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REGISTERED NUMBER: OC365571 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Haines Watts South West LLP

Haines Watts South West LLP (Registered number: OC365571)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Haines Watts South West LLP (Registered number: OC365571)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 648,703 714,169
Tangible assets 5 17,967 22,459
666,670 736,628

CURRENT ASSETS
Debtors 6 394,954 362,248
Cash at bank and in hand 172,517 217,809
567,471 580,057
CREDITORS
Amounts falling due within one year 7 348,710 374,417
NET CURRENT ASSETS 218,761 205,640
TOTAL ASSETS LESS CURRENT LIABILITIES 885,431 942,268

CREDITORS
Amounts falling due after more than one
year

8

-

(61,720

)

PROVISIONS FOR LIABILITIES (26,087 ) (26,550 )
NET ASSETS ATTRIBUTABLE TO MEMBERS 859,344 853,998

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

859,344

853,998

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 859,344 853,998

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

Haines Watts South West LLP (Registered number: OC365571)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 24 July 2024 and were signed by:




Mrs S Reed - Designated member




G C Fairclough - Designated member


Haines Watts South West LLP (Registered number: OC365571)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Haines Watts South West LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number: OC365571

Registered office: 9 Western Road
Launceston
Cornwall
PL15 7AR

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill is generally amortised over 20 years from the date of acquisition. In 2021 goodwill was acquired with an expected remaining useful life of 10 years and so this cost is being written off over this shorter period.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 20% on reducing balance
Plant and machinery etc - 20% on reducing balance

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.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 18 (2023 - 19 ) .

Haines Watts South West LLP (Registered number: OC365571)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023 1,020,482
Additions 3,000
At 31 March 2024 1,023,482
AMORTISATION
At 1 April 2023 306,313
Charge for year 68,466
At 31 March 2024 374,779
NET BOOK VALUE
At 31 March 2024 648,703
At 31 March 2023 714,169

5. TANGIBLE FIXED ASSETS
Fixtures
Leasehold and
improvements fittings Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 35,189 39,777 74,966
DEPRECIATION
At 1 April 2023 24,383 28,124 52,507
Charge for year 2,161 2,331 4,492
At 31 March 2024 26,544 30,455 56,999
NET BOOK VALUE
At 31 March 2024 8,645 9,322 17,967
At 31 March 2023 10,806 11,653 22,459

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors and
accrued income 373,261 344,137
Other debtors 21,693 18,111
394,954 362,248

Haines Watts South West LLP (Registered number: OC365571)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 61,720 74,064
Trade creditors 28,586 14,744
Taxation and social security 47,802 84,489
Other creditors 210,602 201,120
348,710 374,417

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans - 61,720

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

These amounts due to members rank after all other creditors.

10. RELATED PARTY DISCLOSURES

All transactions with connected parties are on normal commercial terms