P. & S. Harrison Limited - Accounts to registrar (filleted) - small 18.2

P. & S. Harrison Limited - Accounts to registrar (filleted) - small 18.2

P. & S. HARRISON LIMITED - Company Information

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REGISTERED NUMBER: SC020268















P. & S. HARRISON LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018














P. & S. HARRISON LIMITED (REGISTERED NUMBER: SC020268)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018




Page

Balance Sheet 1

Notes to the Financial Statements 3


P. & S. HARRISON LIMITED (REGISTERED NUMBER: SC020268)

BALANCE SHEET
31 MARCH 2018

2018 2017
Notes £    £   
FIXED ASSETS
Tangible assets 4 24,815 33,266
Investments 5 130,272 97,946
Investment property 6 1,922,000 2,142,000
2,077,087 2,273,212

CURRENT ASSETS
Debtors 7 8,826 52,117
Cash at bank 969,517 734,557
978,343 786,674
CREDITORS
Amounts falling due within one year 8 (68,372 ) (86,534 )
NET CURRENT ASSETS 909,971 700,140
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,987,058
2,973,352

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Investment property revaluation reserve 779,933 644,942
Fair value reserve 6,981 20,858
Retained earnings 2,199,144 2,306,552
SHAREHOLDERS' FUNDS 2,987,058 2,973,352

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 Profit and Loss Account has not been delivered.

The notes form part of these financial statements

Page 1 continued...
P. & S. HARRISON LIMITED (REGISTERED NUMBER: SC020268)

BALANCE SHEET - continued
31 MARCH 2018



The financial statements were approved by the Board of Directors on 5 September 2018 and were signed on its behalf
by:





Mr D R Harrison - Director


The notes form part of these financial statements

Page 2
P. & S. HARRISON LIMITED (REGISTERED NUMBER: SC020268)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

1. STATUTORY INFORMATION

P. & S. Harrison Limited is a private company, limited by shares, registered in Scotland. The company's
registered office is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ.

The presentation currency of the financial statements is Sterling (£).

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 as modified by the revaluation of certain assets.

There were no material departures from that standard.

Turnover
Turnover represents rentals receivable under operating leases and income arising from dilapidations, excluding
value added tax, which are being recognised in accordance with the terms of the lease agreements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment.

Investment property
All of the company's properties are held for long term investment. Investment properties are accounted for as
follows:-

(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable
expenditure.

(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be
measured reliably.

(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account
for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the
revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable
investment property revaluation reserve in the balance sheet.

(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.


Page 3 continued...
P. & S. HARRISON LIMITED (REGISTERED NUMBER: SC020268)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2018

2. ACCOUNTING POLICIES - continued
Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is
calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the
treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in
respect of all timing differences that have originated but not reversed at the balance sheet date. However,
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 taxation is measured on a non-discounted basis at the tax rates that are expected to apply in
the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted
at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is
presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the
transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Fixed asset investments
Equity investments are recognised initially at fair value which is normally the transaction price (but excludes any
transaction costs, where the investment is subsequently measured at fair value through profit and loss account).
Subsequently, they are measured at fair value through profit and loss. Gains or losses arising on revaluation are
then transferred from profit and loss reserves to a non-distributable fair value reserve in the balance sheet.

Financial instruments
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic
financial instruments are initially recognised at transaction value and subsequently measured at their settlement
value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2017
and 31 March 2018 135,851
DEPRECIATION
At 1 April 2017 102,585
Charge for year 8,451
At 31 March 2018 111,036
NET BOOK VALUE
At 31 March 2018 24,815
At 31 March 2017 33,266

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P. & S. HARRISON LIMITED (REGISTERED NUMBER: SC020268)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2018

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2017 97,946
Additions 48,565
Revaluations (16,239 )
At 31 March 2018 130,272
NET BOOK VALUE
At 31 March 2018 130,272
At 31 March 2017 97,946

Cost or valuation at 31 March 2018 is represented by:

Other
investments
£   
Valuation in 2015 21,012
Valuation in 2016 37
Valuation in 2017 3,809
Valuation in 2018 (16,239 )
Cost 121,653
130,272

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2017 2,142,000
Disposals (220,000 )
At 31 March 2018 1,922,000
NET BOOK VALUE
At 31 March 2018 1,922,000
At 31 March 2017 2,142,000

Fair value at 31 March 2018 is represented by:

£   
Valuation in 2008 595,173
Valuation in 2013 201,969
Valuation in 2017 (152,200 )
Cost 1,277,058
1,922,000

Page 5 continued...
P. & S. HARRISON LIMITED (REGISTERED NUMBER: SC020268)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2018

6. INVESTMENT PROPERTY - continued

The fair value of the investment property at 31 March 2018 has been arrived at on the basis of a valuation carried
out at that date by the company directors, who are not professionally qualified valuers. The valuation, which does
not differ from the valuation at the end of the previous reporting period, was arrived at by reference to market
evidence of transaction prices for similar properties in their location and takes into account the current state of
the rental market in the area where the properties are situated.

No provision for deferred tax requires to be incorporated into the financial statements in respect of the revalued
investment properties due to the availability of capital losses.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Other debtors 8,826 52,117

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade creditors 1,452 3,854
Taxation and social security 25,152 39,533
Other creditors 41,768 43,147
68,372 86,534

9. RELATED PARTY DISCLOSURES

As at 31 March 2018, a director was owed £nil (2017 : £264) by the company. The prior year loan had been
unsecured, interest free and payable on demand.

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