bus:Director1 2023-03-31 13073746 bus:Director2 2023-03-31 13073746 bus:Director3 2023-03-31 13073746 bus:Director4 2023-03-31 13073746 bus:Director5 2023-03-31 13073746 bus:Director6 2023-03-31 13073746 bus:Director7 2023-03-31 13073746 2022-03-31 13073746 core:CurrentFinancialInstruments 2023-03-31 13073746 core:CurrentFinancialInstruments 2022-03-31 13073746 core:Non-currentFinancialInstruments 2023-03-31 13073746 core:Non-currentFinancialInstruments 2022-03-31 13073746 core:ShareCapital 2023-03-31 13073746 core:ShareCapital 2022-03-31 13073746 core:RetainedEarningsAccumulatedLosses 2023-03-31 13073746 core:RetainedEarningsAccumulatedLosses 2022-03-31 13073746 core:Goodwill 2022-03-31 13073746 core:OtherResidualIntangibleAssets 2022-03-31 13073746 core:Goodwill 2023-03-31 13073746 core:OtherResidualIntangibleAssets 2023-03-31 13073746 core:OtherPropertyPlantEquipment 2022-03-31 13073746 core:OtherPropertyPlantEquipment 2023-03-31 13073746 core:CurrentFinancialInstruments core:Secured 2023-03-31 13073746 core:DeferredTaxation 2023-03-31 13073746 core:DeferredTaxation 2022-03-31 13073746 core:OtherProvisionsContingentLiabilities 2023-03-31 13073746 core:OtherProvisionsContingentLiabilities 2022-03-31 13073746 bus:OrdinaryShareClass1 2023-03-31 13073746 core:WithinOneYear 2023-03-31 13073746 core:WithinOneYear 2022-03-31 13073746 core:BetweenOneFiveYears 2023-03-31 13073746 core:BetweenOneFiveYears 2022-03-31 13073746 core:MoreThanFiveYears 2023-03-31 13073746 core:MoreThanFiveYears 2022-03-31 13073746 2022-04-01 2023-03-31 13073746 bus:FullAccounts 2022-04-01 2023-03-31 13073746 bus:SmallEntities 2022-04-01 2023-03-31 13073746 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 13073746 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 13073746 bus:Director1 2022-04-01 2023-03-31 13073746 bus:Director2 2022-04-01 2023-03-31 13073746 bus:Director3 2022-04-01 2023-03-31 13073746 bus:Director4 2022-04-01 2023-03-31 13073746 bus:Director5 2022-04-01 2023-03-31 13073746 bus:Director6 2022-04-01 2023-03-31 13073746 bus:Director7 2022-04-01 2023-03-31 13073746 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 13073746 core:OtherResidualIntangibleAssets core:TopRangeValue 2022-04-01 2023-03-31 13073746 core:Goodwill 2022-04-01 2023-03-31 13073746 core:OtherResidualIntangibleAssets 2022-04-01 2023-03-31 13073746 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 13073746 2020-12-09 2022-03-31 13073746 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 13073746 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 13073746 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 13073746 bus:OrdinaryShareClass1 2020-12-09 2022-03-31 13073746 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13073746 (England and Wales)

HAINES WATTS NEWCASTLE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

HAINES WATTS NEWCASTLE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

HAINES WATTS NEWCASTLE LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
HAINES WATTS NEWCASTLE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
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)
HAINES WATTS NEWCASTLE LIMITED

BALANCE SHEET

As at 31 March 2023
HAINES WATTS NEWCASTLE LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 31.03.2023 31.03.2022
£ £
Fixed assets
Intangible assets 3 1,519,477 2,026,863
Tangible assets 4 157,886 177,355
1,677,363 2,204,218
Current assets
Debtors 5 2,564,039 2,533,840
Cash at bank and in hand 382,335 315,444
2,946,374 2,849,284
Creditors: amounts falling due within one year 6 ( 2,057,785) ( 2,076,011)
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 ( 1,626,718) ( 2,313,980)
Provision for liabilities 8 ( 72,736) ( 134,829)
Net assets 866,498 528,682
Capital and reserves
Called-up share capital 9 2 2
Profit and loss account 866,496 528,680
Total shareholders' funds 866,498 528,682

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Haines Watts Newcastle Limited (registered number: 13073746) were approved and authorised for issue by the Board of Directors on 09 October 2023. They were signed on its behalf by:

Donna Bulmer
Director
HAINES WATTS NEWCASTLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
HAINES WATTS NEWCASTLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

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.

Employee benefits

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

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.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Other intangible assets 4 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 5 years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
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.

Trade and other debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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 creditors: amounts falling due within one year.

Trade and other creditors

Short term creditors and loans from directors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

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.

2. Employees

Year ended
31.03.2023
Period from
09.12.2020 to
31.03.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 82 73

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 April 2022 2,523,526 10,723 2,534,249
At 31 March 2023 2,523,526 10,723 2,534,249
Accumulated amortisation
At 01 April 2022 504,705 2,681 507,386
Charge for the financial year 504,705 2,681 507,386
At 31 March 2023 1,009,410 5,362 1,014,772
Net book value
At 31 March 2023 1,514,116 5,361 1,519,477
At 31 March 2022 2,018,821 8,042 2,026,863

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2022 225,605 225,605
Additions 22,001 22,001
Disposals ( 5,164) ( 5,164)
At 31 March 2023 242,442 242,442
Accumulated depreciation
At 01 April 2022 48,250 48,250
Charge for the financial year 37,879 37,879
Disposals ( 1,573) ( 1,573)
At 31 March 2023 84,556 84,556
Net book value
At 31 March 2023 157,886 157,886
At 31 March 2022 177,355 177,355
Leased assets included above:
Net book value
At 31 March 2023 0 0
At 31 March 2022 165,266 165,266

5. Debtors

31.03.2023 31.03.2022
£ £
Trade debtors 2,088,776 1,865,457
Amounts recoverable on contracts 27,621 374,049
Prepayments 110,535 122,267
Other debtors 337,107 172,067
2,564,039 2,533,840

6. Creditors: amounts falling due within one year

31.03.2023 31.03.2022
£ £
Bank loans (secured) 26,238 23,251
Trade creditors 235,901 288,562
Obligations under finance leases and hire purchase contracts 0 32,324
Other creditors 1,795,646 1,731,874
2,057,785 2,076,011

The bank loans are secured by way of a fixed and floating charge over all the assets of the company.

7. Creditors: amounts falling due after more than one year

31.03.2023 31.03.2022
£ £
Bank loans (secured) 0 26,274
Other creditors 1,626,718 2,287,706
1,626,718 2,313,980

The bank loans were secured by way of a fixed and floating charge over all the assets of the company.

8. Provision for liabilities

31.03.2023 31.03.2022
£ £
Deferred tax 25,208 27,855
Other provisions 47,528 106,974
72,736 134,829

9. Called-up share capital

31.03.2023 31.03.2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

10. Financial commitments

Commitments

Capital commitments are as follows:

31.03.2023 31.03.2022
£ £
Contracted for but not provided for:
finance leases entered into 0 32,342

Total future minimum lease payments under non-cancellable operating leases are as follows:

31.03.2023 31.03.2022
£ £
within one year 139,347 141,384
between one and five years 459,594 503,921
after five years 166,173 261,129
765,114 906,434

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) 17,804 714

11. Related party transactions

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

12. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.