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REGISTERED NUMBER: OC365571 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2025

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 2025




Page

Balance Sheet 1

Notes to the Financial Statements 3


Haines Watts South West LLP (Registered number: OC365571)

Balance Sheet
31 March 2025

31.3.25 31.3.24
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 580,087 648,703
Tangible assets 5 14,374 17,967
594,461 666,670

CURRENT ASSETS
Debtors 6 394,580 394,954
Cash at bank and in hand 187,300 172,517
581,880 567,471
CREDITORS
Amounts falling due within one year 7 304,264 348,710
NET CURRENT ASSETS 277,616 218,761
TOTAL ASSETS LESS CURRENT LIABILITIES 872,077 885,431

PROVISIONS FOR LIABILITIES 41,976 26,087
NET ASSETS ATTRIBUTABLE TO MEMBERS 830,101 859,344

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

830,101

859,344

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 830,101 859,344

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 2025.

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 2025


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 28 July 2025 and were signed by:




Mrs F K Davey - 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 2025

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 16 (2024 - 18 ) .

Haines Watts South West LLP (Registered number: OC365571)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2024
and 31 March 2025 1,023,482
AMORTISATION
At 1 April 2024 374,779
Charge for year 68,616
At 31 March 2025 443,395
NET BOOK VALUE
At 31 March 2025 580,087
At 31 March 2024 648,703

5. TANGIBLE FIXED ASSETS
Fixtures
Leasehold and
improvements fittings Totals
£    £    £   
COST
At 1 April 2024
and 31 March 2025 35,189 39,777 74,966
DEPRECIATION
At 1 April 2024 26,544 30,455 56,999
Charge for year 1,729 1,864 3,593
At 31 March 2025 28,273 32,319 60,592
NET BOOK VALUE
At 31 March 2025 6,916 7,458 14,374
At 31 March 2024 8,645 9,322 17,967

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.25 31.3.24
£    £   
Trade debtors and
accrued income 364,722 373,261
Other debtors 29,858 21,693
394,580 394,954

Haines Watts South West LLP (Registered number: OC365571)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.25 31.3.24
£    £   
Bank loans and overdrafts - 61,720
Trade creditors 46,975 28,586
Taxation and social security 37,632 47,802
Other creditors 219,657 210,602
304,264 348,710

8. LOANS AND OTHER DEBTS DUE TO MEMBERS

These amounts due to members rank after all other creditors.

9. RELATED PARTY DISCLOSURES

All transactions with connected parties are on normal commercial terms