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Registration number: 03164419

Harmony Profiles Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Harmony Profiles Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Harmony Profiles Limited

(Registration number: 03164419)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

85,777

103,731

Current assets

 

Stocks

5

289,703

305,867

Debtors

6

231,308

239,557

Cash at bank and in hand

 

2,578

37,808

 

523,589

583,232

Creditors: Amounts falling due within one year

7

(901,378)

(630,026)

Net current liabilities

 

(377,789)

(46,794)

Total assets less current liabilities

 

(292,012)

56,937

Creditors: Amounts falling due after more than one year

7

(58,421)

(102,245)

Provisions for liabilities

(27,793)

(28,413)

Net liabilities

 

(378,226)

(73,721)

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

(379,226)

(74,721)

Shareholders' deficit

 

(378,226)

(73,721)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 14 February 2025 and signed on its behalf by:
 

 

Harmony Profiles Limited

(Registration number: 03164419)
Statement of Financial Position as at 31 March 2024 (continued)


Mrs L Breyley
Company secretary and director

 

Harmony Profiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
26-28 Southernhay East
Exeter
Devon
EX1 1NS

Principal activity

The principal activity of the company is the construction and sale of double-glazed windows and doors.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The balance sheet reflects a deficiency of assets totalling £378,226 (2023: £73,721) and the company remains dependent upon the financial support provided by the directors, bankers and creditors. The directors have a reasonable expectation that the company has adequate resources to continue to meet its financial obligations as they fall due, for at least 12 months from the date of signing these financial statements. These financial statements have therefore been prepared on the going concern basis.

 

Harmony Profiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Contract revenue recognition

Where a contract has only been partially completed at the Balance Sheet date revenue 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.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Harmony Profiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Leasehold improvements

Over the life of the lease

Plant and machinery

15% reducing balance

Vehicles

25% reducing balance

Fixtures and fittings

15% reducing balance

Office equipment

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Harmony Profiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in the profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Harmony Profiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 40 (2023 - 37).

 

Harmony Profiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

16,891

21,822

194,510

62,961

99,738

395,922

Additions

-

-

-

2,619

-

2,619

At 31 March 2024

16,891

21,822

194,510

65,580

99,738

398,541

Depreciation

At 1 April 2023

12,525

11,760

142,695

55,986

69,225

292,191

Charge for the year

1,264

1,510

7,772

2,399

7,628

20,573

At 31 March 2024

13,789

13,270

150,467

58,385

76,853

312,764

Carrying amount

At 31 March 2024

3,102

8,552

44,043

7,195

22,885

85,777

At 31 March 2023

4,366

10,062

51,815

6,975

30,513

103,731

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

289,703

305,867

6

Debtors

2024
£

2023
£

Trade debtors

183,679

192,986

Other debtors

24,065

1,621

Prepayments

23,564

44,950

231,308

239,557

 

Harmony Profiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

90,982

43,749

Trade creditors

 

320,650

327,237

Taxation and social security

 

18,116

22,145

Accruals and deferred income

 

107,446

38,427

Other creditors

 

364,184

198,468

 

901,378

630,026

Creditors include net obligations under finance lease and hire purchase contracts which are secured against the assets to which they relate of £13,788 (2023 - £13,749).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

58,421

102,245

Creditors include net obligations under finance lease and hire purchase contracts which are secured to the assets to which they relate of £20,921 (2023 - £34,745).

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Harmony Profiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

37,500

67,500

Hire purchase contracts

20,921

34,745

58,421

102,245

Current loans and borrowings

2024
£

2023
£

Bank borrowings

30,000

30,000

Bank overdrafts

47,194

-

Hire purchase contracts

13,788

13,749

90,982

43,749

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £13,025 (2023 - £23,966). These relate to future minimum lease payments under non-cancellable operating leases.

11

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Director 1 - unsecured loan, interest free, repayable on demand

197

-

-

197

Director 2 - unsecured loan, interest free, repayable on demand

(174,831)

39,533

(165,000)

(300,298)

 

(174,634)

39,533

(165,000)

(300,101)

       

 

 

Harmony Profiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

11

Related party transactions (continued)

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

Director 1 - unsecured loan, interest free, repayable on demand

197

-

197

Director 2 - unsecured loan, interest free, repayable on demand

-

(174,831)

(174,831)

197

(174,831)

(174,634)