Harley Financial Services Limited Small abbreviated accounts

HARLEY FINANCIAL SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER SC280196

HARLEY FINANCIAL SERVICES LIMITED

UNAUDITED ABBREVIATED ACCOUNTS

31 March 2016

ATKINSON & CO LIMITED

Chartered Accountants

Victoria House

87 High Street

Tillicoultry

Clackmannanshire

FK13 6AA

HARLEY FINANCIAL SERVICES LIMITED

ACCOUNTANTS' REPORT TO THE DIRECTORS OF HARLEY

FINANCIAL SERVICES LIMITED

YEAR ENDED 31 MARCH 2016

In accordance with our terms of engagement, and in order to assist you to fulfil your duties under the Companies Act 2006, we have prepared the financial statements of the company on pages 2 to 5 from the accounting records and information and explanations supplied to us.

This report is made to the Company's Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken to enable us to prepare the financial statements on behalf of the Company's Directors 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 Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with best practice guidance issued by the Institute of Chartered Accountants of Scotland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the preparation of financial statements.

You have acknowledged on the balance sheet as at 31 March 2016 your duty to ensure that the company has kept adequate accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

ATKINSON & CO LIMITED Chartered Accountants

Victoria House 87 High Street Tillicoultry Clackmannanshire FK13 6AA

4 May 2016

HARLEY FINANCIAL SERVICES LIMITED

ABBREVIATED BALANCE SHEET

31 March 2016

	2016	2015
Note	£	£
FIXED ASSETS	2
Intangible assets	-	833
Tangible assets	6,784	2,399
	-------	-------
	6,784	3,232
	-------	-------

CURRENT ASSETS

Debtors	1,140	1,130
Cash at bank and in hand	95,237	34,177
	---------	---------
	96,377	35,307
CREDITORS: Amounts falling due within one year	49,045	17,069
	---------	---------
NET CURRENT ASSETS	47,332	18,238
	---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES	54,116	21,470

PROVISIONS FOR LIABILITIES	1,357	574
	---------	---------
	52,759	20,896
	---------	---------

CAPITAL AND RESERVES

Called up equity share capital	3	20,000	20,000
Profit and loss account	32,759	896
	---------	---------
SHAREHOLDERS' FUNDS	52,759	20,896
	---------	---------

For the year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved by the directors and authorised for issue on 4 May 2016 , and are signed on their behalf by:

Mr D Harley Director

HARLEY FINANCIAL SERVICES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 31 MARCH 2016

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill-10% straight line basis

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Computer Equipment-33% per annum straight line basis

Fixtures & Fittings-15% per annum reducing balance basis

Tenant's Improvements - 10% per annum straight line

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs

The company operates a defined contribution pension scheme for directors. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

2. FIXED ASSETS

Intangible Assets	Tangible Assets	Total
£	£	£

COST

At 1 April 2015	20,000	23,576	43,576
Additions	–	6,338	6,338
	---------	---------	---------
At 31 March 2016	20,000	29,914	49,914
	---------	---------	---------

DEPRECIATION

At 1 April 2015	19,167	21,177	40,344
Charge for year	833	1,953	2,786
	---------	---------	---------
At 31 March 2016	20,000	23,130	43,130
	---------	---------	---------

NET BOOK VALUE

At 31 March 2016	–	6,784	6,784
	----	-------	-------

At 31 March 2015	833	2,399	3,232
	----	-------	-------

3. SHARE CAPITAL

Allotted, called up and fully paid:

2016	2015
No	£	No	£
Ordinary shares of £ 1 each	20,000	20,000	20,000	20,000
	---------	---------	---------	---------