Harris Finance Co. Ltd. - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC131349 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

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 Harris

SECRETARY:

E G Harris

REGISTERED OFFICE:

6th Floor, Gordon Chambers

90 Mitchell Street

Glasgow

G1 3NQ

REGISTERED NUMBER:

SC131349 (Scotland)

ACCOUNTANTS:

Henderson Loggie

Chartered Accountants

Gordon Chambers

90 Mitchell Street

Glasgow

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

12,411

13,385

CURRENT ASSETS

Debtors

5

2,113,013

1,975,258

Cash at bank and in hand

28,085

240,743

2,141,098

2,216,001

CREDITORS

Amounts falling due within one year

6

426,978

791,512

NET CURRENT ASSETS

1,714,120

1,424,489

TOTAL ASSETS LESS CURRENT LIABILITIES

1,726,531

1,437,874

CREDITORS

Amounts falling due after more than one year

7

(300,000

)

(271,739

)

PROVISIONS FOR LIABILITIES

(2,482

)

(2,737

)

NET ASSETS

1,424,049

1,163,398

CAPITAL AND RESERVES

Called up share capital

8

75,000

75,000

Retained earnings

1,349,049

1,088,398

SHAREHOLDERS' FUNDS

1,424,049

1,163,398

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 and authorised for issue by the Board of Directors on 22 January 2018 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 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.

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 4 (2016 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 May 2016

22,068

28,058

50,126

Additions

5,188

-

5,188

At 30 April 2017

27,256

28,058

55,314

DEPRECIATION

At 1 May 2016

18,903

17,838

36,741

Charge for year

1,130

5,032

6,162

At 30 April 2017

20,033

22,870

42,903

NET BOOK VALUE

At 30 April 2017

7,223

5,188

12,411

At 30 April 2016

3,165

10,220

13,385

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

2,113,013

1,975,258

Included within loan debtors is £1,134,772 (2016 : £1,481,443) repayable in more than one year.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Amounts owed to group undertakings

22,991

8,472

Taxation and social security

74,777

62,226

Other creditors

329,210

720,814

426,978

791,512

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

300,000

271,739

The pension scheme loan (other loans) was repaid during the year.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

75,000

Ordinary

£1

75,000

75,000

9.	ULTIMATE CONTROLLING PARTY

The controlling party is R Harris.

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

10.	FIRST YEAR ADOPTION

The financial statements of Harris Finance Ltd for the year ended 30 April 2017 are the first financial statements

prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of

Ireland. The date of transition to FRS 102 was 1 May 2016. The reported financial position and financial

performance for the previous period have been corrected by the transition to FRS 102.