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REGISTERED NUMBER: SC131349 (Scotland)













Unaudited Financial Statements

for the Year Ended 30 April 2024

for

HARRIS FINANCE CO. LTD.

HARRIS FINANCE CO. LTD. (REGISTERED NUMBER: SC131349)






Contents of the Financial Statements
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HARRIS FINANCE CO. LTD.

Company Information
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: I C Harris
E G Harris
R A Harris



REGISTERED OFFICE: 6th Floor, Gordon Chambers
90 Mitchell Street
Glasgow
G1 3NQ



REGISTERED NUMBER: SC131349 (Scotland)



ACCOUNTANTS: BK Plus Ltd
6th Floor
Gordon Chambers
90 Mitchell Street
Glasgow
Lanarkshire
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

HARRIS FINANCE CO. LTD. (REGISTERED NUMBER: SC131349)

Balance Sheet
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,926 2,407

CURRENT ASSETS
Debtors 5 2,256,826 1,960,342
Investments 6 224,000 419,000
Cash at bank 219,166 347,488
2,699,992 2,726,830
CREDITORS
Amounts falling due within one year 7 384,552 451,684
NET CURRENT ASSETS 2,315,440 2,275,146
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,317,366

2,277,553

CREDITORS
Amounts falling due after more than one
year

8

(154,166

)

(254,167

)

PROVISIONS FOR LIABILITIES (482 ) (505 )
NET ASSETS 2,162,718 2,022,881

CAPITAL AND RESERVES
Called up share capital 75,000 75,000
Retained earnings 2,087,718 1,947,881
SHAREHOLDERS' FUNDS 2,162,718 2,022,881

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 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.

HARRIS FINANCE CO. LTD. (REGISTERED NUMBER: SC131349)

Balance Sheet - continued
30 APRIL 2024


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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 22 January 2025 and were signed on its behalf by:





I C Harris - Director


HARRIS FINANCE CO. LTD. (REGISTERED NUMBER: SC131349)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 APRIL 2024

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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.


HARRIS FINANCE CO. LTD. (REGISTERED NUMBER: SC131349)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
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 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 May 2023
and 30 April 2024 27,256 28,058 55,314
DEPRECIATION
At 1 May 2023 24,849 28,058 52,907
Charge for year 481 - 481
At 30 April 2024 25,330 28,058 53,388
NET BOOK VALUE
At 30 April 2024 1,926 - 1,926
At 30 April 2023 2,407 - 2,407

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Loan debtors 908,657 830,482
Amounts owed by group undertakings 1,316,700 1,005,149
Directors' current accounts - 93,242
Tax 31,469 31,469
2,256,826 1,960,342

HARRIS FINANCE CO. LTD. (REGISTERED NUMBER: SC131349)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Other 224,000 419,000

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 100,000 100,000
Current corporation tax 97,526 92,668
Other creditors 74,500 250,000
Directors' current accounts 104,022 -
Accruals and deferred income 8,504 9,016
384,552 451,684

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 154,166 254,167

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 254,166 354,167

10. ULTIMATE CONTROLLING PARTY

The controlling party is R A Harris.

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