Silverfin false 31/03/2023 01/04/2022 31/03/2023 Donna Bulmer 18/12/2020 Stephen Easton 31/03/2021 09 October 2023 OC434759 2023-03-31 OC434759 bus:Director1 2023-03-31 OC434759 bus:Director2 2023-03-31 OC434759 2022-03-31 OC434759 core:CurrentFinancialInstruments 2023-03-31 OC434759 core:CurrentFinancialInstruments 2022-03-31 OC434759 core:Non-currentFinancialInstruments 2023-03-31 OC434759 core:Non-currentFinancialInstruments 2022-03-31 OC434759 core:Goodwill 2022-03-31 OC434759 core:Goodwill 2023-03-31 OC434759 2022-04-01 2023-03-31 OC434759 bus:FullAccounts 2022-04-01 2023-03-31 OC434759 bus:SmallEntities 2022-04-01 2023-03-31 OC434759 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC434759 bus:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC434759 bus:Director1 2022-04-01 2023-03-31 OC434759 bus:Director2 2022-04-01 2023-03-31 OC434759 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 OC434759 core:Goodwill 2022-04-01 2023-03-31 OC434759 2020-12-18 2022-03-31 OC434759 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 OC434759 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 OC434759 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: OC434759 (England and Wales)

HAINES WATTS NORTH EAST AUDIT LLP

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

HAINES WATTS NORTH EAST AUDIT LLP

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

HAINES WATTS NORTH EAST AUDIT LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION

For the financial year ended 31 March 2023
HAINES WATTS NORTH EAST AUDIT LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION (continued)

For the financial year ended 31 March 2023
DESIGNATED MEMBERS Donna Bulmer
Stephen Easton
REGISTERED OFFICE 17 Queens Lane
Newcastle Upon Tyne
NE1 1RN
England
United Kingdom
REGISTERED NUMBER OC434759 (England and Wales)
HAINES WATTS NORTH EAST AUDIT LLP

BALANCE SHEET

As at 31 March 2023
HAINES WATTS NORTH EAST AUDIT LLP

BALANCE SHEET (continued)

As at 31 March 2023
Note 31.03.2023 31.03.2022
£ £
Fixed assets
Intangible assets 4 429,784 483,508
429,784 483,508
Current assets
Debtors 5 284,078 244,736
Cash at bank and in hand 189,239 92,080
473,317 336,816
Creditors: amounts falling due within one year 6 ( 274,026) ( 251,826)
Net current assets 199,291 84,990
Total assets less current liabilities 629,075 568,498
Creditors: amounts falling due after more than one year 7 ( 30,837) ( 40,837)
Net assets attributable to members 598,238 527,661
Represented by
Loans and other debts due to members within one year
Other amounts (75,052) 4,371
(75,052) 4,371
Members' other interests
Members' capital classified as equity 673,290 523,290
673,290 523,290
598,238 527,661
Total members' interests
Loans and other debts due to members (75,052) 4,371
Members' other interests 673,290 523,290
598,238 527,661

For the financial year ending 31 March 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

The financial statements of Haines Watts North East Audit LLP (registered number: OC434759) were approved and authorised for issue by the Board of Directors on 09 October 2023. They were signed on its behalf by:

Donna Bulmer
Designated member
HAINES WATTS NORTH EAST AUDIT LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
HAINES WATTS NORTH EAST AUDIT LLP

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 North East Audit LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP'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 Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP 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 LLP 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.

Revenue 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.

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 10 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 10 years.

Trade and other debtors

Short term debtors are initially recognised 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.

2. Employees

Year ended
31.03.2023
Period from
18.12.2020 to
31.03.2022
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

3. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements.

31.03.2023 31.03.2022
Number Number
Average number of members during the financial year 8 6

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 537,232 537,232
At 31 March 2023 537,232 537,232
Accumulated amortisation
At 01 April 2022 53,724 53,724
Charge for the financial year 53,724 53,724
At 31 March 2023 107,448 107,448
Net book value
At 31 March 2023 429,784 429,784
At 31 March 2022 483,508 483,508

5. Debtors

31.03.2023 31.03.2022
£ £
Trade debtors 262,356 228,308
Other debtors 21,722 16,428
284,078 244,736

6. Creditors: amounts falling due within one year

31.03.2023 31.03.2022
£ £
Trade creditors 156 3,181
Other creditors 273,870 248,645
274,026 251,826

There are no amounts included above in respect of which any security has been given by the small entity.

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

31.03.2023 31.03.2022
£ £
Other creditors 30,837 40,837

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

The LLP had no material capital commitments at the year ended 31 March 2023.

9. 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 252,350 229,876

10. Events after the Balance Sheet date

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