Harris Finance Co. Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC131349 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

FOR

HARRIS FINANCE CO. LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I C Harris

E G Harris

R A Harris

REGISTERED OFFICE:

6th Floor, Gordon Chambers

90 Mitchell Street

Glasgow

G1 3NQ

REGISTERED NUMBER:

SC131349 (Scotland)

ACCOUNTANTS:

Cornerstone Accountants

6th Floor

Gordon Chambers

90 Mitchell Street

Glasgow

Lanarkshire

G1 3NQ

BANKERS:

The Royal Bank of Scotland plc

158a Fenwick Road

Giffnock

Glasgow

G46 6XB

SOLICITORS:

Brodies LLP

110 Queen Street

Glasgow

G2 1BX

FIXED ASSETS

Tangible assets

4

3,761

4,424

CURRENT ASSETS

Debtors

5

2,245,542

2,104,821

Cash at bank and in hand

354,416

53,754

2,599,958

2,158,575

CREDITORS

Amounts falling due within one year

6

220,179

230,567

NET CURRENT ASSETS

2,379,779

1,928,008

TOTAL ASSETS LESS CURRENT LIABILITIES

2,383,540

1,932,432

CREDITORS

Amounts falling due after more than one year

7

(400,000

)

-

PROVISIONS FOR LIABILITIES

(714

)

(840

)

NET ASSETS

1,982,826

1,931,592

CAPITAL AND RESERVES

Called up share capital

9

75,000

75,000

Retained earnings

1,907,826

1,856,592

SHAREHOLDERS' FUNDS

1,982,826

1,931,592

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 29 April 2022 and were signed on its behalf by:

I C Harris - Director

1.	STATUTORY INFORMATION

Harris Finance Co. Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents interest charged on loans. Interest is recognised using the effective interest rate method in accordance with the loan repayment profiles. The other element of payments received from customers is allocated to reduce loan debtors and represents the capital element of loan repayments.

Tangible fixed assets

Tangible fixed assets are initially recorded at cost.

Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.

Fixture & fittings

- 20% reducing balance basis

Computer equipment

- 33% on a straight line basis

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2020

and 30 April 2021

55,314

DEPRECIATION

At 1 May 2020

50,890

Charge for year

663

At 30 April 2021

51,553

NET BOOK VALUE

At 30 April 2021

3,761

At 30 April 2020

4,424

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

1,182,127

1,688,765

Amounts owed by group undertakings

572,152

416,056

Other debtors

491,263

-

2,245,542

2,104,821

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

100,000

-

Taxation and social security

54,310

53,199

Other creditors

65,869

177,368

220,179

230,567

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

400,000

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

500,000

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

75,000

Ordinary

£1

75,000

75,000

10.	ULTIMATE CONTROLLING PARTY

The controlling party is R A Harris.

The ultimate controlling party is JJ Harris & Son Taxi Repairs(Glasgow) Ltd.