ACCOUNTS - Final Accounts preparation

FIXED ASSETS

Tangible assets

Investments

HARRISON DESIGN COMPANY LIMITED - Company Information

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HARRISON DESIGN COMPANY LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

HARRISON DESIGN COMPANY LIMITED

CONTENTS

	Page
Accountants' Report	1
Balance Sheet	2 - 3
Notes to the Abbreviated Accounts	4 - 6

The following reproduces the text of the Report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HARRISON DESIGN COMPANY LIMITED
FOR THE YEAR ENDED 30 SEPTEMBER 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Harrison Design Company Limited for the year ended 30 September 2016 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.

As a member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/
professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Harrison Design Company Limited, as a body, in accordance with the terms of our engagement letter dated 1st October 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Harrison Design Company Limited and state those matters that we have agreed to state to the Board of Directors of Harrison Design Company Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Harrison Design Company Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Harrison Design Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Harrison Design Company Limited. You consider that Harrison Design Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Harrison Design Company Limited. 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 statutory financial statements.

Lancaster Clements Limited

Chartered Certified Accountants

Stanley House

27 Wellington Road

Bilston

West Midlands

WV14 6AH

22 March 2017

Page 1

HARRISON DESIGN COMPANY LIMITED

REGISTERED NUMBER: 02507182

ABBREVIATED BALANCE SHEET

AS AT 30 SEPTEMBER 2016

2016

2015

CURRENT ASSETS
Debtors		751,932		270,702
Cash at bank		193,767		863,528

		945,699		1,134,230
CREDITORS: amounts falling due within one year	4	(123,670)		(98,304)
NET CURRENT ASSETS			822,029		1,035,926

TOTAL ASSETS LESS CURRENT LIABILITIES

901,993

1,139,301

CREDITORS: amounts falling due after more than one year	5	(5,551)	(19,731)
PROVISIONS FOR LIABILITIES
Deferred tax		(1,320)	(3,230)
NET ASSETS		895,122	1,116,340

CAPITAL AND RESERVES
Called up share capital	6	3,000	3,000
Profit and loss account		892,122	1,113,340

SHAREHOLDERS' FUNDS

895,122

1,116,340

Page 2

HARRISON DESIGN COMPANY LIMITED

ABBREVIATED BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2016

The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 September 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 22 March 2017.

Philip Harrison

Director

The notes on pages 4 to 6 form part of these financial statements.

Page 3

HARRISON DESIGN COMPANY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

1.ACCOUNTING POLICIES

	1.1	Basis of preparation of financial statements
		The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	1.2	Turnover
		Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

	1.3	Tangible fixed assets and depreciation
		Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor vehicles	-	25% reducing balance
Fixtures and fittings	-	15% reducing balance
Computer equipment	-	25% reducing balance

	1.4	Investments
		Investments held as fixed assets are shown at cost less provision for impairment.

	1.5	Leasing and hire purchase
		Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and Loss Account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

	1.6	Deferred taxation
		Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
		A net deferred tax asset is recognised only if it can be regarded as 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 assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted.

Page 4

HARRISON DESIGN COMPANY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

1.ACCOUNTING POLICIES (continued)

	1.7	Pensions
		The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

2.TANGIBLE FIXED ASSETS

		£
	Cost
	At 1 October 2015 and 30 September 2016	445,149

	Depreciation
	At 1 October 2015	341,775
	Charge for the year	23,411
	At 30 September 2016	365,186

	Net book value
	At 30 September 2016	79,963
	At 30 September 2015	103,374

3.FIXED ASSET INVESTMENTS

		£
	Cost or valuation
	At 1 October 2015 and 30 September 2016	1

	Net book value
	At 30 September 2016	1
	At 30 September 2015	1

4.CREDITORS:
Amounts falling due within one year

Creditors include secured creditors totalling £14,180 (2015 £13,852).

5.CREDITORS:
Amounts falling due after more than one year

Creditors include secured creditors totalling £5,551 (2015 £19,731).

Page 5

HARRISON DESIGN COMPANY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

6.SHARE CAPITAL

	2016	2015
	£	£
Allotted, called up and fully paid

840 ordinary A shares of £1 each	840	840
840 ordinary B shares of £1 each	840	840
840 ordinary C shares of £1 each	840	840
360 ordinary D shares of £1 each	360	360
120 ordinary E shares of £1 each	120	120

	3,000	3,000

7.DIRECTORS' BENEFITS: ADVANCES, CREDIT AND GUARANTEES

During the year the company received repayments totalling £11,957 from the director Philip Harrison, with interest charges being leveied of £924. At the balance sheet date the amount owed to the company was £924 (2015: £11,957).

Page 6