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REGISTERED NUMBER: SC510728 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Harsil Associates Limited

Harsil Associates Limited (Registered number: SC510728)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Harsil Associates Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: P E Nelson
D R Nelson





REGISTERED OFFICE: 6 Logie Mill
Edinburgh
Lothian
EH7 4HG





REGISTERED NUMBER: SC510728 (Scotland)





ACCOUNTANTS: A H & Co Ltd
Chartered Accountants
6 Logie Mill
Edinburgh
Lothian
EH7 4HG

Harsil Associates Limited (Registered number: SC510728)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 24,836 31,427

CURRENT ASSETS
Debtors 5 100 2,347
Cash at bank 32,658 39,714
32,758 42,061
CREDITORS
Amounts falling due within one year 6 28,113 46,563
NET CURRENT ASSETS/(LIABILITIES) 4,645 (4,502 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

29,481

26,925

CREDITORS
Amounts falling due after more than one year 7 (16,296 ) (20,952 )

PROVISIONS FOR LIABILITIES 8 (6,209 ) (5,971 )
NET ASSETS 6,976 2

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 6,974 -
SHAREHOLDERS' FUNDS 6,976 2

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by:




D R Nelson - Director


Harsil Associates Limited (Registered number: SC510728)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Harsil Associates 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.

The financial statements have been prepared on a going concern basis, the acceptability of which is dependent on the continued support of the directors.

Turnover
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost
Motor vehicles - 20% on cost

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Harsil Associates Limited (Registered number: SC510728)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

Financial instruments
The company only has financial assets and financial 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 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£ £ £ £
COST
At 1 August 2022 2,304 38,522 7,742 48,568
Additions - - 2,133 2,133
At 31 July 2023 2,304 38,522 9,875 50,701
DEPRECIATION
At 1 August 2022 2,063 7,704 7,374 17,141
Charge for year 132 7,705 887 8,724
At 31 July 2023 2,195 15,409 8,261 25,865
NET BOOK VALUE
At 31 July 2023 109 23,113 1,614 24,836
At 31 July 2022 241 30,818 368 31,427

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£ £
Other debtors 100 2,347

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£ £
Trade creditors 139 103
Taxation and social security 21,636 17,569
Other creditors 6,338 28,891
28,113 46,563

Harsil Associates Limited (Registered number: SC510728)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.23 31.7.22
£ £
Other creditors 16,296 20,952

8. PROVISIONS FOR LIABILITIES
31.7.23 31.7.22
£ £
Deferred tax 6,209 5,971

Deferred tax
£
Balance at 1 August 2022 5,971
Provided during year 238
Balance at 31 July 2023 6,209

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £ £
2 Ordinary £1 2 2

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £35,915 (2022 - £36,835) were paid to the directors .

As at 31st July 2023, the company owed the directors nil (2022: £21,068).

11. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party