Award

Audit and Tax Advisory Services for The North East Fund

THE NORTH EAST FUND LIMITED

This public procurement record has 2 releases in its history.

Award

05 Mar 2021 at 15:01

Award Notice
Tender

22 Dec 2020 at 16:54

Tender Notice
Summary of the contracting process

The North East Fund Limited, located in Newcastle upon Tyne, is currently in the award stage of the procurement process for Audit and Tax Advisory Services. This contract is for an initial period of four years, commencing on 8th February 2021 and potentially extending until 7th February 2025. The procurement method employed is an open procedure. The contract entails auditing the accounts for the financial years ending 31st March 2021, as well as providing corporation tax and other tax advisory services. The deadline for tender submissions was at noon on 20th January 2021.

This tender presents significant opportunities for accountancy and audit firms, particularly those registered with the Financial Reporting Council (FRC). As the North East Fund focuses on supporting SMEs in the region, firms with expertise in venture capital, tax advisory, and auditing services will find this contract particularly relevant. The successful firm will enhance its portfolio and potentially secure a stable revenue stream over the four-year duration, along with the possibility of annual re-appointments based on performance.

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Notice Information

Notice Title

Audit and Tax Advisory Services for The North East Fund

Notice Description

The North East Fund is inviting firms to tender to act as its auditor and to provide tax advice and support. The contract will be for an initial period of four years (subject to annual re-appointment by the company), beginning in February 2021 and will require the successful tenderer to audit the accounts of the company for the financial year ending 31 March 2021 and to audit the three subsequent years' accounts and provide corporation tax and potentially other tax and advisory services. The North East Fund is the holding fund manager for a venture capital and loan programme which invests in SMEs based in the North East of England. It is the principal investor and a limited partner in five funds which are set up as limited partnerships and which are managed by independent, FCA authorised fund management companies: Maven Capital Partners; Mercia Asset Management; NEL Fund Managers and Northstar Ventures. The North East Fund began operating in March 2018 and to date its sub-funds have invested c.PS50m in 265 companies and are expected to invest a further PS70m in c.300 more companies in the period to March 2023 - with the potential to continue investing until 2025. The realisation phase of the five sub-funds will continue at least until 2028, with the potential to be extended to 2032 - to allow time for the loans and investments made to be repaid and realised. Further information regarding the size and structure of TNEFL and its sub-funds is set out in the Invitation to Tender document. TNEFL has decided not to re-appoint its current auditor and so is inviting FRC registered audit practice firms to tender to act as its auditor and also to provide tax advice and support, including preparation and submission of annual corporation tax computation and return. The successful firm will be required to complete the audit for TNEFL's current financial year (ending 31 March 2021) which, due to obligations in the company's funding agreements, must be completed at the latest by mid-September 2021. The appointment as auditor will take effect from completion of the tender process in January / February 2021 and will be for a period of four years, subject to annual re-appointment. The closing date for tender submissions is 12 noon on Wednesday 20th January 2021. The Invitation to Tender document includes details of: what to include in your tender; how to submit it and how to ask any questions you may have regarding the process.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-a2c5c0fa-3712-4dfc-962b-8241ab3f813c
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/c4b18ac6-95e2-4075-a58d-3a6a281014c3
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (below threshold)
Tender Suitability
SME
Awardee Scale
SME

Common Procurement Vocabulary (CPV)

CPV Divisions

79 - Business services: law, marketing, consulting, recruitment, printing and security

CPV Codes

79200000 - Accounting, auditing and fiscal services

Notice Value(s)

Tender Value
£1
Lots Value
Not specified
Awards Value
£44,400 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
5 Mar 20214 years ago
Submission Deadline
20 Jan 2021Expired
Future Notice Date
Not specified
Award Date
27 Jan 20215 years ago
Contract Period
8 Feb 2021 - 7 Feb 2025 4-5 years
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
THE NORTH EAST FUND LIMITED
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
NEWCASTLE UPON TYNE
Postcode
NE1 6PA
Post Town
Newcastle upon Tyne
Country
England
Major Region (ITL 1)
TLC North East (England)
Basic Region (ITL 2)
TLC4 Northumberland, Durham and Tyne & Wear
Small Region (ITL 3)
TLC43 Tyneside
Delivery Location
Not specified
Local Authority
Newcastle upon Tyne
Electoral Ward
Monument
Westminster Constituency
Newcastle upon Tyne Central and West

Supplier Information

Number of Suppliers
1
Supplier Name

ARMSTRONG WATSON

Further Information

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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