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HARMONIE VENTURES LIMITED

Registered Number
SC415015
(Scotland)

Unaudited Financial Statements for the Year ended
31 January 2025

HARMONIE VENTURES LIMITED
Company Information
for the year from 1 February 2024 to 31 January 2025

Director

AWOTE, Frederick Olatunde

Registered Address

20 Lochinch Park
Cove-Bay
Aberdeen
AB12 3RF

Registered Number

SC415015 (Scotland)
HARMONIE VENTURES LIMITED
Balance Sheet as at
31 January 2025

Notes

2025

2024

£

£

£

£

ASSETS
Fixed assets
Tangible assets312,3758,601
Investments4-3,698
12,37512,299
Current assets
Stocks545,00030,000
Debtors62,7502,481
Cash at bank and in hand41,94449,752
89,69482,233
89,69482,233
102,06994,532
CAPITAL, RESERVES AND LIABILITIES
Capital and reserves
Called up share capital750750
Profit and loss account30,03016,381
30,78017,131
Liabilities
Creditors amounts falling due within one year733,37228,807
Creditors amounts falling due after one year837,91748,594
102,06994,532
The financial statements were approved and authorised for issue by the Director on 18 May 2025, and are signed on its behalf by:
AWOTE, Frederick Olatunde
Director
Registered Company No. SC415015
HARMONIE VENTURES LIMITED
Notes to the Financial Statements
for the year ended 31 January 2025

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Land and buildings25
Plant and machinery25
Fixtures and fittings25
Vehicles25
Office Equipment25
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees
Including the director

20252024
Average number of employees during the year33
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 February 2411,468
Additions7,064
At 31 January 2518,532
Depreciation and impairment
At 01 February 242,867
Charge for year3,290
At 31 January 256,157
Net book value
At 31 January 2512,375
At 31 January 248,601
4.Fixed asset investments

Total

£
Cost or valuation
At 01 February 243,698
At 31 January 253,698
Impairment
Other adjustments3,698
At 31 January 253,698
Net book value
At 31 January 25-
At 31 January 243,698
5.Stocks

2025

2024

££
Other stocks45,00030,000
Total45,00030,000
6.Debtors: amounts due within one year

2025

2024

££
Other debtors2,7502,481
Total2,7502,481
7.Creditors: amounts due within one year

2025

2024

££
Trade creditors / trade payables24,84527,557
Taxation and social security5,3371,250
Other creditors3,190-
Total33,37228,807
8.Creditors: amounts due after one year

2025

2024

££
Bank borrowings and overdrafts5,5158,800
Other creditors32,40239,794
Total37,91748,594
Other creditors refers to Director Loan Account