HARMONY CHILDCARE RESIDENTIAL HOMES LTD
Company registration number 10946489 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
HARMONY CHILDCARE RESIDENTIAL HOMES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
HARMONY CHILDCARE RESIDENTIAL HOMES LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
31,102
21,418
Current assets
Debtors
4
121,235
96,984
Cash at bank and in hand
171,894
24,978
293,129
121,962
Creditors: amounts falling due within one year
5
(349,019)
(295,687)
Net current liabilities
(55,890)
(173,725)
Total assets less current liabilities
(24,788)
(152,307)
Creditors: amounts falling due after more than one year
6
(12,219)
(113,195)
Provisions for liabilities
(2,522)
Net liabilities
(39,529)
(265,502)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(39,629)
(265,602)
Total equity
(39,529)
(265,502)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HARMONY CHILDCARE RESIDENTIAL HOMES LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 January 2025 and are signed on its behalf by:
Mr R J Timmis
Director
Company registration number 10946489 (England and Wales)
HARMONY CHILDCARE RESIDENTIAL HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Harmony Childcare Residential Homes Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 38e, Vanguard Way, Battlefield Enterprise Park, Shrewsbury, Shropshire, SY1 3TG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Although at the balance sheet date the company is insolvent this is covered by loans from the directors.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Enter depreciation rate via StatDB - cd75
Fixtures and fittings
10% straight line
Computers
25% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
HARMONY CHILDCARE RESIDENTIAL HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
HARMONY CHILDCARE RESIDENTIAL HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
22
23
3
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
18,942
7,528
7,140
33,610
Additions
3,910
1,699
9,289
14,898
At 30 April 2024
3,910
18,942
9,227
16,429
48,508
Depreciation and impairment
At 1 May 2023
4,025
3,455
4,712
12,192
Depreciation charged in the year
87
1,893
1,660
1,574
5,214
At 30 April 2024
87
5,918
5,115
6,286
17,406
Carrying amount
At 30 April 2024
3,823
13,024
4,112
10,143
31,102
At 30 April 2023
14,917
4,073
2,428
21,418
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
105,245
80,274
Other debtors
15,990
16,710
121,235
96,984
HARMONY CHILDCARE RESIDENTIAL HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
94,562
61,784
Trade creditors
30,108
23,727
Taxation and social security
18,076
50,232
Other creditors
206,273
159,944
349,019
295,687
The hire purchase creditor is secured on the related assets under contract.
Included in creditors due within one year is an amount of £6,389 (2023: £5,982) subject to a UK Government guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The BBLS guarantee is provided to the lender.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,820
13,195
Other creditors
5,399
100,000
12,219
113,195
The hire purchase creditor is secured on the related assets under contract.
Included in creditors due after one year is an amount of £6,820 (2023: £13,195) subject to a UK Government guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The BBLS guarantee is provided to the lender.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
-
25
-
25
Ordinary B shares of £1 each
-
25
-
25
Ordinary C shares of £1 each
-
50
-
50
Ordinary shares of £1 each
100
-
100
-
100
100
100
100
HARMONY CHILDCARE RESIDENTIAL HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
1,131,333
21,000