Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-31No description of principal activity2022-09-01false54falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10328657 2022-09-01 2023-08-31 10328657 2021-09-01 2022-08-31 10328657 2023-08-31 10328657 2022-08-31 10328657 c:Director1 2022-09-01 2023-08-31 10328657 d:FurnitureFittings 2022-09-01 2023-08-31 10328657 d:FurnitureFittings 2023-08-31 10328657 d:FurnitureFittings 2022-08-31 10328657 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 10328657 d:CurrentFinancialInstruments 2023-08-31 10328657 d:CurrentFinancialInstruments 2022-08-31 10328657 d:Non-currentFinancialInstruments 2023-08-31 10328657 d:Non-currentFinancialInstruments 2022-08-31 10328657 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 10328657 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 10328657 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 10328657 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 10328657 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 10328657 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-08-31 10328657 d:ShareCapital 2023-08-31 10328657 d:ShareCapital 2022-08-31 10328657 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-08-31 10328657 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-08-31 10328657 c:FRS102 2022-09-01 2023-08-31 10328657 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 10328657 c:FullAccounts 2022-09-01 2023-08-31 10328657 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 10328657 2 2022-09-01 2023-08-31 10328657 e:PoundSterling 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 10328657









HARMONY HEALTH COVER LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

 
HARMONY HEALTH COVER LTD
REGISTERED NUMBER: 10328657

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,246
2,644

  
2,246
2,644

Current assets
  

Debtors: amounts falling due within one year
 5 
32,620
38,882

Cash at bank and in hand
 6 
6,881
6,517

  
39,501
45,399

Creditors: amounts falling due within one year
 7 
(35,384)
(38,141)

Net current assets
  
 
 
4,117
 
 
7,258

Total assets less current liabilities
  
6,363
9,902

Creditors: amounts falling due after more than one year
 8 
(6,361)
(9,900)

  

Net assets
  
2
2


Capital and reserves
  

Called up share capital 
  
2
2

  
2
2


Page 1

 
HARMONY HEALTH COVER LTD
REGISTERED NUMBER: 10328657
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 August 2024.




................................................
Scott Harrison
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
HARMONY HEALTH COVER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Harmony Health Cover Limited is a private company limited by share capital, incorporated in England and Wales. The principal activity of the Company was that of a mortgage broker.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
HARMONY HEALTH COVER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
HARMONY HEALTH COVER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 5

 
HARMONY HEALTH COVER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 4).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 September 2022
4,488



At 31 August 2023

4,488



Depreciation


At 1 September 2022
1,844


Charge for the year on owned assets
398



At 31 August 2023

2,242



Net book value



At 31 August 2023
2,246



At 31 August 2022
2,644

Page 6

 
HARMONY HEALTH COVER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Debtors

2023
2022
£
£


Other debtors
18,482
28,708

Prepayments and accrued income
14,138
10,174

32,620
38,882


Included within other debtors is a directors' loan account balance of £9,996 (2022 - £14,803) in relation to Scott Harrison and £8,486 (2022 - £13,905) in relation to Kirsty Bennett.

There were no conditions attached to the loan.


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
6,881
6,517

6,881
6,517



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
3,600
3,600

Trade creditors
1,997
5,035

Corporation tax
7,160
3,326

Other taxation and social security
1,515
1,749

Other creditors
18,878
22,348

Accruals and deferred income
2,234
2,083

35,384
38,141








Page 7

 
HARMONY HEALTH COVER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
6,361
9,900

6,361
9,900



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
3,600
3,600


Amounts falling due 2-5 years

Bank loans
6,361
9,900


9,961
13,500



10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
6,881
6,517




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £684 (2022 - £778). Contributions totalling £85 (2022 - £223) were payable to the fund at the balance sheet date.

Page 8

 
HARMONY HEALTH COVER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

12.


Controlling party

The Company is controlled by the directors, Scott Harrison and Kirsty Bennett, by virtue of their shareholding as described in the directors' report.

 
Page 9