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Registered number: 10328657









HARMONY HEALTH COVER LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
HARMONY HEALTH COVER LTD
REGISTERED NUMBER: 10328657

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,908
2,246

  
1,908
2,246

Current assets
  

Debtors: amounts falling due within one year
 5 
38,360
32,620

Cash at bank and in hand
 6 
57,809
6,881

  
96,169
39,501

Creditors: amounts falling due within one year
 7 
(53,079)
(35,384)

Net current assets
  
 
 
43,090
 
 
4,117

Total assets less current liabilities
  
44,998
6,363

Creditors: amounts falling due after more than one year
 8 
(44,996)
(6,361)

  

Net assets
  
2
2


Capital and reserves
  

Called up share capital 
 10 
1
2

Capital redemption reserve
  
1
-

  
2
2


Page 1

 
HARMONY HEALTH COVER LTD
REGISTERED NUMBER: 10328657
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

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 29 July 2025.




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

The notes on pages 5 to 11 form part of these financial statements.

Page 2

 
HARMONY HEALTH COVER LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 September 2023
2
-
-
2


Comprehensive income for the year

Profit for the year

-
-
64,939
64,939


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
64,939
64,939


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(14,939)
(14,939)

Purchase of own shares
-
1
(50,000)
(49,999)

Shares cancelled during the year
(1)
-
-
(1)


Total transactions with owners
(1)
1
(64,939)
(64,939)


At 31 August 2024
1
1
-
2


The notes on pages 5 to 11 form part of these financial statements.

Page 3

 
HARMONY HEALTH COVER LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 September 2022
2
-
2


Comprehensive income for the year

Profit for the year

-
27,908
27,908


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
27,908
27,908


Contributions by and distributions to owners

Dividends: Equity capital
-
(27,908)
(27,908)


Total transactions with owners
-
(27,908)
(27,908)


At 31 August 2023
2
-
2


The notes on pages 5 to 11 form part of these financial statements.

Page 4

 
HARMONY HEALTH COVER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 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 5

 
HARMONY HEALTH COVER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

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 6

 
HARMONY HEALTH COVER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

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

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

2024
2023
£
£

Wages and salaries
52,544
62,333

Cost of defined contribution scheme
558
684

53,102
63,017


The average monthly number of employees, including directors, during the year was 5 (2023 - 5).

Page 7

 
HARMONY HEALTH COVER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 September 2023
4,488



At 31 August 2024

4,488



Depreciation


At 1 September 2023
2,242


Charge for the year on owned assets
338



At 31 August 2024

2,580



Net book value



At 31 August 2024
1,908



At 31 August 2023
2,246

Page 8

 
HARMONY HEALTH COVER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Debtors

2024
2023
£
£


Other debtors
23,710
18,482

Prepayments and accrued income
14,650
14,138

38,360
32,620


Included within other debtors is a director's loan account balance of £23,710 (2023 - £9,996) in relation to Scott Harrison and £Nil (2023 - £8,486) in relation to Kirsty Bennett.

There were no conditions attached to the loan.che


6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
57,809
6,881

57,809
6,881



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
3,600
3,600

Other loans
6,340
-

Trade creditors
2,055
1,997

Corporation tax
19,018
7,160

Other taxation and social security
1,131
1,515

Other creditors
18,599
18,878

Accruals and deferred income
2,336
2,234

53,079
35,384








Page 9

 
HARMONY HEALTH COVER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
2,913
6,361

Other loans
42,083
-

44,996
6,361



9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
3,600
3,600

Other loans
6,340
-

Amounts falling due 1-2 years

Other loans
42,083
-

Amounts falling due 2-5 years

Bank loans
2,913
6,361


54,936
9,961



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 2) ordinary share of £1
1
2

During the year 1 Ordinary £1 share was cancelled.



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 £558 (2023 - £684). Contributions totalling £245 (2023 - £85) were payable to the fund at the balance sheet date.

Page 10

 
HARMONY HEALTH COVER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

12.


Controlling party

The Company is controlled by the director, Scott Harrison, by virtue of his shareholding as described in the directors' report.

 
Page 11