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REGISTERED NUMBER: 10857160 (England and Wales)









Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2024

for

HAINES WATTS BRISTOL (HOLDINGS) LIMITED

HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Contents of the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditor 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


HAINES WATTS BRISTOL (HOLDINGS) LIMITED

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: M J Bracher
G C Fairclough
A J Jordan
C G O'Sullivan
B de Cruz
D Park
C J Boden
H M Gale





REGISTERED OFFICE: Bath House
6 - 8 Bath Street
Redcliffe
Bristol
BS1 6HL





REGISTERED NUMBER: 10857160 (England and Wales)





AUDITOR: RfM Audit Services LLP, Statutory Auditors
Unit 1, Guest House Farm
Runshaw Lane
Euxton
Chorley
Lancashire
PR7 6HD

HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Group Strategic Report
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The year ended 31 March 2024 showed a significant increase in business, resulting from the investment put into brand awareness and people resources in prior years. Reported turnover grew from £5.7m to £6.7m, an increase in revenue of 16.47%. Reported EBITDA increased from £798,000 to £1,144,000.

Whilst the market for talent remains incredibly competitive, the group has been successful in retaining and attracting quality people to ensure client service levels continue to be enhanced. The group continues to support its people, with enhanced HR and people resource, the maintenance of flexible working, training and development initiatives and a focus on the mental health well-being of its team.

Operating profit increased to £854,000 (2023 - £521,000), after accounting for directors' salaries of group companies of £565,000 (2023 - £611,000) meaning that operating profit before directors remuneration stood at £1,419,000 (2023 - £1,132,000), a ratio of 21.2% of turnover (2023 - 20%).

Interest payments increased in the year from £449,000 to £525,000, resulting from increasing interest rates, offsetting the reduction in short-term funding achieved in the year.

This all resulted in an increase in profit before tax from £72,000 in 2023 to £329,000 in 2024.

The group continues to pay off its external debt in respect of past acquisitions over a relatively short time period and this is set to continue until 2025 at which point the group is expected to significantly improve its cash reserves.

The Directors foresee the year ended 31 March 2025 showing continued improvement in trading results both in terms of revenue and profit before tax, a trend that is expected to continue into 2026 and beyond.


HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Group Strategic Report
FOR THE YEAR ENDED 31 MARCH 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The directors recognise that the performance of the group is dependent upon key risks. Some of these risks are outside the group's control. The main risks are set out below. The directors review and agree policies and procedures for managing each of these and they are summarised below.

Business performance risk
This is the risk that the group may not perform as expected due to either internal and external factors. This risk is
managed through ensuring an appropriate management team is in place, business planning, monthly financial
reporting and cash management.

Social, ethical and environmental risk
This is the risk that the group does not meet the standards expected of it and suffers reputational damage. The group has strict quality control operational procedures in place and these are regularly monitored by management.

Liquidity risk
The group uses bank loan and short term funding facilities. The group does not enter into any speculative financial
transactions nor does it use financial instruments for risk management purposes. Management have a tightly
controlled cash management policy and consistently review expected future cash inflows and outflows to ensure
adequate liquidity exists in the business.

Credit risk
The group's principal financial assets are work in progress and trade debtors. Group policy is aimed at minimising credit risk and has credit control procedures to ensure appropriate credit limits on customers are adhered to.

Interest rate risk
The group reduces exposure to interest rates through a mixture of agreed fixed and variable interest rates for its funding arrangements.

ENGAGEMENT WITH EMPLOYEES
The group recognises that its staff are vitally important to the success of the business in terms of delivering value and excellent client service. The business continues to have a commitment to, and invest in, staff development and involvement. This commitment is met through training, information sharing and selective recruitment processes.

The group fully considers, and encourages, applications for employment by disabled persons. In the event of any members of staff becoming disabled, every effort is made to ensure their employment in the group continues.

The group is highly mindful that the health and well-being of staff is paramount and offers support through flexible working, a working environment conducive to work-life balance and access to third party assistance should any member of staff feel the need for additional help and guidance in relation to their mental health.

ON BEHALF OF THE BOARD:





M J Bracher - Director


23 January 2025

HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Report of the Directors
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of providing accountancy, audit and tax services.

DIVIDENDS
Interim dividends of £65,000 were paid on the 'A' Ordinary £1 shares. The directors recommend that no final dividend be paid on these shares.

Interim dividends of £175,000 were paid on the 'B' Ordinary £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 March 2024 will be £240,000.

EVENTS SINCE THE END OF THE YEAR
On 1 April 2024, the group restructured its activities, by transferring the trade, assets and liabilities of three of its subsidiaries, Haines Watts Partnership (Bristol) Limited, Haines Watts Audit (Western) Limited and Haines Watts Accountants (Exeter) Limited, into another trading subsidiary, Haines Watts (Western) Limited.

On 13 December 2024, the audit business of Haines Watts (Western) Limited was transferred to Haines Watts Audit (Western) Limited under a business transfer agreement. No employees were transferred with costs in relation to the audit business being recognised in accordance with a formula contained in a service agreement between the companies.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

M J Bracher
G C Fairclough

Other changes in directors holding office are as follows:

A J Jordan - appointed 16 August 2023
C G O'Sullivan - appointed 2 October 2023

B de Cruz , D Park , C J Boden and H M Gale were appointed as directors after 31 March 2024 but prior to the date of this report.

GOING CONCERN
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate any adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.


HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Report of the Directors
FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditor is unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditor is aware of that information.

AUDITOR
The auditors, RfM Audit Services LLP, Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M J Bracher - Director


23 January 2025

Report of the Independent Auditor to the Members of
Haines Watts Bristol (Holdings) Limited


Opinion
We have audited the financial statements of Haines Watts Bristol (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditor thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditor to the Members of
Haines Watts Bristol (Holdings) Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditor to the Members of
Haines Watts Bristol (Holdings) Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditor that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, is detailed below.

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the accountancy, audit & tax services sector;
- we focused on specific laws and regulations which we considered may have a direct material effect
on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation and data protection, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


Report of the Independent Auditor to the Members of
Haines Watts Bristol (Holdings) Limited

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditor.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditor and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Sarah Flynn FCA (Senior Statutory Auditor)
for and on behalf of RfM Audit Services LLP, Statutory Auditors
Unit 1, Guest House Farm
Runshaw Lane
Euxton
Chorley
Lancashire
PR7 6HD

23 January 2025

HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Consolidated Income Statement
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 3 6,684,417 5,739,380

Administrative expenses (5,948,046 ) (5,378,559 )
736,371 360,821

Other operating income 117,234 160,000
OPERATING PROFIT 6 853,605 520,821

Interest receivable and similar income 492 -
854,097 520,821

Interest payable and similar expenses 7 (524,847 ) (449,273 )
PROFIT BEFORE TAXATION 329,250 71,548

Tax on profit 8 (153,939 ) (68,507 )
PROFIT FOR THE FINANCIAL YEAR 175,311 3,041
Profit attributable to:
Owners of the parent 111,425 (6,367 )
Non-controlling interests 63,886 9,408
175,311 3,041

HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Consolidated Other Comprehensive Income
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 175,311 3,041


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

175,311

3,041

Total comprehensive income attributable to:
Owners of the parent 111,425 (6,367 )
Non-controlling interests 63,886 9,408
175,311 3,041

HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Consolidated Balance Sheet
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 11 4,106,334 4,164,142
Tangible assets 12 51,155 56,818
Investments 13 - 4,361
4,157,489 4,225,321

CURRENT ASSETS
Debtors 14 2,555,225 2,742,021
Cash at bank and in hand 29,317 33,482
2,584,542 2,775,503
CREDITORS
Amounts falling due within one year 15 (4,879,077 ) (3,608,038 )
NET CURRENT LIABILITIES (2,294,535 ) (832,535 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,862,954

3,392,786

CREDITORS
Amounts falling due after more than one
year

16

(1,695,142

)

(3,142,086

)

PROVISIONS FOR LIABILITIES 20 (12,789 ) (6,248 )
NET ASSETS 155,023 244,452

CAPITAL AND RESERVES
Called up share capital 21 460 200
Retained earnings 22 23,069 151,644
SHAREHOLDERS' FUNDS 23,529 151,844

NON-CONTROLLING INTERESTS 131,494 92,608
TOTAL EQUITY 155,023 244,452

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 23 January 2025 and were signed on its behalf by:




M J Bracher - Director


HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Company Balance Sheet
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 3,158,049 3,158,049
3,158,049 3,158,049

CURRENT ASSETS
Debtors 14 636,285 473,285
Cash at bank 1,819 7,820
638,104 481,105
CREDITORS
Amounts falling due within one year 15 (2,724,232 ) (1,900,672 )
NET CURRENT LIABILITIES (2,086,128 ) (1,419,567 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,071,921

1,738,482

CREDITORS
Amounts falling due after more than one
year

16

(378,886

)

(1,164,923

)
NET ASSETS 693,035 573,559

CAPITAL AND RESERVES
Called up share capital 21 460 200
Retained earnings 692,575 573,359
SHAREHOLDERS' FUNDS 693,035 573,559

Company's profit for the financial year 359,216 23,950

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

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 23 January 2025 and were signed on its behalf by:




M J Bracher - Director


HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 April 2022 200 228,011 228,211 108,200 336,411

Changes in equity
Profit for the year - (6,367 ) (6,367 ) 9,408 3,041
Total comprehensive income - (6,367 ) (6,367 ) 9,408 3,041
Dividends - (70,000 ) (70,000 ) (25,000 ) (95,000 )
Balance at 31 March 2023 200 151,644 151,844 92,608 244,452

Changes in equity
Profit for the year - 111,425 111,425 63,886 175,311
Total comprehensive income - 111,425 111,425 63,886 175,311
Dividends - (240,000 ) (240,000 ) (25,000 ) (265,000 )
Issue of share capital 260 - 260 - 260
Balance at 31 March 2024 460 23,069 23,529 131,494 155,023

HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Company Statement of Changes in Equity
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 200 619,409 619,609

Changes in equity
Profit for the year - 23,950 23,950
Total comprehensive income - 23,950 23,950
Dividends - (70,000 ) (70,000 )
Balance at 31 March 2023 200 573,359 573,559

Changes in equity
Profit for the year - 359,216 359,216
Total comprehensive income - 359,216 359,216
Dividends - (240,000 ) (240,000 )
Issue of share capital 260 - 260
Balance at 31 March 2024 460 692,575 693,035

HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Consolidated Cash Flow Statement
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 850,758 552,476
Interest paid (524,847 ) (449,273 )
Tax paid - (38,117 )
Net cash from operating activities 325,911 65,086

Cash flows from investing activities
Purchase of intangible fixed assets - (11,202 )
Purchase of tangible fixed assets (24,077 ) (3,585 )
Sale of fixed asset investments - (627 )
Interest received 492 -
Net cash from investing activities (23,585 ) (15,414 )

Cash flows from financing activities
New loans in year 812,101 1,469,218
Loan repayments in year (1,253,176 ) (1,535,824 )
Amount introduced by directors 430,000 -
Amount withdrawn by directors (230,181 ) (19,996 )
Share issue 260 -
Equity dividends paid (240,000 ) (70,000 )
Dividends paid to minority interests (25,000 ) (25,000 )
Net cash from financing activities (505,996 ) (181,602 )

Decrease in cash and cash equivalents (203,670 ) (131,930 )
Cash and cash equivalents at beginning of
year

2

(531,645

)

(399,715

)

Cash and cash equivalents at end of year 2 (735,315 ) (531,645 )

HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Notes to the Consolidated Cash Flow Statement
FOR THE YEAR ENDED 31 MARCH 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 329,250 71,548
Depreciation charges 290,028 276,501
Loss on disposal of fixed assets 1,000 627
Finance costs 524,847 449,273
Finance income (492 ) -
1,144,633 797,949
(Increase)/decrease in trade and other debtors (187,167 ) 188,310
Decrease in trade and other creditors (106,708 ) (433,783 )
Cash generated from operations 850,758 552,476

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 29,317 33,482
Bank overdrafts (764,632 ) (565,127 )
(735,315 ) (531,645 )
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 33,482 27,880
Bank overdrafts (565,127 ) (427,595 )
(531,645 ) (399,715 )


HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Notes to the Consolidated Cash Flow Statement
FOR THE YEAR ENDED 31 MARCH 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 33,482 (4,165 ) 29,317
Bank overdrafts (565,127 ) (199,505 ) (764,632 )
(531,645 ) (203,670 ) (735,315 )
Debt
Debts falling due within 1 year (1,265,209 ) (324,064 ) (1,589,273 )
Debts falling due after 1 year (1,597,723 ) 765,137 (832,586 )
(2,862,932 ) 441,073 (2,421,859 )
Total (3,394,577 ) 237,403 (3,157,174 )

HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024


1. COMPANY INFORMATION

Haines Watts Bristol (Holdings) 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The company's principal activities and nature of its operations are disclosed in the Directors' Report.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. At 31 March 2024 the group had net current liabilities of £2,294,535. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, the Directors have tested their cash flow analysis alongside any measures that they can take to mitigate the impact of any unforeseen event. Based on these assessments, given the measures that could be undertaken to mitigate any adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and its subsidiary undertakings. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

Significant judgements and estimates
Estimates and judgements are inherent in the preparation of the 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 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. Consolidated goodwill arising is amortised over a period of 20 years as this reflects the period over which the underlying benefit of acquiring group companies will accrue to the group.

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. Goodwill in respect of the acquisition of separately identifiable business units is not amortised on the basis that there are no indicators of fall in value and hence any amortisation would be rendered immaterial.

HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

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.
Equipment - 20% on cost, 20% on reducing balance and 10% on cost

Cash and cash equivalents
Cash and cash equivalents 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 current liabilities.

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 Consolidated 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.


HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

Turnover arises from the principal activity of the group, which is carried out entirely within the United Kingdom.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,379,192 3,053,607
Social security costs 338,301 415,783
Other pension costs 248,274 130,141
3,965,767 3,599,531

The average number of employees during the year was as follows:
2024 2023

Directors 4 4
Professional and support staff 82 72
86 76

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL).

HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. DIRECTORS' EMOLUMENTS

Total directors remuneration for the year was £300,014 (2023 - £201,798). Employer pension contributions made on behalf of the directors amounted to £83,429 (2023 - £3,600).

The highest paid director was remunerated £125,164 (2023 - £115,597). Pension contributions of £50,277 were paid on behalf of the director via a salary sacrifice scheme (2022 - £37,605) and employer contributions of £9,000 (2023 - £3,600) were also paid. There were 3 (2023 - 1) directors accruing pension contributions under a company scheme.

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 4,778 4,783
Other operating leases 259,299 256,692
Depreciation - owned assets 29,740 25,295
Loss on disposal of fixed assets 1,000 627
Goodwill amortisation 260,288 251,206
Auditors remuneration for the audit of the group accounts 21,000 15,000

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 67,631 57,556
Interest on other loans 304,524 260,960
Other finance costs 81,347 31,980
Investment loan 71,345 98,777
524,847 449,273

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 147,398 65,965
Under provision in prior year - 3,800
Total current tax 147,398 69,765

Deferred tax 6,541 (1,258 )
Tax on profit 153,939 68,507

UK corporation tax has been charged at 25 % (2023 - 19 %).

HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 329,250 71,548
Profit multiplied by the standard rate of corporation tax in the UK of 25
% (2023 - 19 %)

82,313

13,594

Effects of:
Expenses not deductible for tax purposes 13,971 52,159
Depreciation in excess of capital allowances 28,428 212
Adjustments to tax charge in respect of previous periods - 3,800
Deferred tax 6,541 (1,258 )
Share of participating interest tax 22,686 -
Total tax charge 153,939 68,507

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2024 2023
£    £   
'A' Ordinary shares of £1 each
Interim 65,000 70,000
'B' Ordinary shares of £1 each
Interim 175,000 -
240,000 70,000

HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2023 5,928,682
Additions 202,480
At 31 March 2024 6,131,162
AMORTISATION
At 1 April 2023 1,764,540
Amortisation for year 260,288
At 31 March 2024 2,024,828
NET BOOK VALUE
At 31 March 2024 4,106,334
At 31 March 2023 4,164,142

12. TANGIBLE FIXED ASSETS

Group
Equipment
£   
COST
At 1 April 2023 187,142
Additions 24,077
Disposals (2,474 )
At 31 March 2024 208,745
DEPRECIATION
At 1 April 2023 130,324
Charge for year 29,740
Eliminated on disposal (2,474 )
At 31 March 2024 157,590
NET BOOK VALUE
At 31 March 2024 51,155
At 31 March 2023 56,818

HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


13. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 April 2023 4,361
Disposals (4,361 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 4,361
Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 3,158,049
NET BOOK VALUE
At 31 March 2024 3,158,049
At 31 March 2023 3,158,049

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Haines Watts (Western) Limited
Registered office: Bath House, 6-8 Bath Street, Bristol BS1 6HL
Nature of business: Accountancy
%
Class of shares: holding
Ordinary 'A' Shares 100.00
Ordinary 'B' Shares 100.00
2024 2023
£    £   
Aggregate capital and reserves 158,577 122,718
Profit for the year 95,859 55,067

HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


13. FIXED ASSET INVESTMENTS - continued

Haines Watts Partnership (Bristol) Limited
Registered office: Bath House, 6-8 Bath Street, Bristol BS1 6HL
Nature of business: Accountancy
%
Class of shares: holding
Ordinary 'A' Shares 100.00
Ordinary 'B' Shares 100.00
2024 2023
£    £   
Aggregate capital and reserves 601,000 648,574
Profit for the year 89,700 80,531

Haines Watts Audit (Western) Limited
Registered office: Bath House, 6-8 Bath Street, Bristol BS1 6HL
Nature of business: Accountancy
%
Class of shares: holding
Ordinary Shares 100.00
2024 2023
£    £   
Aggregate capital and reserves 63,041 165,983
Profit for the year 19,061 19,257

Haines Watts Accountants (Exeter) Limited
Registered office: 3 Southernhay West, Exeter EX1 1JG
Nature of business: Accountancy
%
Class of shares: holding
Ordinary 'A' Shares 60.00
2024 2023
£    £   
Aggregate capital and reserves 164,105 169,390
Profit for the year 159,715 23,521

Haines Watts Accountants (Exeter) Limited acquired the entire share capital of Haines Watts South West Investments Limited on 29 November 2023.This company reported a loss of £9,638 for the year ended 31 March 2024 and had net liabilities of £183,700 at that date.


All of the active subsidiaries of the company have taken advantage of the exemption in S479A of the Companies Act 2006 not to be individually audited on the basis that the group financial statements are audited.

HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


14. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,486,862 1,584,741 - -
Amounts owed by group undertakings - - 615,559 1,164
Other debtors 319,912 329,523 - -
Directors' current accounts 20,726 122,302 20,726 122,302
Prepayments and accrued income 727,725 705,455 - -
2,555,225 2,742,021 636,285 123,466

Amounts falling due after more than one year:
Amounts owed by group undertakings - - - 349,819

Aggregate amounts 2,555,225 2,742,021 636,285 473,285

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 17) 852,498 631,477 - -
Other loans (see note 17) 1,501,407 1,198,859 415,361 315,861
Trade creditors 455,692 306,197 - -
Amounts owed to group undertakings - - 1,650,678 1,427,611
Tax 270,334 127,627 - -
Social security and other taxes 364,763 510,996 - -
VAT 429,490 529,938 - -
Other creditors 814,384 266,064 560,210 157,200
Directors' current accounts 97,983 - 97,983 -
Accruals and deferred income 92,526 36,880 - -
4,879,077 3,608,038 2,724,232 1,900,672

HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 17) 170,494 207,197 - -
Other loans (see note 17) 662,092 1,390,526 188,486 539,313
Other creditors 1 - 5 years 453,876 1,196,423 190,400 625,610
Other creditors > 5 years 408,680 347,940 - -
1,695,142 3,142,086 378,886 1,164,923

Interest charged on other creditors due in more than five years is charged at rates between 0% and 3.5% over Bank of England base rate.

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 764,632 565,127 - -
Bank loans 87,866 66,350 - -
Other loans 1,501,407 1,198,859 415,361 315,861
2,353,905 1,830,336 415,361 315,861
Amounts falling due between one and two years:
Bank loans - 1-2 years 92,028 66,350 - -
Other loans - 1-2 years 448,741 997,246 188,486 350,827
540,769 1,063,596 188,486 350,827
Amounts falling due between two and five years:
Bank loans - 2-5 years 78,466 140,847 - -
Other loans - 2-5 years 213,351 359,678 - 188,486
291,817 500,525 - 188,486
Amounts falling due in more than five years:
Repayable by instalments
Other loans more 5yrs instal - 33,602 - -

Interest on loans due in more than five years is charged at a commercial rate applicable to external lenders.

HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 206,124 187,420
Between one and five years 363,509 579,800
569,633 767,220

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank overdrafts 764,632 565,127 - -
Bank loans 258,360 273,547 - -
Other loans 603,847 855,174 603,847 855,174
Other creditors 733,680 926,408 - -
2,360,519 2,620,256 603,847 855,174

The secured debts are secured by legal charges over the property and assets of the group.

20. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 12,789 6,248

Group
Deferred
tax
£   
Balance at 1 April 2023 6,248
Provided during year 6,541
Balance at 31 March 2024 12,789

HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
230 'A' Ordinary £1 230 100
115 'B' Ordinary £1 115 100
115 'C' Ordinary £1 115 -
460 200

The following shares were allotted and fully paid for cash at par during the year:

130 'A' Ordinary shares of £1 each
15 'B' Ordinary shares of £1 each
115 'C' Ordinary shares of £1 each

The Ordinary 'A' shares and Ordinary 'B' shares rank parri passu in all respects.

After the year-end, 130 'A' shares and 130 'B' shares were issued. The subsequent 230 'B' Ordinary shares were redesignated into 115 'B' Ordinary shares and 115 'C' Ordinary shares. The 'B' Ordinary and 'C' Ordinary shares rank equally with the 'A' Ordinary shares.

A further 20 'D' Ordinary shares and 20 'E' Ordinary shares were issued as consideration for the minority interest of 40% held in Haines Watts Accountants (Exeter) Limited, which became a wholly owned subsidiary on 1 April 2024.

22. RESERVES

Group
Retained
earnings
£   

At 1 April 2023 151,644
Profit for the year 111,425
Dividends (240,000 )
At 31 March 2024 23,069


HAINES WATTS BRISTOL (HOLDINGS) LIMITED (REGISTERED NUMBER: 10857160)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
M J Bracher
Balance outstanding at start of year 76,181 56,155
Amounts advanced 125,836 90,056
Amounts repaid (300,000 ) (70,030 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (97,983 ) 76,181

G C Fairclough
Balance outstanding at start of year 46,121 46,151
Amounts advanced 104,605 -
Amounts repaid (130,000 ) (30 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 20,726 46,121

The loan to the director was repaid after the year end. No interest was charged on the loans.

24. RELATED PARTY DISCLOSURES

During the year the group leased premises owned by pension schemes of a group director and a director of a subsidiary company. Rent paid during the year amounted to £17,667 (2023 - £17,667). A further property was leased from a pension scheme of a director of a subsidiary company with the rent paid in the year amounting to £10,800 (2023 - £10,800).

The group paid £24,960 (2023 - £12,480) to Geoffrey Fairclough Limited, a company under the control of Mr G C Fairclough, a director of the group.

The key management of the group consists only of the directors.

25. POST BALANCE SHEET EVENTS

On 1 April 2024, the group restructured its activities, by transferring the trade, assets and liabilities of three of its subsidiaries, Haines Watts Partnership (Bristol) Limited, Haines Watts Audit (Western) Limited and Haines Watts Accountants (Exeter) Limited, into another trading subsidiary, Haines Watts (Western) Limited.

On 13 December 2024, the audit business of Haines Watts (Western) Limited was transferred to Haines Watts Audit (Western) Limited under a business transfer agreement. No employees were transferred with costs in relation to the audit business being recognised in accordance with a formula contained in a service agreement between the companies.

26. ULTIMATE CONTROLLING PARTY

The company is under the control of Mr M Bracher and Mr G Fairclough.