The former high-flying Newcastle firm Watson Burton paid its top partner just £47,591 last year, and its auditors have resigned.
Back in 2004 the Newcastle-based firm was flying, opening prestige premises in Leeds and London, and paying its 12 equity partners a handsome £725k. But today there are only 12 partners in total, and Watson Burton's most recent accounts show that the top equity partner was entitled to £47,591 in 2015/16. And that's actually an improvement on the 2014/15 figure of £46,382. Filings at Companies House show that in 2015, two partners were made up after another 6 had quit, but they left the firm within the space of a year. One of them lasted just eight months.
Watson Burton threatened to sue RollOnFriday last year if it provided critical commentary of the firm's annual accounts, and the firm has done so again. So once more, you are invited to draw your own conclusions about Watson Burton's rude financial health by going directly to the source:
Watson Burton's auditor resigned in December, two weeks before the accounts were due. The firm's new auditors submitted them just in time, on the deadline of 31 January.
A Watson Burton spokeswoman said, “We strongly suggest that you take advice before expressing views on the financial position of Watson Burton LLP. Our Financial Statements for the period ending 30/04/16 were filed on time and the previous auditors resigned because we made a decision to appoint new auditors who prepared the filed accounts".
Tip Off ROF
Back in 2004 the Newcastle-based firm was flying, opening prestige premises in Leeds and London, and paying its 12 equity partners a handsome £725k. But today there are only 12 partners in total, and Watson Burton's most recent accounts show that the top equity partner was entitled to £47,591 in 2015/16. And that's actually an improvement on the 2014/15 figure of £46,382. Filings at Companies House show that in 2015, two partners were made up after another 6 had quit, but they left the firm within the space of a year. One of them lasted just eight months.
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Watson Burton threatened to sue RollOnFriday last year if it provided critical commentary of the firm's annual accounts, and the firm has done so again. So once more, you are invited to draw your own conclusions about Watson Burton's rude financial health by going directly to the source:
Watson Burton Accounts 2016 by RollOnFriday on Scribd
Watson Burton's auditor resigned in December, two weeks before the accounts were due. The firm's new auditors submitted them just in time, on the deadline of 31 January.
A Watson Burton spokeswoman said, “We strongly suggest that you take advice before expressing views on the financial position of Watson Burton LLP. Our Financial Statements for the period ending 30/04/16 were filed on time and the previous auditors resigned because we made a decision to appoint new auditors who prepared the filed accounts".
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RoF should perhaps look more closely at the financial distress of the mid-market firms and their lack of control when it comes to drawings.
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If the auditors can't even check their own documents can we trust them to check others'?
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