Registered number
01375373
Harborough Finance Limited
Filleted Accounts
31 December 2023
Harborough Finance Limited
Registered number: 01375373
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Current assets
Debtors 3 2,151,975 2,095,344
Cash at bank and in hand 286 42,148
2,152,261 2,137,492
Creditors: amounts falling due within one year 4 (460,943) (596,875)
Net current assets 1,691,318 1,540,617
Total assets less current liabilities 1,691,318 1,540,617
Creditors: amounts falling due after more than one year 5 (1,596,741) (1,342,708)
Net assets 94,577 197,909
Capital and reserves
Called up share capital 100 100
Profit and loss account 94,477 197,809
Shareholders' funds 94,577 197,909
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R A Kowenicki
Director
Approved by the board on 30 August 2024
Harborough Finance Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable. It includes revenue earned from the provision of finance. Interest income is recognised when it falls due after taking into account any impairment. Turnover from the rendering of services is recognised by reference to the date upon which it becomes contractually due after taking account of any costs to be incurred.
Debtors
Short term debtors are measured at transaction value, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction value including any transaction costs and subsequently measured at cost less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction value. Loans and other financial liabilities are initially recognised at transaction value net of any transaction costs and subsequently measured at cost.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of directors and employees 1 1
3 Debtors 2023 2022
£ £
Trade debtors 1,826,665 2,094,747
Other debtors 325,310 597
2,151,975 2,095,344
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 425,830 594,652
Taxation and social security costs 72 2,223
Other creditors 35,041 -
460,943 596,875
5 Creditors: amounts falling due after one year 2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,596,741 1,342,708
6 Controlling party
The ultimate controlling party is the director, R Kowenicki, by virtue of his controlling interest in the parent company, General Factors Limited incorporated in Guernsey.
7 Other information
Harborough Finance Limited is a private company limited by shares and incorporated in England. Its registered office is:
Linden House
Linden Close
Tunbridge Wells
Kent
TN4 8HH
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