London Harmony Limited Filleted accounts for Companies House (small and micro)

LONDON HARMONY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05146232

London Harmony Limited

Filleted Unaudited Financial Statements

30 June 2019

London Harmony Limited

Statement of Financial Position

30 June 2019

	2019		2018
Note	£	£	£

Current assets

Stocks		75,150	75,150
Debtors	6	–	50,000
Cash at bank and in hand		797	3,448
		--------	---------
		75,947	128,598

Creditors: amounts falling due within one year	7	365,061		437,558
		---------		---------
Net current liabilities			289,114	308,960
			---------	---------
Total assets less current liabilities			( 289,114)	( 308,960)

Creditors: amounts falling due after more than one year	8	34,326	–
		---------	---------
Net liabilities		( 323,440)	( 308,960)
		---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	( 323,442)	( 308,962)
	---------	---------
Shareholders deficit	( 323,440)	( 308,960)
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- 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 ;

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

London Harmony Limited

Statement of Financial Position (continued)

30 June 2019

These financial statements were approved by the board of directors and authorised for issue on 26 June 2020 , and are signed on behalf of the board by:

Mr L Zhao
Director

Company registration number: 05146232

London Harmony Limited

Notes to the Financial Statements

Year ended 30 June 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 148 King Street, Hammersmith, London, England, W6 0QU.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	25% straight line
Motor vehicles	-	25% straight line
Equipment	-	25% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2018: 8 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 July 2018 and 30 June 2019	19,175	2,837	3,985	25,997
	--------	-------	-------	--------
Depreciation
At 1 July 2018 and 30 June 2019	19,175	2,837	3,985	25,997
	--------	-------	-------	--------
Carrying amount
At 30 June 2019	–	–	–	–
	--------	-------	-------	--------
At 30 June 2018	–	–	–	–
	--------	-------	-------	--------

6. Debtors

	2019	2018
	£	£
Other debtors	–	50,000
	----	--------

"Other debtors" Prepayments

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	–	41,141
Trade creditors	248,281	266,962
Social security and other taxes	4,269	11,537
Other creditors	112,511	117,918
	---------	---------
	365,061	437,558
	---------	---------

Creditors amounts falling due within one year, under "Other creditors": Accruals, Other creditors,Directors loans, Nest Pensions

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	34,326	–
	--------	----

The bank borrowings are secured over various assets of the company by a way of a debenture charge taken by HSBC Bank plc, created on 8th November 2005

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2019	2018
	£	£
Mr L Zhao	( 31,566)	( 22,729)
	--------	--------

10. Related party transactions

The company was under the control of Mr Lianting Zhao throughout the current and previous year. Mr Lianting Zhao is the managing director and majority shareholder. No transactions were undertaken with related parties such as are required to be disclosed under Financial Reporting Standard 8.