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Registration number: 08606699

GJ Harris Financial Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2022

 

GJ Harris Financial Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

GJ Harris Financial Services Limited

Company Information

Directors

Mr G Harris

Mrs A C Harris

Registered office

12 Clements Mead
Tilehurst
Reading
Berkshire
RG31 5UJ

Accountants

Tymar Associates Limited
Chartered Certified Accountants
44 London Street
Reading
Berkshire
RG1 4SQ

 

GJ Harris Financial Services Limited

(Registration number: 08606699)
Balance Sheet as at 31 July 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

3

1,117

989

Current assets

 

Debtors

9,594

1,492

Cash at bank and in hand

 

37,301

42,716

 

46,895

44,208

Creditors: Amounts falling due within one year

(22,177)

(19,877)

Net current assets

 

24,718

24,331

Net assets

 

25,835

25,320

Capital and reserves

 

Called up share capital

4

4

4

Retained earnings

25,831

25,316

Shareholders' funds

 

25,835

25,320

For the financial year ending 31 July 2022 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 financial statements 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.

Approved and authorised by the Board on 9 September 2022 and signed on its behalf by:
 

.........................................
Mr G Harris
Director

 

GJ Harris Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

GJ Harris Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

 

GJ Harris Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2021

2,342

2,342

Additions

500

500

At 31 July 2022

2,842

2,842

Depreciation

At 1 August 2021

1,353

1,353

Charge for the year

372

372

At 31 July 2022

1,725

1,725

Carrying amount

At 31 July 2022

1,117

1,117

At 31 July 2021

989

989

 

GJ Harris Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

4

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

4

4

4

4