Harley Financial Services Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: SC280196 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2017

FOR

HARLEY FINANCIAL SERVICES LIMITED

Page

Company Information

1

Report of the Accountants

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mrs T Harley

Mr D Harley

SECRETARY:

Mrs T Harley

REGISTERED OFFICE:

20 Meeks Road

Falkirk

FK2 7ES

REGISTERED NUMBER:

SC280196 (Scotland)

ACCOUNTANTS:

Atkinson & Co Limited

Chartered Accountants

Victoria House

87 High Street

Tillicoultry

Clackmannanshire

FK13 6AA

BANKERS:

Santander

301 St Vincent Street

Glasgow

G2 5NT

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company

is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Directors' Report are not required to be filed with the Registrar of Companies.

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 4 to 11 from the accounting records and

information and explanations supplied to us.

This report is made to the Company's Board of 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 Board of 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 Board of 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 2017 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

28th April 2017

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

3,180

6,784

3,180

6,784

CURRENT ASSETS

Debtors

6

926

1,140

Cash at bank

164,830

95,237

165,756

96,377

CREDITORS

Amounts falling due within one year

7

(50,366

)

(49,045

)

NET CURRENT ASSETS

115,390

47,332

TOTAL ASSETS LESS CURRENT LIABILITIES

118,570

54,116

PROVISIONS FOR LIABILITIES

8

(636

)

(1,357

)

NET ASSETS

117,934

52,759

CAPITAL AND RESERVES

Called up share capital

20,000

20,000

Retained earnings

9

97,934

32,759

SHAREHOLDERS' FUNDS

117,934

52,759

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 28th April 2017 and were signed on its behalf by:

Mr D Harley - Director

1.	STATUTORY INFORMATION

Harley Financial Services Limited 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of ten years.

Goodwill has been fully amortised.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Improvements to property

-

10% per annum straight line

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% per annum straight line

All fixed assets are initially recorded at cost.

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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2016

and 31st March 2017

20,000

AMORTISATION

At 1st April 2016

and 31st March 2017

20,000

NET BOOK VALUE

At 31st March 2017

-

At 31st March 2016

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1st April 2016

5,000

10,224

14,690

29,914

Additions

-

980

1,194

2,174

Disposals

(5,000

)

-

-

(5,000

)

At 31st March 2017

-

11,204

15,884

27,088

DEPRECIATION

At 1st April 2016

500

8,832

13,798

23,130

Charge for year

-

434

844

1,278

Eliminated on disposal

(500

)

-

-

(500

)

At 31st March 2017

-

9,266

14,642

23,908

NET BOOK VALUE

At 31st March 2017

-

1,938

1,242

3,180

At 31st March 2016

4,500

1,392

892

6,784

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Prepayments

926

1,140

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Corporation tax

30,502

20,643

Social security and other taxes

1,432

1,480

Directors' loan accounts

15,780

19,522

Accrued expenses

2,652

7,400

50,366

49,045

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

636

1,357

Deferred

tax

£

Balance at 1st April 2016

1,357

Credit to Income Statement during year

(721

)

Balance at 31st March 2017

636

9.

RESERVES

Retained

earnings

£

At 1st April 2016

32,759

Profit for the year

119,175

Dividends

(54,000

)

At 31st March 2017

97,934

10.	RELATED PARTY DISCLOSURES

The company was under the control of Mr & Mrs Harley throughout the current and previous year. Mr &

Mrs Harley are the managing directors and majority shareholders.

Included within other creditors is an unsecured loan of £15,780 (2016: £19,522) due to the directors, Mr &

Mrs Harley. During the year Mr & Mrs Harley received dividends amounting to £27,000 (2016: £27,000)

each